Identity theft and credit fraud are white-collar crimes that can affect anyone. There are ways to protect yourself from credit fraud, and things you can do should you become a victim. Resources available from the federal government and credit reporting agencies can help you restore your identity and repair your credit.
Fraud Alerts
If you suspect you're an identity theft victim, contact the credit reporting agencies and have a fraud alert put on your credit profile. A fraud alert will require any creditor to call your home or business phone before approving credit in your name. If no one answers the phone, credit is denied. Add a fraud alert at any time -- even if you don't suspect identity theft -- by contacting the credit reporting agencies and requesting it. A fraud alert will require any potential creditor to call you first. Remove a fraud alert by sending a letter to each reporting agency.
Choose Creditors Wisely
Not all creditors are the same when it comes to fraud policies and customer service. Read all of a creditor's policies before signing an agreement, paying special attention to its fraud policies. Some financial institutions will instantly cancel your credit account and issue a new card when informed of possible fraud; other creditors will not. Call the creditor and ask about its fraud policies. It may add lengthen the credit approval process, but it's worth the wait.
Take Proper Action
Put your phone number on the do not call list for telemarketers. When you receive a piece of advertising in the mail, send it back to the company requesting that you be removed from its list of recipients. Be sure to request your credit reports at least once every six months and analyze the information carefully. If you see anything that looks suspicious, ask the credit reporting agencies to investigate. Also be sure to carefully analyze your credit card bills each month. Some criminals will use credit cards only once for seemingly small amounts, but once your card is used once and not reported there is a good chance it will get used again. Protect your personal information by shredding documents such as bills, invoices or anything with your credit information before throwing it out.
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