Fighting Back Against Credit Fraud
You may not be able to prevent credit fraud committed in your name, such as unauthorized use of your credit card accounts or new loans and cards opened by thieves using your identity, but you can fight back once you realize that you are a victim. You have certain rights that help you stop the fraud and protect you against paying bills you did not create, according to the Federal Trade Commission website.
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Detection
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You are entitled to annual copies of your credit reports for free, according to the FTC, as long as you get them from annualcreditreport.com. Regular review of your credit files lets you catch fraudulent accounts opening by identity thieves. Your credit card statements also help you catch fraud if you check them frequently. Bring them up online every few days if your bank gives you that capability, or read your monthly statements carefully. Look for charges you do not recognize.
Reporting Fraud
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Call your credit card companies immediately if you find strange charges on your accounts. Alert any lenders showing up on your credit reports with accounts you did not open. Call one of the three major credit reporting agencies to report the fraud. Experian, TransUnion and Equifax are all required by law to cooperate, so you only have to alert one of them and your chosen bureau will notify the other two. They will put 90-day fraud alerts on your credit reports, the FTC advises. Any creditors who get applications in your name during that time will make an extra effort to verify the applicant's identity.
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Extending Your Protection
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Identity thieves may save your information and try to use it again many months, or even years, after the initial fraud. Fight this by extending your fraud alerts so they stay on your credit reports for seven years. The credit reports must give you an extension if you produce a police report copy, according to the FTC. Call your county or state police department if local officers are not helpful.
Preventing Fraud
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Credit freezes are an important tool in the fight against identity theft because companies cannot process credit applications in your name when your records are frozen. The credit bureaus will not give out any information unless you "thaw" the records by giving a special code number. All states allow you to freeze your credit, but fees vary from no cost to about $10. Some states force the bureaus to give no-cost freezes to fraud victims.
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