Credit Card Theft: Am I Liable for Charges Made in My Name?
Credit card theft takes place far too frequently and can happen in a few different ways. The simplest form of credit card theft happens if someone takes your physical credit card and starts using it in stores or shops to purchase stuff. However, if somebody steals your identifying information and opens a new card in your name, this is also a form of credit card theft.
What Should I Do About Credit Card Theft?
If your identifying information is misused or your credit credit card is stolen, you need to take action. Whenever a theft occurs, you have to be sure to contact your credit card company via phone right away to let them know that charges were made without your permission.
What are the Potential Consequences of Credit Card Theft?
Credit card theft can result in many unauthorized charges being made on your credit card. While you should not be held financially accountable for any charges made in your name without your permission, you might have a long and complicated process to undo the harm that was done to your credit and to have the unauthorized charges taken off your credit report. Depending on the circumstances, you could be required to submit documentation to your creditors showing clearly that you were not the one responsible for running up the charges. You may end up spending a long period of time on the phone with creditors and you likely have to file a police report about your stolen card or your stolen identity in order to show that you are not responsible for the charges.
Am I Responsible for Credit Card Theft?
Although you are not liable for credit card theft, you do need to take prompt action so your creditor can shut down the card and so you won't be responsible for charges. You also have the responsibility of doing anything you can to prevent yourself from having your cards or your identity stolen. This is a responsibility you have to yourself, to protect your financial status. Fortunately, there are tools that you can use such as Identity Guard® that will alert you to certain triggering events so you may be able to take action quicker if your card or information is being misused. This can make it easier for you to fight against credit card theft and identity theft so you don't have a big financial mess on your hands to clean up. Find out today how Identity Guard® can help prevent credit card theft at https://www.identityguard.com.