Identity theft can happen to anyone at any point in their life. If you are many of the Americans who have been impacted, you will need emergency cash when your identity is stolen. According to the Federal Trade Commission (FTC), the average American will have to pay about $600 out of pocket to recover from identity theft. Others may have a larger financial burden to deal with, depending on the damage of the identity thief.
If you need emergency cash when your identity is stolen, there are a few options that you can look into. Below is more information on getting emergency cash after your identity is stolen. Along with that, you’ll find some information on why it is important to act right away.
Before Looking for Emergency Cash When Your Identity is Stolen, Take These Steps
If your identity is stolen, the first thing to do is take these steps to protect yourself:
Get Into Contact with the Fraud Department of Compromised Accounts
wherever you noticed fraudulent charges/accounts first, get into contact with them and they can issue a fraud alert. They can begin to take the necessary steps to lessen the damage
the 3 major credit bureaus are Experian, Equifax, and Transunion, all have fraud departments, and it is important to let them know if your identity is stolen.
Get into Touch with Your Bank
It is important to contact any bank that you have checking accounts or savings with, as it can prevent even more damage. Something as simple as issuing a new debit card can help. Or more complicated tasks like temporarily freezing atm or other activity, can all help protect your account information. It may be reassuring to know that most reputable banks put in a lot of effort into security measures and are often prepared for these types of situations.
Contact Credit Card Companies/ Any Loan Lenders or Financial Institutions You are Working With
it will be a good idea to let your credit card companies/ card issuers, or any other financial institutions (federal student loans, private personal loans, etc.), know when your identity is compromised.
Talk to Your Insurance Companies
identity thieves can go as far as trying to make insurance claims. And so, contacting insurance lenders can help prevent, additionally, it can protect even more personal information.
Freeze your Credit
this is a step that you can take that will halt any activity that involves your credit. This step may be taken automatically by financial lenders when a customer calls them about identity theft. They will often add more login and security steps to access an account. For those who want to keep their old accounts, this may be a good option.
File a Police Report
Identity theft is a crime, and it may not be a bad idea to file a police report with your local police department. This may help find the person or party responsible and help other people from being a victim in the future.
What About Medical Identity Theft?
Medical ID theft is when a person gets access to your social security number /social security card, driver’s license info, and other personal information, and then uses it to seek medical treatment.
In the scenario, you should get into contact with any hospitals, clinics, laboratories, etc. that have sent you a bill, and let them know about your situation.
If Your Identity Was Stolen Due to A Larger Breach You May Be Reimbursed
In some cases, you may be a victim of a larger security breach, there will sometimes be a settlement for the victims (this happened in 2017). And so, if you are one of those victims, you can fill a claim to get the emergency cash that you need.
In that case, you may be able to get reimbursed for:
- The time spent trying to repair the impact of a data breach
- The amount of out of pocket expenses that you may have accumulated trying to recover
- And you may get free access to identity restoration services
Look into a Loan to Get the Emergency Cash When You Identity is Stolen
A loan can be one way to make ends meet after you are a victim of identity theft.
Because you may not want to work with your credit, there are a few types of loans out there that don’t focus on your credit score, and can make funding fast:
- Title Loans Title loans are one type of secured lending, which works by using the borrower’s vehicle as collateral. Lenders will look into the value of your vehicle, your ability to repay the loan, and your income. A huge contrast to personal loan lenders. If you do decide to go for a title loan, start with the experts at Max Cash Title Loans. At Max Cash Title Loans, we are the #1 Nationwide Title Loan Marketplace. We offer a secure way of connecting individuals to affordable and reputable lenders. 4 5
- Payday Loans payday loans work by using the borrower’s paycheck as collateral. In general, these loans are usually short term and work extremely quickly, and so maybe a good option when looking to recover from identity theft. Something important to consider however is that payday loans usually comes with short and inconvenient terms.
- Home Equity Loans home equity loans use the value of the borrower’s home to make additional funding available. If you are a homeowner this may be an option to consider.
Precautions to Take Once Everything to Get Things Back on Track
Once you begin to repair your credit, there are a few steps to keep you on the right track:
Monitor Credit Reports
A credit report has all the information about any financial activity that exists for a single person. If your identity is stolen it is a very good idea to monitor your credit reports, from all three major credit bureaus.
- The good thing is you can get your free credit report from each credit reporting agency, each year. Take a look at your credit report for an overview of the damage done.
- Another important step to take is to begin the process of correcting any mistakes that show up on your credit report.
Consider a Credit Monitoring Service
secondly, a credit monitoring service can do the work of double checking your credit score.
Increase Account Security
financial institutions take this step automatically when a customer calls them about identity theft. To protect you, companies will often add more login and security steps to access an account. For those who want to keep their old accounts, this may be a good option.
Take Precautions In Person, Online and Over the Phone/Social Media/Other Communication Channels
there are many things you can do in person, online, and in the way that you communicate to help protect your personal information.
- For example, shred documents once done with them. Using your own Wi Fi, or a secured network. Being aware of local scams, and never giving information over the phone until you know the authenticity of the caller. Subsequently, these are all things you can do to protect your information.
The good news is that there are options out there so you can have access to emergency cash. Even after your identity is stolen. For instance, you can consider a loan. Fike a claim with a company, or can rely on your credit card companies/bank. If you are thinking about a title loan for your emergency cash, apply for an online title loan with the help of Max Cash Title Loans. We work hard to connect people with reputable title loan lenders. 5 And once approved, you could have the funds on the very next business day. 1 2 To speak to someone from our team directly give us a call or send a text to 1 855 561 5626.