Skip to content
ScoreSense
  • Available Features
    • Credit Scores & Reports
    • Credit Insights
    • Credit Monitoring
    • Identity Theft Monitoring
    • Credit Tools
    • Mobile App
  • Blog
  • In The News
  • Credit Journeys
    • College
    • Military
    • Home Buying
  • Contact
  • FAQs
  • Reviews
  •   Sign In
  • Get My Scores
Main Menu
  • Credit Education
    • Credit Basics
      • Credit Bureaus
      • Types of Credit
    • Credit Scores
      • Credit Score Factors
      • Credit Score Tips
    • Credit Reports
      • Negative Credit Items
      • Credit Report Errors
      • Credit Report Disputes
    • Credit Monitoring
      • Signs of Credit Fraud
      • Credit Fraud Recovery
      • Credit Security Tactics
    • Credit Repair
      • Credit Repair Scams
    • Build Credit
      • Establish Credit for Teens & Students
    • News & Trends
  • Fraud
    • Identity Protection
    • ID Theft
      • Child ID Theft
      • Tax ID Theft
      • Medical ID Theft
    • ID Theft Recovery
    • Data Breaches
    • News & Trends
  • Personal Finance
    • Loans
      • Home Loans
      • Auto Loans
      • Student Loans
      • Personal Loans
      • Business Loans
    • Budgeting
    • Saving
    • Debt
    • Banking
    • Investing
      • 401K & IRAs
      • Stocks & Mutual Funds
    • Taxes
    • Life Events
      • Marriage
      • Parenthood
      • Retirement
      • Divorce
      • Death
      • Bankruptcy
      • Job Loss
      • Natural Disaster
    • News & Trends
  • Credit Cards
    • Interest Rates
    • Denied Credit
    • Card Types
    • Manage Balance
    • News & Trends
  • Credit Tools
    • Credit
      • Monitoring & Alerts
      • Credit Scores & Reports
      • Credit Insights
      • Credit Specialists
      • Score Simulators
    • Identity Theft Insurance
    • Identity Theft Monitoring
    • Sex Offender Monitoring
  • COVID-19
Search

CreditSense > Credit Education > Credit Monitoring > Credit Fraud Recovery > Step-by-Step Guide to Credit Fraud Recovery

Step-by-Step Guide to Credit Fraud Recovery

Picture of ScoreSense

ScoreSense

  • June 11, 2020

Credit fraud costs businesses billions of dollars every year in lost revenue, but the effect on consumers is much more personal.

Because anyone with a credit card is susceptible to fraud, the number of consumers negatively impacted continues to rise every year. By the end of this year, credit fraud is estimated to represent $31.67 billion in losses.

If your credit card has recently been compromised, or to understand what to do if it happens in the future, follow this step-by-step guide to credit fraud recovery.

What Is Credit Fraud?

Credit fraud is the umbrella term that encompasses several types of fraud. Anytime your credit card has been accessed by an unauthorized user to purchase goods or services, it is fraud.

There are three general types of credit fraud:

  • Identity Theft: When someone uses your personal information without permission to purchase goods and services or to commit other types of fraud. Credit card fraud is the No. 1 form of identity theft fraud.
  • Fraud Spree: Unauthorized spending that usually occurs on multiple accounts.
  • Identity Assumption: The use of your stolen identity over a long-term period.

Reporting Credit Card Fraud

If you suspect credit card identity theft, follow these steps:

  1. Call the Credit Card Company: Reporting credit card fraud immediately is important for damage control.
  2. Change Passwords and PINs: Log on to your credit card accounts and make note of the bogus activity. Change all passwords, PINs and variable information immediately.
  3. Initiate a Fraud Alert: Contact the three credit bureaus — Experian, Equifax and TransUnion to tell them your credit card has been compromised and request a Fraud Alert be put on your credit reports.
  4. Initiate a Credit Freeze: You can also initiate a Credit Freeze with each bureau. A Credit Freeze (also called a Security Freeze) allows you to restrict access to your TransUnion, Equifax and Experian credit reports and scores.
  5. File a Police Report: Credit card fraud isn’t always a one-and-done crime. Thieves may be successful using the card many times. File a police report so an investigation can take place if it’s necessary.
  6. Get Copies of Your Credit Reports: With the information in hand, you can see exactly what activity has been reported. If someone opened a new account in your name, it’ll show up on the report because the creditor will have to make a hard inquiry. You can also sign up for credit monitoring, which can alert you anytime a lender or creditor reports an activity on your account.
  7. Remove Card from Online Accounts: If you’ve saved your credit card information on any website, remove it to prevent further unauthorized spending.

Does a Fraud Alert Hurt Your Credit?

If you’re a victim of credit card identity theft and you have a fraud alert on your credit reports, your credit scores won’t be impacted in any way.

And you do not have to worry about paying off debt that incurred from the credit card breach. All the major credit card companies have what’s known as a zero liability policy, so you won’t be held responsible for credit card charges you didn’t authorize, as long as you report it quickly.

Protect yourself from credit card fraud by keeping your credit cards and passwords guarded. By being aware of the proliferation of theft, you’ll be in a better position to keep the criminals away.

Smart Moves

Get your credit scores and reports from all three bureaus instantly.

Take Action

Shield your credit and finances with up to $1 million identity theft insurance*.

Get Protected

Find out how your score could change if you pay down a credit card or miss a mortgage payment.

Explore Tools

RELATED

How to Defer Your Mortgage During the Coronavirus Pandemic

Will Losing My Job Because of the Coronavirus Hurt My Credit Score?

How to Tighten Your Budget During the Coronavirus Lockdown

What Should I Do If My Information Is Part of a Data Breach?

Tax Season is High Risk

Why Are My 3 Credit Scores Different?

6 Ways to Spend Less This Holiday Season

What is a Write-off and How is it Different From a Charge-off

You are more than just 1 credit score.
Get your credit scores and reports from all three bureaus instantly.
Get My Scores

What's Your Credit Score?

Get Your credit scores & reports from all 3 bureaus, Instantly!**
Get my scores

Sign Up for Our Credit Newsletter

ScoreSense

  • Have an Account? Sign In
  • 1-800-972-7204
  • Mon-Fri: 8AM to 8PM CT
    Sat: 8AM to 5PM CT
    Sun: Noon to 6PM CT
  • customercare@scoresense.com
  • 3400 N Central Expy Ste #110-298
    Richardson, TX 75080

Company

Contact Us
Terms and Conditions
Privacy Policy
OTL*ScoreSense

 

Facebook Youtube

Features

Credit Scores & Reports
Credit Insights
Credit Monitoring
Identity Theft Monitoring
Credit Tools

Resources

Learn About Credit
What is a Good Credit Score?
Credit Score Range

Mobile Apps

© 2001-2025 One Technologies, LLC. All rights reserved.

ScoreSense® is a trademark of One Technologies, LLC.

Do not sell/share my information |

*Identity Theft Insurance underwritten by insurance company subsidiaries or affiliates of American International Group, Inc. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions, and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.

**After verification of your identity, your scores are available for secure online delivery in seconds.

 

Scroll to Top