Police said Officer Brian Phillips turned himself in to authorities on Tuesday. He is out of jail on a $5,000 bond.
Police say Phillips filed an identity theft report at a Millington credit union, alleging that someone opened five accounts using his name and mounted $20,000 in debt.
A statement from the police department said that investigators with the Economic Crimes unit showed that the accounts were valid and Phillips had filed a false report.
Phillips has been employed with the Memphis Police Department since February 2007. He has been relieved of duty with pay.
Online court records did not show if Phillips has a lawyer.