Knowing if You Are a Victim of Identity Theft

Identity theft can take a variety of different forms. Someone may steal your personal or financial information to open credit cards or apply for loans in your name. Or, they may use your credit card number to make purchases. Perhaps they use your social insurance number to apply for a job or apply for government benefits in your name. You should be on the lookout for identity theft in a few different places:

Your Credit Report

The best way to determine if you are a victim of identity theft is to check your credit report and make sure you’ve authorized every account and inquiry. Identity thieves may use your name, social insurance number, address, or any other bits of information to apply for new loans and credit cards in your name. They then run up the balance on these new lines of credit and skip out on the bill. Often, victims of identity theft don't realize this has happened until they go to apply for a new loan themselves and are turned down, or perhaps they get a call from a collection agency trying to collect the delinquent debt. Don't wait to find out if someone is opening new accounts in your name: regularly check your credit report for any unusual activity. If you do find an unfamiliar account or credit inquiry, investigate further by contacting the lending institution behind it. Their number should be listed on the report.

After you’ve checked your credit report, sign up with a credit monitoring service. A credit monitoring service will alert you to any new activity on your report such as credit inquiries or new accounts, so you’ll know about the fraud almost as soon as it occurs. 

Your Monthly Statements

Also carefully review your monthly credit card and bank account statements each month. You should recognize every transaction. If you see any charges you did not make, it's possible that someone is using your credit card to make transactions. Note that the charges can be for any amount--from 10 cents to $10,000. Report all of the unauthorized transactions to your credit card issuer or bank. You will most likely need to close your account. Also note that you should not be held liable for the fraudulent charges beyond a $50 out-of-pocket maximum. 

Strange Mail or Phone Calls

If you start receiving mail or telephone calls about credit cards you did not apply for, houses or apartments you know nothing about, or large purchases you did not make, someone may have stolen your identity. On the flip side, if you stop receiving some or all of your mail, especially monthly account statements, a thief may be stealing your mail or diverting it to another address.