Reporting credit card fraud is not that difficult because credit card companies and banks are generally lenient in believing clients regarding fraud.
These companies know that nowadays, fraud is a commonplace and the possibility of their customers to become victims is very high.
Therefore, if you think you are a victim of fraud and you need to report about it, do not hesitate.
Act immediately and report fraud in order for credit card companies or banks to act on it accordingly.
There are times that you think you might have only misplaced or left in your purse your credit card at home.
When your bill comes, you will realize that your card is not just misplaced or left in one of your purses; but was stolen.
Unfamiliar large purchases included in your bill tells you that your card was stolen.
Is it too late to report?
No. As soon as you see unauthorized charges on your bill, report immediately in order for the bank to freeze your account and avoid additional purchases to be made by the thief.
Support from Card Companies and FCRA
Reporting credit card fraud is well supported by the credit card companies and FCRA or Fair Credit Reporting Act.
FCRA authorizes you to obtain a free credit report in order integrate an alert in your file if you become a victim of fraud.
There are also some states that promulgate several laws to reinforce your situation if you become a victim of fraud or identity theft.
These laws guarantee that you do not have to pay the credit card debt.
The Fair Credit Billing Act, which is a division of the Truth in Lending Act, ensures that you are protected from inaccurate credit bills and unauthorized charges.
Credit card companies welcome reports for fraud since it is also their aim to prevent credit card fraud.
You reporting credit card fraud to them is a way for them to think of additional preventive measures.
Procedures for Reporting Credit Card Fraud
To protect yourself from financial disaster, follow the steps below on properly reporting credit card fraud.
- Get a copy of your credit history or report.FCRA gives you this right if you are a victim of any fraud or identity theft.
- Go to your local police office and report the fraud.Make sure that you have an authenticated copy of the police report.
- Notify in writing the credit card company and the Federal Trade Commission or Credit Bureau of the fraud in order to put a fraud alert on your stolen card.
- Call your bank and alert them of the fraud on your credit card.Change the number of your bank accounts to prevent further access to them.
In reporting credit card fraud, make sure that you only give out information that is necessary to the proper authority.
If you need more help on general information about fraud, use Consumer Sentinel for other information, trends, and fraud tips.
It is also advisable for you to set up a secure online account with your bank to easily monitor charges made to your credit cards any time.
Always check and make sure that all your credit cards and checkbooks are intact and nothing is missing.