According to statistics, identity theft is a major concern in the United States of America and all over the world. For instance, in the 4th quarter of 2023 alone, the Federal Trade Commission reported 231,724 cases of identity theft. This issue has become quite rampant and needs immediate intervention before things get out of hand. The best way to go about it is by being aware of all the signs of identity theft so as to prompt immediate action. You can also get assistance from the experienced lawyers at Kazerouni Law Group, APC. Kazerouni Law Group, APC, has obtained over $1 billion for consumers nationwide. They have been recognized as one of the best consumer protection law firms in the US.
Signs of Identity Theft
There are various signs of identity theft which include:
- Unauthorized transactions
- Unexpected bills on your account
- Unexpected drop in credit score
- Denied credit applications
- Unexplained debts
Unauthorized Transactions
One of the major signs of identity theft is unauthorized transactions from your bank account or credit card. If you notice this kind of transaction, then it means a criminal is using your bank account or credit card to buy goods or services without your consent.
Normally, the criminals might even go out of their way to perform deposits to your account in an attempt to verify account accessibility before making a substantial withdrawal from your account. You have to be keen on every transaction that happens in your account in order to prevent prolonged instances of identity theft.
Unexpected Bills on Your Account
Quite often, identity thieves make subscriptions using the victim’s credit card/bank account. Either they will be paying for a service that they need in their day-to-day lives or buying products. If you don’t pay attention, these bills might come off as legitimate to you, and you might ignore them. The best way to prevent this from happening is by constantly reviewing the kinds of services you are paying for with your credit card or bank account. This will help you identify instances of identity theft easily and, hence, prompt action.
Unexpected Drop in Your Credit Score
If your credit score drops significantly without a valid reason, it can mean that there are suspicious activities happening with your account. For instance, if a scammer uses your details to apply for a loan and then the loan happens to go unnoticed and unpaid for a long time, this will lead to a drop in your credit score. Basically, since the major factor contributing to your credit score is your payment history, a sudden drop could signify huge debt delinquency. This could mean serious trouble and should thus be investigated and reported immediately.
Denied Credit Applications
Most lenders will accept your credit application as long as your credit history is solid enough. However, in a scenario where your credit application is rejected, this could mean that your credit history is compromised. For instance, if identity thieves apply for a loan and you are not aware of it, then it means that your subsequent credit application will be denied. You should check your credit report after the denial of your credit application. This will help you identify issues with your credit score and, in the case of identity theft, be able to catch and report them.
Unexplained Debts
You may receive letters, phone calls, or even an email requesting that you settle a particular debt. If the debt is unfamiliar to you, then it means that someone else might have acquired the debt using your account details. Make sure to check with the collection agent about the nature of the debt and inquire about the alleged delinquency. That way, you will be able to get information regarding an alleged identity theft.
What to Do When You Fall Victim of Identity Theft
If you are a victim of identity theft, follow the below steps to report and curb the issue:
- Report to the Federal Trade Commission.
- Contact your bank or credit card institution and inform them about the fraud.
- Place a fraud alert and security freeze on your credit reports.
By following the above steps, you can successfully safeguard your bank or credit account against identity theft!
