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Credit Report Problems
A major consequence of credit card fraud (and perhaps the hardest to correct) is a damaged credit report and a reduced credit score. The typical identity thief drives up charges on accounts opened in your name and lets them default. Because these accounts are in your name, they impact your credit history and score.
You need to deal directly with the three major credit reporting agencies as well as the individual credit card companies through which you were victimized. The three major credit reporting agencies in the United States are Equifax, Experian and TransUnion.
Credit Card Companies
Despite the fact that you are the victim of credit card fraud, your name and personal information is on file with
the credit card company or companies in question. Another consequence is resolving the presumed liability you have in regard to these debts.
Although there are procedures in place through which you can challenge the fraudulent charges, these steps need to be taken within the time frame specified in your credit card contract. There are also applicable laws, which vary from state to state, that govern this issue.
In some cases, it is not possible to resolve issues stemming from credit card fraud without professional assistance. Therefore, you are forced to engage the services of a professional (perhaps even an attorney) to assist you in resolving these issues. An added consequence of credit card fraud is the fees that you potentially accumulate by hiring professionals.