It's very freighting when someone steals your identity. Just knowing someone is out there using your information makes you sick. If your identity is ever stolen, there are four very important steps you must take as soon as possible.

First, place a fraud alert against your credit report and then review them. When you do this it prevents the thief from opening other accounts using your information. Call any of the three credit reporting agencies to place the fraud alert. Now request a free credit report from the agency you reported the fraud alert to. Once you get it, review it for any suspicious activity.

Second, close all the accounts that you didn't open or that look suspicious. Write the credit companies and request that they close the account and explain why.

Third, file a complaint with the Federal Trade Commission by calling their identity theft hotline. By giving them information about your theft they can use the information to help law enforcement officials track down thieves. Your assistance may prevent this from happening to others.

Lastly, file a police report with the police in the area where the theft took place. This way they will have a record of the incident.

There are many ways to prevent identity theft but only four things you should do if it happens to you.