JUL 22, 2011
Nothing can prevent that stomach-dropping feeling you experience the moment you realize you’ve become the victim of fraud. Knowing that someone has stolen not just your money, but your good reputation and credit history, is a terrible feeling.
But if you subscribe to an identity theft prevention service that provides fraud resolution services, that will make everything all better, right? Yes and no.
There are many sources for fraud resolution services, from your credit card company or bank to online subscription services like ProtectMyID.com. Who helps you in case of identity theft will largely depend on how the theft occurred and what measures you’ve already put in place to prevent fraud.
If the fraud occurred through your credit card, the issuer will be involved in resolving the problem. Your bank will be involved if the fraud perpetrated was against one or more of your bank accounts. If you’re covered by other fraud resolution services, they’ll likely work with you to resolve the situation, and their support can range from helping you clear your credit report to getting money returned to your account.
If you’re considering adding fraud resolution services to your identity theft protection measures, keep in mind these pointers on what such services can and cant do.
Fraud resolution services can:
In some cases, provide financial compensation if the fraud occurred while you were protected by the identity theft prevention service that is providing the fraud resolution assistance. Keep in mind, not all companies will offer this aid and even those that do will require the situation to meet certain criteria before the monetary aid kicks in.
Fraud resolution services can’t:
Like any financial or credit management tool, fraud resolution services can help you take or in cases of fraud, regain control of your finances. By understanding what they can and can’t do for you, you’ll be better positioned to make good use of your fraud resolution services when, and if, you need them.