Monitor Your Credit
Keep you and your money safe and secure
The ease and convenience of digital payments and online shopping is great. But, it also makes it easier for scammers to access your financial information for criminal purposes.
To combat fraud, it’s important for you to proactively monitor your credit accounts and credit reports. Here are tips on how to do it.
Monitor credit and debit cards
These steps can help prevent losses due to unauthorized charges on your credit and debit cards.
- Sign up for real-time fraud alerts on your cards to stop suspicious activity as it happens.
- Register for online banking to easily monitor for and stop fraudulent charges.
- Keep contact information current so you can be notified quickly if there are any issues with your account.
Monitor credit reports
Check your credit report regularly to see if any unauthorized accounts were opened in your name. You are entitled to one free report from the three main credit reporting agencies each year.
To request a free copy of all three of your reports, visit www.annualcreditreport.com.
If you suspect your information has been compromised, you can:
Place a fraud alert
Fraud alerts last 90 days, but can easily be extended. With a fraud alert, financial institutions will need to go through extra steps to approve credit or a loan in your name.
Temporary freeze on your credit
A temporary freeze means that no credit can be issued in your name. Credit reporting agencies can charge for this service. If you want to apply for a loan or credit card, you would need to contact each agency to lift the freeze.
Sign up for fraud alerts and set up a temporary freeze on your credit with the three agencies.
What to do if you’re a victim of credit fraud
If you believe you are a victim of credit fraud, here are steps you can take to protect yourself.
-
Inform creditors
If you find an account you did not open, contact the creditor and inform them that the account is fraudulent.
-
Document everything
Make notes of everyone you speak with and the date of the conversation. Write down names, department names, phone extensions, and any follow-up items.
-
Keep all files
Don’t throw away any relevant information. Keep all notes and correspondence in an accessible file in case you need them in the future.
-
Follow up with creditors
Make sure the creditor/credit reporting agency has received everything it requested. It’s always a good idea to place a follow-up call or send letters with delivery confirmation.
-
Understand the claims process
Each creditor may have a different process for handling a fraud claim. Make sure you understand exactly what is expected from you to successfully complete the investigation. At the conclusion of the investigation, ask the creditor for documentation stating you are not responsible for the debt.
-
Review future credit reports
Obtain another report several months, six months, and a year after you believe everything is cleared up. If a new fraudulent account is discovered, you will know how to handle it. If your credit report is back to normal, you can feel confident that all issues were resolved.
