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    Stolen Credit Card Data Solutions: What You Should Do and How to Fix It

    If you think that a stolen credit card could never happen to you, you might want to reconsider whether or not this is true. After all, there were 650,572 cases of identity theft in 2019 alone!

    No matter how careful you are with your information, there still is the potential for a breach to take place. This is by no fault of your own, but it can cause major issues for you in the future. Here, we’re going to talk about how credit card theft happens, your rights in the event that it happens to you, and how you can cope. Read on to be as prepared as possible.

    Understand Banking and Credit Concepts

    When learning your rights, there are some important acronyms that you need to know. Remembering these acronyms can help you understand and conceptualize the concepts behind them.

    You’ll want to know some concepts related to your bank account. This will help you to understand what happens when a card is used and billed.

    • APR (Annual Percentage Rate) → The rate of interest that the bank charges based on your credit score and history
    • AMOP (Alternative Methods of Payment) → Any non-cash payment that a consumer makes (credit and debit)
    • CVV (Card Verification Value) → The 3-digit code on the back of your card that determines its authenticity

    When equipped with this knowledge, you will be able to identify when things aren’t working the way that they’re supposed to. You also will be able to communicate more efficiently with your bank.

    Stolen Credit Card
    Stolen credit card

    How Did Your Credit Card Get Stolen?

    Credit card theft happens in many ways. Card skimmers, or devices that let thieves capture digital information in credit cards, are pretty common. This can happen when you insert your card into an automated device. Data breaches via public WiFi or large institutions such as workplaces also can give cyber-criminals access to financial information.

    If this happened to you, there are a couple of ways that you might find out about it. The first is that your bank may contact you to report strange charges. This will take place if your card is used many times consecutively or if there is card activity in a region that you don’t usually make changes in.

    However, if the bank does not contact you, you will still eventually find out about fraudulent charges. This is inevitable when you get your statement and see charges on it that you did not make.

    What Can You Do About a Stolen Credit Card?

    The first thing that you’ll need to do when dealing with a stolen card is to report fraud. Contact your card issuer and change your login information on any devices that you use for online banking. After that, you should monitor your credit card statement for inconsistencies. You can then report any fraud on your statement or on your credit report.

    You also can dispute fraudulent credit card charges. This will let you not pay the charges that you did not make. Here are some of the concepts that you’ll need to know when understanding how to do this:

    • ACDV (Automated Credit Dispute Verification) → The form used by credit reporting agencies to communicate consumer disputes to debt collection agencies and lenders
    • AUD (Automated Universal Data) → The form used by debt collectors and lenders to correct/modify fraudulent charges
    • E-OSCAR (Online Solution for Complete and Accurate Reporting) → Communication protocol for what agencies say on ACDVs
    • PACER (Public Access to Court Electronic Records) → An electronic service that gives the public access to case and docket information from the federal, district, and bankruptcy courts
    • AA Letter (Adverse Action letter) → The letter that a lender sends to inform you of why you are denied credit
    • DMP (Debt Management Program) → A service offered by credit counselors to help you manage your debt

    In the meantime, you will need money to pay for an attorney. You will also potentially need to pay off the stolen credit card charges before suing to get your money back. A car title loan can help you get fast cash so that you can stay on your feet during this trying time.

    What Are Your Rights?

    You likely thought you were done learning acronyms, so we hope you’ll forgive us for telling you some more that you need to know. However, it’s important that you understand these key concepts when learning your rights regarding credit card theft.

    • FCBA (Fair Credit Billing Act)  → Federal law that protects people from unfair credit billing processes
    • FCRA (Fair Credit Reporting Act)  → Outlines consumer rights by restricting who has access to your credit information and how that information can be used
    • EFTA (Electronic Funds Transfer Act)  → Law that protects people in transferring funds through electronic means (ATMs, debit accounts, online card payments, etc.)
    • FDCPA (Fair Debt Collection Practices Act)  → Defines how third-party debt collectors can exercise their rights to ensure that they aren’t abusive or deceptive
    • CRO (Credit Repair Organization)  → A company that markets/sells improvement services for credit reports
    • CROA (Credit Repair Organizations Act)  → Defines how CROs can ethically act when providing services to consumers

    All of these legal acronyms spell out the rights that you have after your credit card is compromised. Make sure that you write them down somewhere safe. If a lawyer needs to get involved so that your rights can be exercised and your money can be returned to you, it’s critical that you understand this legislation.

    While an attorney will already know about these concepts, being equipped with a thorough understanding of them ensures that you know what is going to happen and that you get the best possible recompense.

    Learn More

    Now that you know your rights when contending with a stolen credit card, it’s time to get more information on the next steps. Contact our financial experts with any lingering questions that you may have. Our professionals are also happy to help you look for a title loan that will help you cover expenses in the interim between learning your rights and exercising them.

    We look forward to ensuring that you don’t take monetary a hit because of a stolen credit card!

    This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan local to you, we are able to help you with our large referral network.

    We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

    All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

    Disclosures

    DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

    We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

    *Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

    *Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

    *Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

    *All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

    *The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

    *In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

    *Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

    *Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

    *Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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