If you even suspect you’re a victim of identity theft, it’s vital to go with your gut and start the investigation process today.Why the rush? Because cleaning up after an ID thief is, unfortunately, never a quick process and the amount of money you’re responsible for can grow if you delay.

Avg. cleanup time for ID theft: 81 hours

According to a survey by Nationwide Mutual Insurance in 2005, even after an average of 81 hours of fighting about 16 percent of victims end up being held responsible for some or all of the thief’s fraudulent charges, which average $4,000.

If you suspect identity theft

You may have been tipped off by a creditor calling you about an account you didn’t open, or received a card you didn’t apply for in the mail. Whatever made you suspicious, it’s important to keep a record of it.

1. Hang on the suspicious mail, or try to remember any details you can about a creditor’s call. Call back for details if you can. Access the most recent statements for all of your credit and bank accounts and check for unauthorized charges.
2. This step is important: Get your credit report. If you saw fraudulent charges on one of your statements, the report will be free when you contact a credit reporting agency (click here for contact info) to place a fraud alert on your report. If you didn’t see anything unusual in your statements, access your credit report anyway (click here if you don’t have evidence of theft)  and scour it for any accounts you didn’t open, debt you didn’t accrue and accounts with the wrong address or SSN, or initials. If everything is normal, breathe easy and consider a security freeze to help protect you in the future.

If you know your identity was stolen

A moment of panicked rage is allowed here; but once you pull yourself back together, it’s time to work the phones.

1. Grab a notebook or a folder to take notes on every conversation from here on out. Get names, numbers, dates and times from all the people you talk with, and keep copies of any correspondence.
2. Place a fraud alert with one of the big three credit reporting agencies with the contact info link above. The one you contact will notify the other two.
3. Close out compromised accounts. If your bank account was ripped off, you’ll need a source of money while you wait for your new accounts to be opened. Ask a representative at your bank if they advise you to withdraw a store of cash before closing the account. Notify your employer of the account closing if you have direct-deposit payment. Card and account closings can be initiated over the phone, but you will need to send the companies copies of fraud evidence. The FTC recommends sending everything through certified mail, and requesting a return receipt, so you can document when they receive your letters. Ask each company for forms to dispute fraudulent charges and accounts.
4. Fill out an ID theft complaint form with the FTC (click here, or call 1-877-ID-THEFT) and keep it, along with the cover letter, to take to the local police.
5. File a police report. Don’t take no for an answer if your jurisdiction won’t file the report. You may need it to prove to creditors that there was a crime, and it will assure you a free security freeze (highly recommended to stop new fraudulent accounts) in any state. If your jurisdiction won’t file it, try your state police. It is best to fill it out in person, and not over the phone or internet. Ask the officer helping you to incorporate the FTC theft complaint form into the report. Make copies for companies that ask for your identity theft report.
6. Get back in touch with the credit reporting agencies (Experian, TransUnion, and Equifax) in order to get the thief’s activity removed from your credit report. Mail your identity theft report (steps 4 and 5) to the fraud department of each agency, along with a letter like this and any supporting documents you have to prove the charges and accounts are not yours.

These steps will get you well on your way to cleaning up your name and credit score. Be aware that if your bank card was used fraudulently you may be liable for up to $50 of the thief’s charges if you report it within two days, but that number jumps to $500 between three and 60 days, and there may be no limit to what you have to pay after 60 days. Act immediately if you suspect someone has your bank ATM card, or card numbers.

Here are some helpful resources:

http://www.ftc.gov/bcp/edu/microsites/idtheft/consumers/index.html

http://www.ssa.gov/pubs/10064.html#using (if your SSN was stolen)