Go Phish: Beware of Financial Scamming

Check Your Credit Report

(ABCNews Photo Illustration)

I know I sound like a broken record on this one, but I cannot stress enough the importance of knowing what is on your credit report. Especially given the times, it is vital you make sure everything is correct.

According to the Public Interest Research Group, one in four credit reports has errors that are serious enough to disqualify consumers from opening a bank account, purchasing a home home, or evening getting a job! The easiest way to access a free credit report is to log on to www.annualcreditreport.com. Additionally, you can obtain a copy of your report by calling the toll-free numbers of the respective big three-- Equifax, Experian and TransUnion.

If You've Been Scammed, Take Action

First and foremost, contact your bank and all financial institutions where you have an account to notify them that you have been a victim of identity theft. Do not leave any stone unturned -- once the scammer has your personal data any of your accounts can be breached.

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Second, you should contact the three credit bureaus -- TransUnion, Equifax and Experian and have a "fraud alert" added to your file. This is a good way to protect yourself from having additional accounts opened without your approval.

Third, file an official report with the FTC documenting that you have been victim of identity theft.

And finally, call your local police department to file a report to again document that a crime has been committed. Keep in mind, there is no guarantee your losses will be covered. Your financial institution will work with you to determine what you are responsible for based on the information you provided to the scammer.

I recommend you go to the FTC's web site as they have an excellent and very detailed list of exactly what you should and should not do. Their address is www.ftc.gov.

Mellody Hobson, president of Ariel Investments in Chicago, is "Good Morning America's" personal finance expert. Click here to visit her Web site, www.arielinvestments.com. Matthew Yale contributed to this report.