Have you had fraudulent direct cash advance lenders try to phish for your personal information? Did you get a phone call from someone who states they are from your bank needing your PIN right away? Any type of financial institution approaching your for information is a great big red flag warning you against fraudulent activities. Whether it be by phone call, by internet pop-up or email, entering any information or clicking on provided links could get you into trouble with your finances.
If you have not applied to payday loan lenders, they should not be contacting you.
There are four major effects that identity theft has on your credit.
- Existing account balances skyrocket. If a thief gets a hold of your account information your credit cards can be maxed out in minutes. When you see your balances jump and you know that you have not been spending, it is a good sign that something is wrong. Last year alone, there were over 5 million households who were affected by this type of fraud. The good news about this type of fraud is that new purchases made by someone else can be disputed and chances are, you will not be responsible for the fraudulent charge. The key to success with this fraud is to keep a close watch on your credit card statements each month.
- When you keep track of your credit report by staggering your three yearly free reports throughout the year, you can best keep track of any new credit which may appear. New applications and lines of credit with have a negative effect on your credit. The application process will take points off of your score. The new open balances will bring your debt to income ratio up which in turn will drop your score. Look on your credit score for any debt which you did not apply for or use.
- If you find out about new credit by receiving late payment notices, then you will know that your credit has been compromised. Once you have received this notice, you know your credit will have been already negatively affected. For immediate relief from future damage, do not close the accounts. Closing accounts will hurt your credit. Call the company and report the card so there will be a freeze on the account. When you call each credit bureau and ask for a freeze, no new credit applications will hurt your score or your finances.
- Don’t forget you have rights! The Fair Credit Reporting Act requires the credit bureaus to help block fraudulent activity. Anything done on your credit illegally will not be reported.
It takes constant supervision of your credit and credit statements in order to reassure that what is reported is done by you and no one else. Keep your personal information private and make sure your credit report has all accurate and up to date data.
Spotya! Cash Advance works hard at keeping their customers safe. All policies are presented and best practices are used throughout the loan process. It is important for payday loan lenders online to go that extra step to reassure customers that their practices would never involve calling someone for information without a prior contact.
