Avoid And Recover From Credit Fraud

Why are we always warned about credit fraud and identity theft

? Well there is a sound reason behind such warning.

In the past, many incidents were being reported about victims of credit fraud and identity theft. The sad thing is that consumers who are victims of credit fraud does not only lose their identities but also their credibility as borrowers. After all, scam artists and unscrupulous credit organizations manipulated their credit profiles and inflicted severe damage to their credit history.

So, how can we protect ourselves from the cunning and fraudulent schemes of scam artists? Let us identify some practical ways that we can use to avoid succumbing to credit fraud and identity theft

Practical Ways to Avoid Credit Fraud

1. Constantly monitor your credit report. The best way to avoid getting ripped off by the cunning and illegal activities of scam artists is to regularly check your credit file. Is this a difficult thing to do? Of course not! You just need to contact any of the three credit reporting agencies to obtain a copy of your credit report. The federal law actually entitles you to receive a free annual credit report from each of the three credit reporting agencies. This gives you plenty of chances to check your credit records.

After receiving your credit file, you need to check its contents carefully. Scrutinize your credit accounts as well as your payment history. If you see erroneous entries and suspicious credit accounts, file a dispute letter immediately to a credit bureau. In so doing you can request the credit bureaus to conduct the necessary investigations to validate your claim and it can perform the important adjustments on your credit records.

Checking your credit report on a regular basis can also help you immediately see if you need to improve your scores more. Let us say you have an excellent rating, then the only thing to do is to try to maintain that rating. On the other hand, if you have bad credit history then you may decide to get free credit repair services so that you can work on regaining your credit worthiness. Not only that. Free credit repair services will also provide you tips and suggestions on how you can avoid falling into new debt traps as well as on how you can repair your bad credit history.

2. Be knowledgeable about the cunning activities and schemes employed by scam artists. Being knowledgeable about how these scam artists work is one way to avoid being one of their victims. How can you do this? By reading reports and experiences of people who fell victims to the cunning activities of schemers and unscrupulous organizations. You can also watch television programs as well as online videos that provide helpful tips and suggestions on how you can protect yourself from the fraudulent machinations of scam artists. This way you will be alert and wary of suspicious people and their activities so that you will not become a victim of credit fraud.

3. Perform damage control. What if you got ripped off by the fraudulent activities of scam artists? Well you need to perform damage control. You can start by sending a formal letter to the credit bureaus explaining the situation. The credit reporting agencies must conduct thorough investigation on your records to validate your claim. Now, suppose the credit bureau refused to take immediate action on your claim, what should you do?

You may consider filing a lawsuit against the credit bureau. However, you must have sufficient proof or evidence that the credit fraud has truly been committed by identity thieves or by scam artists.

If you have previously succumbed to credit fraud or identity theft, then make sure that you learn from your experience. Be cautious and take preventive measures. In so doing you can avoid getting ripped off yet again by scam artists and identity thieves.

Copyright (c) 2010 Suzy Vanstrusen

by: Suzy Vanstrusen

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