- Centurion Member
- Posts: 4913
- Joined: Sun May 20, 2012 4:35 pm
- Location: WI
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?