I have written a step by step post on this subject that I believe goodnatured has linked to.
One thing to check first.
Sometimes soft inquiries are showing for companies that just purchased soliciting lists from the credit reporting agency in order to offer you some kind of service or product. Then it would not actually be ID Theft you are dealing with but an OPT-IN problem.
You should obtain a report and activate a fraud alert, this will enable you to get a free credit report by mail. The mailed out reports have customer service phone numbers for you to call in and speak with someone. You need to ask them what the inquiry is classified as.
If you find that these are in fast opt-in inquiries you can later cancel the fraud alert.
Ok, more about opt-in - if this is the case, these companies didn't actually receive a copy of your credit report. But they will pull a hard inquiry (credit report) if they send you an application and you fill it out and mail it back. The first time these companies show an inquiry they just got your name, mailing address, and maybe a viewing of your current credit score. And they might have asked if you were a home owner, auto loan holder or some sort like that.
You can find the opt-out information in my ID Theft post.
You immediately need to set a fraud alert on your accounts. Contact your creditors and the credit bureaus and talk to them about this. If you report within 2 days of the identity theft incident then the losses can get limited to $50 by the credit card companies. You nee to close all your accounts and reopen them with new names and account numbers. For more details you can refer http://www.creditmagic.org/blog/2009/10/22/fight-idtheft/ .
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.