How to Manage Identity Theft

What happens if you promptly report fraudulent credit card charges?

1. You are still held liable for these charges.
2. You are charged a penalty fee for incurring unauthorized charges.
3. Your liability should be limited.

The Fair Credit Billing Act helps limit consumer liability for identity theft victims. This law covers procedures for resolving billing errors on credit card accounts. If you notify your credit card provider as soon as possible and request, fill out, and promptly return a \"charge dispute\" form:

1. You will only be responsible for the first $50 of unauthorized charges made before notification. Credit card issuers may even waive this amount.
2. You won't be held liable for unlawful charges made after notification.
3. If you do not contact your credit card provider in a timely manner, you may be held liable for all the charges made before you gave notice.