Posts Tagged ‘fraudulent transactions’
When it comes to identity theft and your rights as a consumer, the Fair Credit Reporting Act (FCRA) is part of what protects you. This will help you in the event someone has made an unauthorized transaction from a bank account or credit card, or has made an unauthorized address change.
This is a list of some of your rights as a consumer pertaining to identity theft:
You have the right to place a fraud alert on your credit records. If you let one credit agency know that you may have been defrauded automatically, the other two major financial bureaus will be informed. All you have to do is place a call with Equifax, Experian, or TransUnion.
You are entitled up to two copies of your credit report per 12 months. You receive one if you have made an initial fraud alert, while you get two of you have place an extended fraud alert on your files. The initial fraud alert stays in your file for at least 90 days, and the extended alert stays on your file for seven years.
If a collection agency is attempting to collect a debt, you have the right to request information from that company. They are required to provide you with certain types of information. For instance, you are entitled to know the name of the creditor as well as the amount of debt.
You have the right to seek any information related to fraudulent transactions made on your account. You must be allowed by businesses or creditors to see any applications and records used by an identity thief, and you are required to be granted this as long as you ask for these in writing.
You have the right to have any information in your financial records blocked if it has resulted from identity theft. For instance, this may be necessary if a person who has stolen your personal data has run up bills in your name and has not paid them. That could reflect negatively on you, but you can have it blocked. This requires proof of identity as well as an identity theft report.
Businesses can also be prevented from reporting you to credit agencies if you can prove the financial transactions not paid were unauthorized. If you can proved that said outstanding balances are a result of identity theft, you can stop your personal financial reputation from being ruined.
This of course is not an exhaustive list of your rights. More about this will be provided in later posts, and you can read some from previous posts to gain more knowledge about this.