What is one action to take if you suspect identity theft?

Placing a "Fraud Alert" on credit reports is a crucial and proactive step if you suspect identity theft. A fraud alert notifies potential creditors to take extra precautions before extending credit under your name; it indicates that your identity may have been compromised. This action helps prevent new accounts from being fraudulently opened in your name, as lenders are required to verify your identity more thoroughly before approving credit requests.

Creating a fraud alert is typically free and can provide you with a sense of security as it gives you time to monitor your accounts and take further steps if necessary. It's an effective way to help manage the fallout from suspected identity theft and protect your financial identity.