How to Dispute a Stolen Credit Card Transaction

You must dispute stolen credit card transactions to protect your credit rating.

It's a terrifying feeling to realize that your credit card has been stolen. Once thieves steal a credit card, they often try to run up as many transactions as possible before the theft is reported and the account is closed. You will have to deal with the aftermath by identifying and disputing the stolen credit card transactions. If you do this promptly, you will minimize the damage and protect your credit rating.

Things You'll Need

• Credit card statement Copy of credit report Police report

Instructions

1. Report the stolen credit card to the issuer immediately. All credit card companies have toll-free 24-hour lines through which you can report a stolen card or a compromised credit account. Reporting the theft as soon as possible will allow the credit card company to close your account and prevent any further transactions by the thieves.

2. Check your credit card statement to identify the fraudulent transactions. Most companies will allow you to view your statement online. If you do not have online statement access, call your credit card issuer to get a list of recent transactions. Do not wait until you get your statement in the mail. Transactions made with a stolen card should be disputed as soon as possible to minimize the chance of an effect on your credit rating.

3. Call your credit card company to report the fraudulent transactions, and follow up with a written dispute. Phoning will allow them to start dealing with the situation immediately, and sending a letter will document the situation in writing and prove that you made the report.

4. Check your statement to ensure that the fraudulent transactions have been removed. If they have not, call your credit card issuer immediately to remind them of the dispute.

5. Get a copy of your credit report from each of the three major credit bureaus (Transunion, Equifax and Experian). Fraud victims are entitled to free copies to assist them in indentifying and disputing fraudulent transactions. If you find any questionable information, dispute it directly with the credit bureau and notify the credit card issuer.

Tips & Warnings

• When your credit card is stolen and the thieves make fraudulent transactions, you should contact the police and make an official report. This will strengthen your position when you are disputing the transactions. You can provide a copy of the police report to your credit card company and the credit bureaus as part of your documentation of the theft.

References

• Information from the FTC