Credit Card Theft can impact your credit score:

Just as someone robs you of your credit card, the first thing he does is to take out the maximum possible money out of the same; the moment this is done a report goes to your credit card company and also to the credit bureaus that you have utilized all the credit that was available on your card. This causes tarnish on the 3 credit reports and scores of yours and hence has a direct impact on your credit score. Your report gets further damaged by these fraudsters, who use the information on your card to apply for loans as well as more cards in your name.

On each time such applications are made, an enquiry is sent to the credit bureau which further causes the credit rating to be impacted negatively. At the same time all these take place, you are often caught unaware as the thieves often change the address in which the bills are sent immediately after the theft is made.

Hence, you remain unaware and the time period for paying up the bill passes thereby hitting your score hard. Anytime, you suffer a theft, immediately inform the concerned authorities. Also keep a track of your credit score by downloading the same, some authentic websites to help you in this cause and www.free-creditreports.net.

These sites often give you option to get a free credit report, monitor your free credit score from the report to identify anomalies and take corrective action at the appropriate time.

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