Limits on Financial Losses

If you have been the victim of identity fraud, many people’s immediate concern is how much money it will cost or how much they may be held responsible for. Limiting this financial loss is one of the many reasons you may benefit from a Florida identity theft attorney. An attorney from Sharmin & Sharmin may help you with a few steps to decrease the amount of money you lose to identity fraud, recover those expenses, and possibly recover compensation for the stress and inconvenience.

Spot Fraud and Theft Early

One of the best ways to limit your financial losses regarding identity theft or credit card fraud is to be vigilant about your information. Catching the fraudulent activity early allows you to take action to prevent further expense and notify the appropriate agencies that you are not the one using your information and, therefore, not liable. One of the ways you may catch this suspicious activity is when you take advantage of receiving a free credit report by checking them at least once a year for anything that appears inaccurate. Suspicious activity on your credit report or other occurrences that may indicate fraud or theft may include

• Bills for services you know you have not utilized
• Debt collectors call for debts that are not yours
• Charges or withdrawals on your accounts that you know you didn’t make
• Unexpected denial of loans or lines of credit 
• Lines of credit or accounts on your credit report that you don’t recognize
• Sudden drop in your credit score
• Not receiving mail

When you see indicators like this, it can be overwhelming, but thankfully, many procedures are in place to help you recover costs, repair your credit, and get your finances back on track. As soon as you see indicators like this and know your identity has been stolen, you may benefit from consulting an attorney with Sharmin & Sharmin. Our attorney can guide you through the next steps after spotting a credit report error or other signs of foul play. Diligently tackling the issue will give you the best chance of recovering the maximum compensation possible. 

Next Steps to Limit Financial Losses

Once you have determined an issue with your credit/debit cards or credit report, several initial steps are needed, beginning with notifying the affected agencies. Most banks or financial institutions have their own process for reporting issues, so you can visit their website or call them to determine what they need to notify them officially. 

Three credit reporting agencies should be of primary concern. These are Experian, Equifax, and TransUnion. When you notify the reporting bureaus, you can also initiate a freeze or flag so that any attempts to open additional lines of credit or bank accounts are blocked altogether, or the financial institution is notified of fraudulent activity and must take additional steps to authenticate the activity. 

Once you have notified the appropriate institutions, you may need to file a police report. Many creditors will require an official report to remove the charges from your account or waive your liability for incoming charges. This can generally be completed online, but you can contact your local precinct for details. Additionally, you may want to file a report with the Federal Trade Commission (FTC). When you file a report here, you can access other resources to support your recovery from identity theft. 

Minimizing your Losses After Identity or Credit Card Fraud

At Sharmin & Sharmin, we want our clients to feel empowered in their financial decisions and how to protect themselves. We are available for free case consultations to discuss what services we may be able to provide. Concern about your financial stability can weigh heavily on you and your family. You don’t have to navigate those concerns alone.