How to report credit fraud is the main subject of this article, and here you will learn how to avoid being a victim of I.D. Theft related losses.
it is essential that you take quick action and report any inaccuracies and/or credit fraud immediately. Otherwise the potential losses associated with I.D. Theft could become overwhelming.
"The man who never has money enough to pay his debts
has too much of something else."
- James H. Aughey |
While your credit report is legally accessible for limited purposes, companies often unlawfully access credit files for unauthorized purposes.
Check your credit reports for who accessed your information carefully in order to spot these invasions on your privacy. Contact and report credit fraud to the bureaus, and the authorities if necessary, if your credit history has been improperly accessed.
Sometimes your credit file can become merged with another's, giving you an unfairly adverse credit history. The credit reporting agency is legally bound to clear it up and can be held liable for damages if they don't, in addition to penalties, attorney's fees and even punitive damages. So never feel as if you have no options in dealing with a negative response whenever you report credit fraud.
Creditors as well as debt collectors can report your account as 'disputed', if you notify them of the discrepancy. Most creditors ignore this, but can be held liable for any failure to note that you are disputing information.
Use certified 'confirmation required' mail to inform the creditor about your dispute. A creditor can report a debt for only 7 years after delinquency or charge off and a bankruptcy for up to 10 years. Resubmitting any false and obsolete data is illegal. You have certain rights as a consumer.
Identity theft is the most common consumer complaint. Creditors and the credit reporting agencies are legally bound to investigate and clear up the client's record.
A prompt identity theft report can be used by you to ensure a permanent block to fraudulent information appearing on your credit report.
When you report credit fraud or identity theft in a timely manner, the credit agency can ensure these debts never reappear on your report. You can place an extended fraud alert on your credit report, which is highly recommended anytime your personal information has been compromised.
The first step you need to take is to obtain a copy of the report you file with a law enforcement agency. Some state laws require police departments to take reports on identity theft and provide as much information as possible about the crime.
Give them the date of the theft, if you have identified it, the fraudulent accounts and any details of the thief, if you know who it is.
File an online complaint form with the FTC and ask your local police department to incorporate a copy of it into the police report.
Close any accounts that have been compromised immediately!
Immediately contact the big three credit agencies to place the fraud alert on your account:
Equifax: www.equifax.com, 1-800-525-6285, P.O. Box 740241, Atlanta, GA 30374-0241
Experian: www.experian.com, 1-888-EXPERIAN (397-3742), P.O. Box 9532, Allen, TX 75013
TransUnion: www.transunion.com, 1-800-680-7289, Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790
Most federal and state agencies, as well as some local police departments accept only automated options to report credit fraud or identity theft. Automated options to report credit fraud can quickly and easily be submitted online, by telephone or by mail.
However, given the choice, it is better not to use an automated option to report credit fraud, since it becomes more difficult for the consumer reporting company to verify the information.
For more detailed information, check out our free tools in the Identify Theft category.
"Debt is like any other trap, easy enough to get into,
but hard enough to get out of."
- Henry Wheeler Shaw |
|
Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
