Having your identity stolen is no fun. It can leave you penniless and struggling to discharge debts that you had no role in creating. Even when you have identity theft insurance and recovery assistance through an identity protection service, it’s still a huge pain to clean up.
But the sooner you see the warning signs that your identity has been stolen, the sooner you can stop the damage and begin to pick up the pieces. Here are the signs of identity theft that you need to look out for.
Strange Transactions on Your Credit Card or Bank Statements
You should read through your bank and credit card statements carefully every month to verify that you recognize all of the transactions therein. Thieves often use small transactions to verify they have access to an account before using it for bigger purchases or withdrawing all the money.
An identity thief might even try to fly under the radar by making a deposit into your account – this verifies account access and who disputes a deposit, right? You should, because it could be a sign that your identity has been stolen.
New Bills or Statements You Didn’t Expect
Identity thieves may open new accounts using your info, and you’ll get the bills or statements at your address. If you’re getting bills for things you didn’t buy or statements for accounts you didn’t open, your identity has likely been stolen.
Missing Bills or Statements That You Did Expect
You don’t just need to look out for strange new bills and statements – you also need to watch for the ones you’re expecting.
If you don’t get the statement or bill you expect, it could be a sign that an identity thief has hacked into your account and rerouted the statements to their own address. Take swift action to protect yourself.
Unauthorized Activity on Your Social Security Account
Has your Social Security number been compromised? You need to open an account with the Social Security Administration and check it regularly for unauthorized activity on your Social Security number. Someone could use your Social Security number to work illegally or steal your benefits, as well as use it to open new financial accounts.
Credit Score Surprises
If your credit score drops precipitously and suddenly, it could be a sign that your identity has been stolen.
Credit scores tend to drop a lot when you miss payments or have something go to collections, which are both things that can happen when identity thieves open accounts in your name and then don’t make the payments.
Unauthorized Inquiries or Accounts on Your Credit Report
You need to get some identity protection software so you can monitor your credit report for unauthorized inquiries or accounts.
These things popping up on your credit report can be an early sign of identity theft, as they will usually appear before delinquencies or missed payments. New inquiries that you didn’t trigger or accounts you didn’t open yourself are a surefire sign of identity theft.
A New Inability to Get Credit
If you’re usually good about making all your payments on time, carrying a low credit utilization ratio, and paying things off, then you shouldn’t have a problem getting credit – unless your identity has been compromised.
If a lender refuses your credit application, ask what your credit score is and what factors they used to determine it.
You’ll be able to find out if your credit score has dropped, and you’ll see whether there are collections items, missed payments, and other signs of identity theft on your credit report.
Unexpected Contact from Debt Collectors
If debt collectors are calling you or sending you letters, texts, or emails for debts that you shouldn’t owe, it’s a sign that your identity was compromised months ago. It usually takes at least three months for unpaid bills to go to collections, so this is a late-stage sign of identity theft.
You’ll need to take steps to lock down your credit and start repairing your credit history immediately, but if you’re vigilant about watching for some of the earlier signs discussed above, things will never get this far.
Identity theft is insidious – you might have already been a victim and not even know it.
You should know what the warning signs of identity theft are, so you can know right away if it happens to you. The sooner you’re able to stop thieves from opening new accounts and taking out new loans in your name, the less damage you’ll have to clean up.