When you discover you have been victimized and someone used your credit card to make an unauthorized purchase, time is of the essence. On the subject of credit card fraud, a good thing to remember is that it is just as important to be proactive as it is to be reactive – so do not wait to report the incident.
Check Out Your Liabilities
If your credit card is stolen or used fraudulently, understand that as long as your report the theft as soon as you know it happened, you will likely only be responsible for the maximum of . In the event your credit card number and not the card itself was stolen, you are not liable for anything per federal law.
Understand the Fraud Procedure
When you notice a fraudulent charge on your credit card statement, you must contact your credit card company within 60 days to remain protected from the charges. If the merchant where the purchase was made has a signature for the purchase then the credit card company will be responsible for resolving the charge. If the transaction happened over the internet or in some other forum that did not require a signature, it will be the merchant that is responsible for charges.
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New Account Fraud
There are time when people will find that someone used their personal information to open a new credit card account. In this case, you will have to file an official police report to confirm the fraudulent activity and identity theft. Generally, once a report has been filed and the new account contested, the information will be removed from your credit report without further damage.
Dealing with fraudulent financial activity can be extremely frustrating. You will often feel like you are chasing your tail – going around and around with customer service reps, trying to get some answers. But it is your persistence that can make a difference in your efforts. Do not let fraudulent activities go and ruin your otherwise good credit. If you find you are getting the runaround from one representative, ask for a manager and go through the ranks until the issue is resolved.
Also, be sure to keep impeccable records about your progress. Always note the day and the time and the name of the person you talked to in resolving the problem. Keeping these records will help you keep up with all conversations which can be important if you must continue fighting the charges. Keep all of your notes safely stored, even after the issue appears to be resolved. You never know what may resurface at a later point.
Elizabeth Williams, Editor-in-Chief for CreditCardFlyers.com
CreditCardFlyers.com makes it easy to compare and apply for a variety of credit card offers featuring low balance transfer rates. We are the leading source for searching 0 apr balance transfer offers online.
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