How to Repair Your Credit Card After an Identity Theft

How to Repair Your Credit Card After an Identity Theft

Managing our money and personal finances is becoming a tougher task for us day by day and this happened especially after we confronted the very recent financial downturn. Nonetheless we were rescued by the numerous debt care services provided by the debt settlement companies, but it seems that everyone is in dead need of money and they are ready to go to any unethical extent to acquire it. Thus the victims of identity theft are at the receiving end and are increasing in number rapidly. They must take precautions and curative steps to stop the mishap from happening or to repair and cure their credit card after the incident. Hence they must complete a significant amount of legwork to get their credit back as law is on their side and creditors should help them freeze their accounts and open new ones. So you ought to keep certain useful information handy which will guide you about what to do to repair your credit card after it faced identity theft. To start with, go to Annual Credit Report's website to obtain one free copy of your annual credit report. Request that only the last four digits of your Social Security number appear on each credit report. Review your credit report and look for inquiries made by unknown companies seeking to obtain a copy of your credit report credit accounts with which you are unfamiliar.

Review the personal information printed on your credit report as well. Check your Social Security number, address, name and other personal information for errors. Contact one of the three credit reporting companies which are TransUnion, Equifax and Experian to place a fraud alert on your credit reports. Once you contact one consumer reporting bureau, they are required by law to contact the other two. You do not need supporting documents to place a fraud alert on a credit report. It is typically one of the first steps in the process. Remember to file a police report as according to FTC a credit card company will stop any fraudulent information in credit report if you file a police report about the incident. Next, provide a copy of your identity theft report with a cover letter stating that you are a victim of identity theft, to your credit card company and each of the three credit reporting bureaus. Send a formal letter by certified mail to your credit card company's fraud department asking to close all your credit accounts. Your credit card company will issue new account numbers so new fraud cannot take place. The "billing inquiries" department is separate from the fraud department, so follow up with both to expedite the process.

Open new password protected credit and loan accounts. Select a unique Personal Identification Number (PIN) and/or password for each credit account. Make transactions as needed. Payments made on your new accounts are reported to your credit reports. Monitor your credit report over the next year to check for any new incidence of identity theft. Look for unknown inquiries requesting access to your credit report and new accounts for which you have not applied. Remember that every financial product follows certain procedures to get activated or deactivated, so without panicking you must take the wisest and the most rational things to avert all negative impacts of identity theft.

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