The Official Tool for Identity Theft Victims 101
February 7, 2020

The news seems to be filled with stories about hackers and identity theft these days, and rightly so. According to the 2019 Identity Fraud Study released by Javelin Strategy & Research, there were 14.4 million victims of identity theft in 2018, racking up a total of $15 billion in damages. Let MoneyTips protect your credit and your identity with a free trial.

As a victim of identity theft, you can feel completely helpless and violated — not to mention aggravated at the hassles involved in restoring your identity and challenging fraudulent charges. You were already busy before the identity theft occurred, and it can be almost impossible to keep track of all the steps necessary to fully recover and restore financial normalcy. Fortunately, the U.S. government has a tool that can help you deal with the aftermath of identity theft. allows you to report the details of your identity theft and receive a personal recovery plan that is tailored to your specific situation. The plan will guide you through each individual step along the path to recovery, providing a means to track your progress, and generate pre-filled letters and forms that you will need in the recovery process.

The site recognizes the differences in varieties of identity theft and has established basic recovery plans for over thirty types of identity theft. After you submit your information, the correct type of recovery plan is chosen and then modified based on your input. Recovery outlines are broken down into three steps: what to do right away, what to do next, and other situation-dependent steps.

  • Immediate Steps – Start by calling all the companies where you know that fraud has occurred. The sooner you act, the more likely it is that you can limit the damage. Remember that the identity thief has a significant head start on you.

    Next, you should place a fraud alert with all necessary credit card companies, banks, etc. Get a copy of your credit report to identify any fraudulent transactions or accounts and minimize the damage. You can read your full credit report for free within minutes by joining MoneyTips. Immediately file an identity theft report with the Federal Trade Commission (FTC) and a police report with your local department.

  • Next Steps – The immediate steps focus on alerting and stopping the damage, while the next steps start the correction process. Make the necessary corrections to your credit report and consider whether the risk of continued damage makes it worthwhile to apply an extended fraud alert or a credit freeze on your accounts. A credit freeze makes it inconvenient to use your cards but it does extend much greater security.

    Go through your records and note any erroneous charges to your credit card company, and immediately close any bogus accounts that show up on your credit report.

  • Other Steps – These deal with more complex or specialized damage from identity theft, including medical or child identity theft, false bankruptcy filings, abuse of investment or student loan accounts, replacement of government-issued ID cards, and misuse of your Social Security number. The site will provide specialized guidance in these cases. Betterment Head of Tax Eric Bronnenkant gives the following example: "Let's say someone steals your Social Security number and they file a return illegally using that, so then when you actually go to file your tax return, the IRS is going to say, 'Wait a minute, you already filed, and we already sent you a refund.' Now you have to spend, let's say approximately six months, a year, some exorbitant amount of time fighting with the IRS to ultimately get the refund that you actually deserve."

    If you want to be pre-emptive, you can download PDF files that summarize each of these categories. However, to make the best use of the website, you should report the details in order to receive a more comprehensive plan.

Recovering from identity theft is difficult. Don't compound the problem by attempting to do everything yourself. Take advantage of the helpful resources available to you, and let help you bring your life and your finances back to order.

Protect your credit – protect your identity – protect yourself with a free MoneyTips trial.

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gracie | 03.14.16 @ 17:30
Identity theft has to be one of life's worst experiences! I know it knocked my life off track for a long while and it makes you feel pretty helpless fighting back against it. I applaud all the new security measures that are making it more difficult!
Carla | 03.14.16 @ 17:31
A friend of mine went through having her identity stolen. It was a mess! It took her a very long time to get it sorted and there are still problems popping up from it.
Steffanie | 03.14.16 @ 17:31
This has always been a concern of mine. This is a great article to help save you from a lot of trouble.
trish | 03.14.16 @ 17:32
One of my biggest fears. I now have anxiety when I can't find my wallet for a few minutes. I check my accounts regularly to be sure all looks right. We have had credit card number stolen but luckily resolved through credit card company. Good to know this is here but hope I never need it!
Alec | 03.14.16 @ 17:32
It's great that the government has something that makes the process less difficult and stressful. Sadly we will never be able to stop identity theft but this sounds like a great tool for anyone who has it happen to them. I truly hope I never have to use it, but now I know it's there.
Sarah | 03.14.16 @ 17:32
identity theft is pretty scary to think on. nice to see there are growing to be more ways to fight.
Elaine | 03.14.16 @ 17:33
Always been nervous about this. Great list to point people in the right direction when faced with this crisis.
Jackie | 03.14.16 @ 17:33
It took my husband over six months after his identity was stolen. I check my accounts weekly.
Erin | 03.14.16 @ 17:34
I hope to never experience something like this, but I'm glad to know there are concrete steps you can take to help you recover. I'm glad companies are starting to put in new security measures, even if it means a little inconvenience for the consumers.
$commenter.renderDisplayableName() | 12.01.20 @ 17:29