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2007-01-29 18:17:26

Pulling your credit card deal through

Those who have become victims of identity theft really find themselves in great trouble. To get one`s credit card deal and credit history cured is not that easy and it takes much longer and harder to undo the mess than for criminals to commit the crime.

So, once you feel there`s something wrong going on with your credit card deal, for example, you are charged for things you never bought, you should take action immediately to minimize the damage of your credit and reputation as a credit card consumer.

In fact, there is not any definite policy for you to follow to recover fully after identity theft has affected your credit card deal but there are a number of steps to soften the process and to minimize the damage.
Remember, you should act quickly and assertively to save your credit card deal and to regain your financial health.

Make an immediate report to at least on of the three main credit bureaus - Experian, Equifax and TransUnion. Thus, you place a fraud alert which requires your credit card company to call you before extending credit. Note it, that you are expected to make a fraud alert within 90 days only.

Get in contact with each of the three bureaus to request 2 things: ask for a free copy of your credit report and establish the 7-year fraud alert on your credit card deal.

Examine the copy of your report to send the fraudulent accounts and erroneous information to the credit bureaus and your credit card company. You are provided with a sample letter to send to the credit bureaus demanding that the fraudulent accounts be blocked.

It is also very important to get the bureau to notify the credit grantor with whom fraudulent accounts have been opened.

Make a written enquiry asking the credit bureaus to remove inquiries that have been started due to the fraudulent access. If you provide a copy of a police report to the credit bureaus, they are supposed to remove the fraudulent accounts from your credit report. So, the earlier you detect the ID crime being committed against you and file a police report, the more chances you have to preserve your best credit card deals.

Report the crime to the police department, providing as much evidence as possible! Your credit card company or bank is sure to require you to show the report to verify the crime. So, make sure the police report lists the fraudulent accounts and keep the phone number of your investigator at hand to give it to your creditors to verify your case.

Federal Trade Commission is a good assistant in saving your credit card deal. It doesn`t investigate identity theft cases but it shares the information nationwide with other investigators who are fighting against identity theft.

Imagine that your credit report shows new credit card deals made in your name. You have to contact the creditors immediately by phone or in writing. It will avert reporting fraudulent accounts to the credit bureaus.

Take pains to obtain the documents created by the imposter. For this you need to provide the copy of the police report to business.

If you have resolved the fraudulent accounts with your creditor, ask the credit card company to state that it has closed the disputed accounts and has discharged the debts. You may need the statement if the account reappears in your credit report.

If your current credit card deal has been exposed to identity fraud, report it in writing to the credit card company, requesting replacement cards with new account numbers. Send you letter providing a dispute form to the address for 'billing inquiries'. Make sure you add secure passwords to all accounts.

Do not give in when debt collectors try to get you to pay the unpaid bills or fraudulent accounts! Tell them you are a victim of ID fraud and are not responsible for the accounts. Complete their fraud affidavit form and follow up by writing to the debt collector explaining your situation. Ask them to confirm in writing that you do not awe the debt and to close the account.

Getting out of the scrape, mind the following: do not admit paying for unpaid bills, do not file for bankruptcy. Remember, your credit rating must not be permanently affected and no legal action should be taken against you. If there is such an attempt, report it to government regulators immediately.

On your part you may want to take legal action against creditors, credit bureaus and debt collectors if they refuse to cooperate in removing fraudulent accounts from your credit report and thus saving your credit consumer reputation.

Demand stronger privacy protection for your credit card deal by creditors and credit bureaus so as to be safer when applying for a credit card online and making financial transactions with it.

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