What Fraud Resolution Services Can (and Cant) Do for You

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:

  • Provide a dedicated fraud resolution specialist to assist you.
  • Help you communicate with credit bureaus about your fraud experience.
  • Help you communicate with the credit card issuer or bank that holds the defrauded account.
  • Create and maintain a case file to help you track your resolution efforts.
  • Assist you in filing a police report.

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:

  • Cure your problem without your active participation.
  • Help you if you’ve waited too long to report an instance of fraud.
  • Guarantee that you’ll recover all your money.
  • Catch the criminal who defrauded you.
  • Guarantee that you’ll never be the victim of fraud again.
  • Help you remove negative but accurate information from your credit report.

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.