Credit-HQ Learning Center

• Credit Information

  • Auto Loans
  • Credit 101
  • Credit Cards
  • Credit Help
  • Credit Law
  • Credit Repair
  • Credit Report
  • Credit Score
  • Debt Help
  • Home Equity Line
  • Identity Theft
  • Loans
  • Money Management
  • Mortgage
  • Personal Finance
  • Tax
  • Wedding Loan

• Learning Center

  • Credit Information

Identity Theft Victim’s Bill of Rights: Fighting Back Against Identity Theft Part 1

There are laws that have been put in place to protect you if you become the victim of identity theft.  You do not have to just take identity theft laying down.  You have rights that allow you to fight back.  Let’s discuss a few such rights.

Fraud Liability: Your Right to Not Have to Pay for Fraudulent Purchases

Companies who are in the credit business are required by law to protect you if an identity thief runs up charges on your credit.  If you report the problem to the lender as soon as you become aware of it, your liability will be capped at $50.  Legally you are responsible for that $50.  But in most cases, credit card agencies and banks will not ask you to pay even that liability if you have been victimized by identity theft.

Your Right to See All Records About Your Identity Theft

If there have been fraudulent transactions or new credit accounts opened by an identity thief, you have a right to know that.  To get copies of all the documentation about your case, write a letter to the lender directly.  Be prepared to show proof that you are really who you are and to show validation that you are a victim of identity theft.  But the law protects you so a business can only refuse your request for information about your problem in very limited cases.

Debt Collectors:   Your Right to Their Records About You

There is a law called the Fair Credit Reporting Act that requires that if a debt collector finds out that a debt is from an identity theft, they must report that.  They are also forbidden from selling or moving your debt around if they know that debt came from a fraudulent use of your credit.  Don’t be afraid to demand any information a debt collector has about your identity theft.  The collector is required by law to give you the name of the creditor who turned the account over to them and how much you owe.

Fighting Back:  Your Right to Dispute Any Fraudulent Information on Your Credit Report.

If you find fraudulent information on your credit report, you have the right to demand that all three credit reporting bureaus remove that information.  There is a systematic way to file a dispute, which is the same as reporting any error you find on your report.  But be persistent because you may have to submit a separate dispute along with proof of who you are, a copy of the police report and any other documentation about the fraud being disputed.  That information should be sent to each credit bureau separately.  Here are the contact details.

Once you submit your dispute, the credit agency is required to research your claims to make sure your dispute points to a valid case of fraudulent use of your credit.  The primary reason that disputes are rejected is when your documentation doesn’t prove the identity theft sufficiently.  But once the dispute goes through, that fraudulent records will disappear forever.

Click here to see Part 2: Identity Theft Victim’s Bill of Rights: Fighting Back Against Identity Theft Part 2

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.