Why You Should Report Credit Fraud
If you suspect that you have been the victim of a stolen identity or if your credit information is being misused, it is essential to report credit fraud. Reporting credit fraud can help you to protect your credit score and can allow you to avoid becoming responsible for charges that someone else makes in your name. Reporting fraud can also help criminals to be found before they defraud someone else.
Report Credit Fraud to Protect Your Credit
One key reason it is important to report credit fraud is to make sure that your credit score doesn’t suffer as a result of the misuse of your information. If someone stole your personal details and used them to get credit, you could have your score lowered when this new credit card is maxed out and no payments are made. The same is true if someone is using one of your credit cards without your permission. You don’t want your credit score to be lowered as a result of someone else’s dishonesty and you need to ensure that you report fraud in a timely manner so that the misuse of your information is stopped. You can also contact the credit bureaus to have negative information removed from your credit report if fraud occurred.
Report Credit Fraud to Protect Your Finances
If your credit card or personal identifying information is misused, you need to let your credit card company know so that you are not held responsible for the charges. Credit card companies offer fraud protection services and you will not have to pay for unauthorized charges made in your name. However, you do need to let the creditors know that the charges are being made without your permission in order to be off-the-hook from having to pay.
Report Credit Fraud to Catch Criminals
Credit fraud is a crime and you should report it as soon as possible so police can take action to try to stop the dishonest person who is stealing from you. If someone is caught misusing your information, you can stop them from committing this crime against you or against someone else in the future.
The sooner the fraud is reported, the easier it is to catch the criminal and the less damage will be done to your credit that you’ll need to undo. Services such as IDENTIY GUARD® can give you tools needed to help find problems earlier so you can act fast to report credit fraud.