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Why should I be concerned about credit
fraud?
Credit fraud is
a growing problem, and it affects each and every
one of us. When a credit card thief purchases
goods with a stolen card, it is the creditor
that has to cover that cost. Creditors cover
this loss by charging cardholders higher
interest rates.
Credit card
fraud goes beyond the use of a stolen credit
card. A thief can use your account numbers even
when your credit cards are safely in your
wallet. You may not realize that fraudulent
charges are being racked up on your card until
you notice charges, that you did not make, on
your monthly statement.
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How do I deal with credit fraud?
If fraud is
suspected, you should contact the credit bureaus
immediately. The bureaus have an established
process that will help identify and stop
fraudulent activities. In the case of fraud
detection, you must inform your creditors and
request that they immediately halt all incoming
transactions.
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