Credit and Identity Theft

Credit and identity theft

Avoid the worst credit score impacts by monitoring and acting quickly.

What to do about credit card identity theft

Thousands of people fall victim to credit card fraud each year. If you believe your card has been stolen or compromised, early detection and quick action may help minimize the damage. These four steps may help stop identity thieves in their tracks and possibly avoid damage to your credit.

STEPS TO TAKE

Freeze your credit

Freeze your credit report to help prevent fraudsters from opening credit lines in your name.

Change passwords

Change passwords and PINs for your banking and credit card accounts.

Cancel your cards

Lenders may cancel your credit card and issue you a new one.

Monitor your credit

Keep an eye on your monthly credit card statements and credit reports.

Credit Impact

How does identity theft affect your credit score?

Identity theft may negatively affect your credit—and the longer it goes unchecked, the worse the damage may be. Fraudsters may open new credit cards or loans in your name and as they rack up charges and miss payments, your credit may suffer. Some key factors that determine your credit score include payment history, amounts owed and the average age of your accounts, so identity theft could pose a threefold threat. Learn more about fraud alerts with CreditWise credit monitoring.

How do I check my credit report for identity theft?

If a criminal takes over or opens a line of credit in your name, it may show up on your credit report. That’s why credit monitoring is vital. With CreditWise, you can receive alerts about some changes to your TransUnion and Experian credit reports that could indicate fraudulent activity.

FREQUENTLY ASKED QUESTIONS

What are some early warning signs of identity theft?

Look out for charges on your credit card statements you don’t recognize, unexpected or missing account statements and denials of credit that you didn’t apply for.

How do I fix errors or fraudulent items on my credit report?

Contact the credit reporting bureau that issued the report to file a dispute.

How do I activate a fraud alert or freeze my credit after identity theft?

Contact the three major reporting bureaus as soon as possible.

Do fraud alerts and credit freezes prevent identity theft?

These tools may not stop fraudsters from accessing your existing credit accounts. But they could help to protect you from further misuse of your personal information.

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