Credit card fraud can have a significant impact on your life. If someone defaults on an account opened in your name, it could lead to a decrease in your credit score as well as phone calls from Arizona debt collectors. Even if you catch fraudulent activity early, it may still take months or years to reverse the damage that has been done.
What are the potential signs of credit card fraud?
If you receive a bill from a creditor that you don’t recognize, it could be a key clue that someone has fraudulently opened an account in your name. Alternatively, if you see charges that you did not make appear on a credit card statement, it may indicate that fraud has occurred. Finally, your credit card company may send text or email alerts if suspicious activity is noted on an account.
Keep an eye on your credit report
Many credit card companies allow you to keep track of your credit report from your online account portal. Your bank or credit union may also allow you to monitor your credit report for any unusual or suspicious activity. If you see anything out of the ordinary, you should open a dispute ticket with the credit bureaus as soon as possible. You may also want to put a fraud alert on your credit report or freeze it entirely. Doing so will make it impossible to open a new account without your verbal consent.
What happens if you discover fraudulent activity?
As a general rule, credit card companies don’t hold users liable for fraud. Therefore, if you can prove that you were a victim of a crime, you shouldn’t have to pay for what others did in your name. It’s also worth noting that credit cards are generally not connected to a bank or other financial accounts.
If you believe that you’re a victim of credit card fraud, it may be possible to hold the perpetrators responsible for their actions. However, in most cases, your goal will merely be to restore your good name in a timely manner.
