The sooner you discover an incident of abuse the better. By doing so you can reduce the amount of money that may be stolen and it may not be difficult to repair the damage. Here are some simple steps to you can take to detect identity theft early:
- Subscribe to an online credit monitoring service. These services send you email alerts when changes occur within your credit file. The service can be very inexpensive, starting as low as $6.95 a month or lower. Most services include some form of three-in-one credit monitoring package.
- Read your bank and credit card statements every month to ensure it does not contain any unauthorized charges on it. If you do not recognize a charge call your bank or Credit Card Company immediately.
- View your full credit report a minimum of twice a year. Be sure to compare it to the previous report.
Your Liability
Federal law limits your liability to $50 if someone steals and uses your credit card. (Many credit card companies have a benefit in place that actually waves the $50 fee in you do become a victim.) However, with ATM cards you could lose up to $500 or more if you do not report an unauthorized transaction to your bank within two business days. If you do report the unauthorized charges within two days you could limit your liability to only $50.