Was just thinking about if your identity gets stolen

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MemberSince99
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Was just thinking about if your identity gets stolen

Postby MemberSince99 » Fri May 24, 2013 8:22 am

I signed up for the Amex Credit Secure Unlimited. Interestingly enough there I saw that FIA pulled both EQ and TU. As always YMMV with if they do double pulls, hard to complain with a 10k limit to start though.

Anyway, as I was thinking about the monitoring of Credit Secure, I realized that even though I opened an account with FNBO last month, it only now showed up on the bureaus. That gives an identity thief a one month head start on destroying your credit (sometimes 2 if it's Discover, they always took two cycles to report a new account for me). A thief can do a LOT of damage in that time too, they will no doubt run up the card to the limit and then some if they can, why not you're on the hook for it. So then out of the blue you see some account appear on your credit which is already max'd out, and they are contacting you for payment.

From there, the way our system is, I could see them wanting you to pay for it, but not giving you any information about it for "your security".

I mean seriously what do you do here? Your credit will be destroyed no doubt about it, and when Amex and the like see this, you will be dropped like a hot potato. And then they start coming after you for payment on an account they can't tell you anything but still expect you to pay for.

If you think about it, isn't this really nuts?

I mean I've never had this happen, and I hope I don't, but what do you really do? I've seen how well disputing things works with the credit bureaus (the company the thief opened the account with will "verify" it and it will stay your delinquency) so I guess your credit is just destroyed for years and they will sue you and you get to pay for what the thief stole right? Given our system this is what I would expect. Am I wrong?


KrazyNick
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Postby KrazyNick » Fri May 24, 2013 8:34 am

A little off topic but how is creditsecure unlimited? Been thinking about it myself!
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

MemberSince99
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Postby MemberSince99 » Fri May 24, 2013 8:41 am

Oh they have the regular one where you can only pull so many times a month (once or twice I don't remember) for 14.99 and for 24.99 you can pull it daily. (That's the unlimited version).

Gamma
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Postby Gamma » Fri May 24, 2013 9:21 pm

You would be able to detect if anyone tries opening an account with a hard inquiry.

MemberSince99
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Postby MemberSince99 » Sat May 25, 2013 1:01 pm

Not necessarily.

If someone tries opening an Amex and you are a member and it's declined, all it is, is a SP, and they SP you a lot as a member (or even when you are not a member) anyway. Thus you would not know that if that happened. True no damage will get done that way but just the fact they have your info is bad.

There may be other cases as well. Also your creditors can HP you anytime they like. Granted I've never seen mine do that unless I requested something and it's sure a big red flag. But say someone does and you see the hard. You contact the company, and you can't give them the "secret word" the thief used so they can't prove it's "you" and won't even tell you anything about it or if an account was opened "for security purposes". They could already have sent the card to the thief and the thief could have used it, even if they shut them down right away (I got my Amex 3 days after I applied). You are trying to convince them a thief got the card and it's really you, boy can you imagine most large bureaucracies trying to deal with that one? They will assume YOU are the thief instead most likely.

It's still a scary thing.



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