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Credit Card Fraud and Your Credit Score

  • Credit card fraud, common in today's digital age, can lead to financial losses and damage your credit score.
  • Unauthorized charges from fraud can impact your payment history, credit utilization rate, and average age of accounts, all affecting your credit score.
  • Quickly disputing fraudulent charges is crucial to prevent negative impacts on your credit report.
  • To prevent credit card fraud, review statements regularly, use strong passwords, enable 2FA, and avoid sharing details over unsecured networks.
  • Reporting unauthorized charges promptly to your card issuer can limit the damage to your credit score.
  • Consider freezing your credit with major bureaus if you suspect your information has been compromised.
  • In case of credit card fraud, dispute charges with your issuer, work on repairing credit, and set up fraud alerts for protection.
  • Utilizing credit repair services and monitoring credit activity can help in recovering from credit card fraud.
  • By taking proactive steps and staying vigilant, you can safeguard your credit and minimize the impact of fraud on your financial well-being.

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