Credit Fraud
How should a victim of credit fraud respond to the situation? It is necessary to notify all of the following agencies immediately:
- All three credit reporting agencies:
- Refer to the previous page in our learning center that provides all the essential contact information. This first step is absolutely essential.
- Banks and Credit Unions:
- Inform any financial institution that maintains your savings and checking accounts. The old accounts could be accessed easily by using the stolen information. So, close these and open new ones that have different account numbers. Also, the ATM card and its PIN number will have to be replaced.
- Police:
- The credit reporting agencies provide retailers with the names of those in credit danger. In turn, each retailer becomes on the lookout for these individuals. So, even if you are a victim of credit fraud, you could become arrested. However, this situation can be prevented if you immediately notify the police department of your identity theft. It is essential to obtain an official document that states you are not the crook but rather the victim of the crime.
- Any other agencies from which you have obtained ANY credit:
- These types of agencies include department stores and gas stations.
A telephone conversation is not the only step required for credit repair. You must also provide written documentation of your credit theft after you have telephoned each agency. Also, keep a detailed record of the person, date, time, and information exchanged in each communication contact.
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