Identity Theft vs Real Theft

Reighn9 · ‎01-11-2016

When you are a victim of Identity Theft your banks and other creditors work with you and the CRAs to repair the damage to your credit, plus usually you can get your money back. But with Real Theft, yes they will issue new cards but you are still stuck with the bills depending on when you were able to report the theft, Other than the new cards they don't offer any other advice except contact us after you rebuild your credit. The other fallacy banks post for helping someone get through tough times is extra help following a natural disaster. Just try to get any help at that point. I don't understand why the type of theft should make a difference.

Anonymous · ‎01-11-2016

@Reighn9 wrote:
When you are a victim of Identity Theft your banks and other creditors work with you and the CRAs to repair the damage to your credit, plus usually you can get your money back. But with Real Theft, yes they will issue new cards but you are still stuck with the bills depending on when you were able to report the theft, Other than the new cards they don't offer any other advice except contact us after you rebuild your credit. The other fallacy banks post for helping someone get through tough times is extra help following a natural disaster. Just try to get any help at that point. I don't understand why the type of theft should make a difference.

I am not sure if you are just venting or looking for some input. You are not responsible for unauthorized charges on your credit cards. It doesn't matter if charges were from identity theft or real theft. Reporting time frame is quite reasonable for any bank that I do business with.

Reighn9 · ‎01-11-2016

@Anonymous wrote:
@Reighn9 wrote:
When you are a victim of Identity Theft your banks and other creditors work with you and the CRAs to repair the damage to your credit, plus usually you can get your money back. But with Real Theft, yes they will issue new cards but you are still stuck with the bills depending on when you were able to report the theft, Other than the new cards they don't offer any other advice except contact us after you rebuild your credit. The other fallacy banks post for helping someone get through tough times is extra help following a natural disaster. Just try to get any help at that point. I don't understand why the type of theft should make a difference.
I am not sure if you are just venting or looking for some input. You are not responsible for unauthorized charges on your credit cards. It doesn't matter if charges were from identity theft or real theft. Reporting time frame is quite reasonable for any bank that I do business with.

I think a little of both. I've gotten different answers-one said the charges would be removed then showed up on the new statement, some have to research the charges. I think the problem is I know the thief. I had no problem one time when my card was not out of my possession but used in Brazil. Some of these cards never left my possesion either, just the numbers.

takeshi74 · ‎01-12-2016

The specifics of how creditors handle fraudulent transactions (identity theft is real theft -- it's not fake, the damage is very real) can vary a bit but with many creditors you're not liable if reported within the time limits specified. This is one reason why you must actively monitor all of your open accounts whether sock drawered or not.

@Reighn9 wrote:
Other than the new cards they don't offer any other advice except contact us after you rebuild your credit.

If your creditors are not helpful there are other resources including this site. Again, you have to catch fraud in a timely fashion. If it impacts your reports then you may need to adjust how you monitor your accounts. My creditor have always been very helpful with fraudulent transactions, applying credits or temporarily not counting transaction while investigating, if needed. I just had to address a fraudluent transaction on my CSP and it was no trouble at all. If your creditors aren't working for you then you may also want to reconsider the creditors you're using.