While having a credit card can be liberating, being a fraud victim can certainly max out your credit card limit, give you a bad credit rating and at the same time cause you to lose your rights to low APR rates. Therefore, the moment you find out you are a victim of fraud, you must act quickly and take the following steps:
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Contact your credit card company and banks
If you are a victim of identity theft or credit fraud there are some steps you can take to restore and protect your credit. 1. Request a copy of your credit report from all three national credit bureau systems (Equifax, Experian and Trans Union). Victims of credit fraud can obtain a free copy of their credit report directly from the 3 national credit bureaus. Their addresses and phone numbers are listed below.
Check Credit Rating You should always have the phone number of your credit card provider at hand in the event of credit card theft or forgery. The company can then freeze your credit card access instantly, thereby cutting their losses as well as yours. Normally, you will just have to make a minimum payment of probably $50 to cover any amount that has been charged to your card in between the time you discover your loss, till the time you report it.
3. Dispute inaccurate or fraudulent information on your credit report with the credit bureau reporting the information. Below is a sample dispute form. 4. Add protective “fraud” Equifax, Experian and Trans Union. Fraud statements on your credit report warn potential users of your credit report that you may be or have been a victim of identity fraud. The credit bureau addresses and phone numbers are below.
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Lodge a police report
Experian said it was contacted by 2, 570 identity fraud victims in the first half of this year a 68% year increase. Though 45% of victims were alerted to the fraud by a lender, diagnosed by consumers checking or monitoring their own credit reports. Even after a record is ÷leared there are sometimes residual details that could result in credit being declined.
Credit Online Rating Report A copy of your police report is a requirement to verify the crime that has been committed against you. This police report will aid in any financial requests made to your bank, insurance company or credit card companies. Even though certain officials may put down this loss as a minimum-impact crime as you may have not lost anything yet, you have to remember that you could be affected in the long term.
Equifax, Experian, and TransUnion. After a fraud alert has been placed in your associates% credit file, any creditor using that credit file}to grant}new credit or an extension of credit in their name must contact them by telephone (using the phone number specified in the fraud alert) or take reasonable steps to verify their identity and confirm that the credit application is not the result of identity theft.} If someone else is trying to use your associates% identity to get credit, the fraud alert usually stops them cold.
- approved credit card offers.
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Close any affected accounts
Identity Theft is when someone uses someone else’s personal identifying information for illegal purposes. or obtaining credit in the victim’s name. ID Theft can be as simple as illegally using another’s credit card for fraudulent purchases, or it can be more complex where the Identity Thief uses another’s personal information to apply for and obtain new credit, for example, for a new credit card or home loan. Unfortunately the illegal purpose may be committed over long periods of time before the victim even discovers the fraud.
Bad Card Credit Credit People It is important to close any accounts that are accessible by your credit card(s) and open new accounts. Always close the account at your own request. Try to avoid stating 'credit card stolen' as the reason for closing your account as this will show irresponsibility on your side and would reflect badly in your credit report. Closing your account will also avoid further disputes with unauthorized purchases made to your card.
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Contact the Credit Bureau
Credit Rating Scale Report the loss of your credit card and request for your account to be flagged to avoid unauthorized access. Be sure to contact the fraud unit of any of the three credit reporting companies: Trans Union, Equifax and Experian and notify them of your loss. You should also request for a credit report periodically to detect any activity in your credit history that has been made without your knowledge.
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