If a criminal has taken my identity, should I cancel my credit cards?

The best course of action depends on your circumstances. Your goal is to reduce the risk that a given account will be abused, while maximizing your own ability to use your existing credit accounts. In weighing risks and benefits, keep in mind that if you have recently become an identity theft victim, your situation may make it difficult to obtain new credit in the near future.

Rather than canceling accounts, you may wish to notify the fraud department for each account and have a fraud alert placed. If a credit or debit card (or the data on it) has been lost or stolen, you may wish to cancel that card and have a new card issued that is based on the same account, but has a different number. If you have multiple credit cards, you may decide to cancel some to reduce your exposure. In any event, instruct credit card issuers and banks not to change your address without direct verification from you, in writing, that originates from your present address. You should also monitor closely the monthly statements for any credit card or bank accounts you do decide to keep active.

If I become a victim, should I still worry about protecting my identity?

If I become a victim, will I have to file a police report?

What if the police won't take a report?

If I become a victim, will I need a lawyer?

If a criminal has taken my identity, should I cancel my credit cards?