RESOURCES

Use the following list of resources to help you in taking action if you have become an identity theft victim.

Credit Card Contact Information

Visa – (800) 847-2911

Mastercard – (800) 622-7747

American Express – (800) 554-2639

Credit Bureau Fraud Departments

TransUnion

Fraud Victim Assistance Department

Phone: (800) 680-7289

Fax: (714) 447-6034

P.O. Box 6790

Fullerton, CA 92634-6790

Equifax

Consumer Fraud Division

Phone: (800) 525-6285 or (404) 885-8000

Fax: (770) 375-2821

P.O. Box 740241

Atlanta, GA 30374-0241

Experian

Experian’s National Consumer Assistance

Phone: (888) 397-3742

P.O. Box 2104

Allen, TX 75013

Check Verification Companies

Check Rite – (800) 766-2748

Chex Systems – (800) 328-5121

CrossCheck – (800) 552-1900

Equifax-Telecredit – (800) 437-5120

NPC – (800) 526-5380

SCAN – (800) 262-7771

Tele-Check – (800) 366-2425

Liability Agreements

How often do you sign up for new services, credit cards, loans or accounts? Now tell me how many times you actually read through the entire liability agreement that accompanies that card or service. That’s what I thought, like most of us you may not take the time to read through those seemingly endless agreements that are filled with so much technical and legal mumbo jumbo that it just makes your head hurt.

And what about those online agreements? Do you generally scroll down to the bottom of them without reading a word, click the “I agree” button and then hit “continue”? Many of us do and unfortunately this is where we run into trouble later on once we have become an identity thief victim. I understand that at the time it may seem tedious and unnecessary to read through those agreements but perhaps in the future you might give it a second thought. Additionally, how familiar are you with your liability responsibilities in regards to your current bank accounts, credit cards, debit cards, telephone and cellular service providers, utility providers and online PayPal, eBay and other similar accounts? Not too sure, are you? This might be the perfect opportunity to go back and look at those agreements once again. You may decide that having some of those particular accounts are not worth the price you may have to pay should you one day find yourself in unfortunate circumstances such as those that our three case studies did. Hopefully though as a result of your research you are able to determine that the financial institutions and various companies that you deal with place you as their customer, on the top of their priority list ensuring that you are well protected against identity theft incidences.

It’s Your Responsibility

Don’t fool yourself into believing that when or if identity theft hits you that the responsibility lies with someone else. It certainly may not be your fault when it happens but you will be held accountable if you allow it to continue and just assume that someone else will look after the mess. It’s your responsibility to protect your financial fate, security and credit rating. If you don’t do it, no one else will and you will surely be taken advantage of. Take precautions, monitor your accounts and act quickly if identity theft does occur. A prompt and efficient response to the matter is the best way for you to minimize your loss.

Check Liability

In most cases you would not be held liable in the situation of forged checks as the majority of States hold the bank liable. However, this doesn’t mean that you have no responsibility in the situation. If you are negligent in notifying the bank within a reasonable amount of time that a check had been lost or stolen, or if you fail to monitor your account for unauthorized transactions then the liability may well rest with you.

ATM and Debit Card Liability

Unfortunately ATM and debit cards do not offer nearly the amount of protection that credit cards do in cases of loss or theft. It is in cases like these where time is truly of the essence and in the end it is very beneficial for you to keep proper track of your statements and card usage. When and if you do notice a discrepancy it is in your best interest to report it immediately to the issuing office. If you are fortunate in that you report the missing card prior to it being used then your financial institution cannot hold you liable for any unauthorized use. If you report the incident within two business days of the loss your liability is capped at $50. In cases where the report is made anywhere after two business days and before sixty days you will be held liable for up to $500 of what the identity thief stole from you. If a victim were to wait more than sixty days, they could potentially lose every single cent that was stolen prior to reporting the card missing. However, we know for a fact that this last scenario couldn’t possibly happen to you. You’re much too smart and well informed to let this happen especially knowing everything that you know now…right?

Credit Card Liability

If you have been the victim of credit card identity theft you may take some comfort in the fact that credit card liability is limited to $50. If you actually report the credit card lost prior to it being used then you cannot be held accountable for any unauthorized charges that occur after that time. However, if the identity thief uses your card before you have reported it missing or stolen then the maximum amount you will be charged is $50. The same rule applies even if the credit card is used at an ATM to withdraw cash.

Beware of telemarketers who call to sell you “loss protection” insurance for your credit cards. These callers may trick you into believing that should your card be lost or stolen that you will be solely responsible for any charges made to it if you do not have the “loss protection”.

How Will You be Affected?

By now you are likely beginning to see very clearly why it is that I keep preaching to you over and over how critically important the issue of awareness and knowledge is when it comes to identity theft. And, after looking at the three case studies I just shared, you can see now more than ever the enormity of the consequences when you do not monitor your credit and financial statements. If you have been paying close attention throughout this book then hopefully many thoughts have been running through your mind of how the situations could have been prevented when we discussed the stories of the individuals who were victims of identity theft. You may have been thinking back to all of the prevention tips that you have been provided with, and which of those would have been helpful in each of these cases had those victims had the knowledge that you now have.

Let’s now spend some time looking at what your liability is as the victim of identity theft depending on the specific situation.