Fraud Alert: EIDL Loans & Identity Theft

Cityscape view of downtown Boise Idaho
Graphic with big red words FRAUD ALERTOur local SBA partner has informed us that some people who did not apply for EIDL loans are receiving SBA notification letters that it’s time to repay their loan.
If you received a letter from the SBA in your name but did not apply for or receive an EIDL loan, then it’s likely you have been a victim of identity theft.
The SBA has provided recommendations, resources and contacts to report and recover from the fraudulent activity:
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U.S. Small Business Administration logoIdentity theft is the unauthorized use of your name and address, credit card or bank account numbers, Social Security Number, phone or utility account numbers, or medical insurance numbers.
If your identity was stolen and used to apply for Economic Injury Disaster Loan (EIDL) assistance from the U.S. Small Business Administration (SBA), here are some important steps you should take. Be sure to act quickly to prevent or reduce financial loss or damage.
SBA’s Processing and Disbursement Center forwards all fraud cases to SBA’s Office of the Inspector General (OIG) for investigation. SBA OIG does not provide updates to this Office of Disaster Assistance or our disaster loan Processing and Disbursement Center about the status of investigations. SBA OIG will reach out to you if they need additional information.
Reporting Fraud
1. You may initially contact our Processing and Disbursement Center to report suspected fraud. Fraud desk: (800) 366-6303. Our team will make a note to the file and place a hold on funds if they have not already been disbursed.
2. Notify the SBA Office of Inspector General to report any suspected fraud on the OIG’s Hotline at 800-767-0385 or online at https://www.sba.gov/about-sba/oversight- advocacy/office-inspector-general/office-inspector-general-hotline. OIG does not provide updates to the Office of Disaster Assistance or the disaster loan Processing and Disbursement Center about the status of investigations. SBA OIG will reach out to you if additional information is needed.
3. Place a fraud alert on your credit reports. Contact one of the three major credit reporting agencies. Whichever company you contact is required to tell the other two.
www.Experian.com/fraudalert, or 1-888-397-3742
• www.TransUnion.com/fraud, or 1-800-680-7289
• www.Equifax.com/CreditReportAssistance, or 1-888-836-6351
Consider adding an extended fraud alert (valid for seven years) or a credit freeze to your credit bureau reports.
4. Federal Trade Commission: www.IdentityTheft.gov to file a report about your situation. Once you’ve entered your information, the site will create an Identity Theft Report. Print it or save it to your computer; you will need it later.
5. Idaho Attorney General at https://www.ag.idaho.gov/consumer-protection/
6. Contact the Social Security Administration as soon as possible, even if you’re not sure your number has been compromised at 1-800-269-0271 or submit a report online
at https://oig.ssa.gov.
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Recommendations to Recover from Fraud
1. Notify any other companies where you know fraud occurred. Explain your situation and ask them to close your account. Request a letter confirming that the fraudulent activity isn’t yours, that you are not liable for it, and that it was removed from your credit report. And save those letters.
2. Obtain and review copies of your credit reports immediately. Look for accounts, inquiries and addresses you don’t recognize.
3. If you spot items on your credit report that you don’t recognize, contact the credit bureau involved. (If more than one, you will need to contact each individually.) Include a copy of your Identity Theft Report and proof of your identity. Explain which information on your report is fraudulent, and ask that they block that information, which will keep it from showing up on your credit report.
4. If you get a collection letter for a debt that you don’t owe, write the debt collector within 30 days of getting the letter. Tell them your identity was stolen and you don’t owe the debt. They may request a copy of your Identity Theft Report and other documents about the theft.
5. Review your bills and credit reports regularly to identify any new fraudulent charges.
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