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What should I do if I am a victim of identity theft? What steps should I take?

  • Updated

If you believe you are a victim of identity theft, it is crucial to act quickly to mitigate potential damage. Here are the steps you should take:

Immediate Actions

  1. Notify Financial Institutions:
    • Contact your bank, credit card companies, and any other financial institutions where accounts may have been compromised. Inform them of the identity theft and request that they freeze or close affected accounts.
  2. Contact the Credit Bureau(s):
    • Place Fraud Alerts: Contact both Equifax and TransUnion to place a fraud alert on your credit reports. When it comes to taking measures to help protect your personal and financial information, placing a fraud alert is a good step.   
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      • There are two types of fraud/identity theft alerts you can proactively – or reactively - place on your Equifax credit report: an Identity Alert and a Fraud Warning. 

        • Identity Alert: With an Identity Alert, you can choose to add a personal statement and phone number (mandatory) to your Equifax credit report. 

        • Fraud Warning: The main difference between an Identity Alert and a Fraud Warning is that a Fraud Warning is only available to confirmed victims of fraud/identity theft. This special statement added to your credit report will also include a phone number to encourage (but not legally require) lenders to call you before extending credit.
  3. Credit Report Lock (Quebec Residents Only):
    • All Quebec residents have the right to lock or unlock their Equifax credit reports. A credit lock is a feature that helps Quebec residents prevent lenders and other businesses from opening new or additional credit accounts in their name.
  4. Report Identity Theft:
    • Local Police: File a police report with your local law enforcement agency. This creates an official record of the crime. 
  5. Check Your Credit Reports:
    • Review the inquiries and tradelines sections of your credit report to make sure all entries are familiar to you. Report any that you don’t recognize.
  6. Change Passwords:
    • Update passwords for your online accounts, especially for email and financial services. Use strong, unique passwords and enable two-factor authentication where possible.
  7. Monitor Accounts:
    • Keep an eye on your bank statements and credit card bills for any unauthorized transactions or unfamiliar accounts.
  8. Document Everything:
    • Keep detailed records of all communications with creditors, law enforcement, and credit bureaus. This documentation will be helpful if you need to dispute fraudulent charges or accounts later.

Additional Resources

  • If you notice any soft inquiries made by Borrowell but do not have an account, contact Borrowell at fraud@borrowell.com with your personal information so we can block any fraudulent activity.
  • Encourage friends or family who may also be victims of fraud to report their experiences and take similar protective measures.

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