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From CreditWiki
What to Do If You're a Victim of Identity Theft
If your card is lost or stolen, federal law protects you from owing more than $50 per card - but only if you report that the card was lost or stolen within two days of discovering the loss. If you suspect any fraudulent purchases, you may be asked to sign a statement under oath that you did not make the purchase(s) in question.
A lost or stolen wallet or purse is a gold mine of information for identity thieves. If your wallet or purse is lost or stolen:
- File a report with the local police immediately and keep a copy.
- Cancel your credit cards. Call the issuer(s) immediately. Many companies have 24-hour toll-free numbers to deal with such emergencies. The number is on your monthly statement.
- Get new cards with new account numbers.
Lenders Tightening Credit and Consumers Suffer Consequences
View the original article on www.DallasNews.com
When I was a young college student, my banker dad helped me get a student credit card and told me it was time that I started building my credit. That was the extent to which a bank "marketed" its credit cards to me.
The situation is much different for today's college students. For years, banks have set up booths on college campuses, hawked T-shirts and given away food to students if they would fill out a credit card application.
"Issuers have aggressively marketed cards to college students because they know that many parents will pay off the bill if the student runs up debt," said Bill Hardekopf, chief executive of LowCards.com. "In addition, brand loyalty is determined early in life, so many young cardholders keep their first card for many years."
