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My credit card information was stolen and unauthorized purchases were made. The bank was able to stop and reversed most of the charges. They issued me a new credit card and told me to get rid of the old one. A month later I found out they reported the closed account to Equifax. This lowered my credit rating by 11 points.
I didn't know they could or would do that because I remember reading somewhere they don't report accounts closed due to identity theft. I am just pissed because my credit rating is now lower through no fault my my own.
Are you sure your credit took a hit only because of the closed account? Do you "need" that credit score for anything at the moment? If not, and your score is OK otherwise, it might recover those points before it actually matters. I'd ask the bank about this. I do understand being irate about it but have trouble imagining why the bank report didn't separate you from the unauthorized purchases. There must be more to the story.
Last edited by Parnassia; 07-19-2019 at 05:57 PM..
Are you sure your credit took a hit only because of the closed account? Do you "need" that credit score for anything at the moment? If not, and your score is OK otherwise, it might recover those points before it actually matters. I'd ask the bank about this. I do understand being irate about it but have trouble imagining why the bank report didn't separate you from the unauthorized purchases. There must be more to the story.
i agree . i had new cards issued all the time when fraud happens ... the account history stays the same the only thing that changed is the card number tied in to that history
I noticed my credit score declined by about 8 points due to the same issue. (Card hacked and closed) No big deal to me because I have no plans to buy anything on credit in the future.
your auto insurance may still be using it as part of your insurance score for pricing you . check to see if your state is one of the few that does not let them incorporate it.
i thought the same thing as not needing loans but with zero percent auto loans it made no sense not to . in fact we are retired and if we should decide to buy i would certainly take a mortgage at these low rates and leave my own money invested
your auto insurance may still be using it as part of your insurance score for pricing you . check to see if your state is one of the few that does not let them incorporate it.
i thought the same thing as not needing loans but with zero percent auto loans it made no sense not to . in fact we are retired and if we should decide to buy i would certainly take a mortgage at these low rates and leave my own money invested
My score isn't bad; it just went from 800 to 792 due to the card issue. I DID take out a short term auto loan last year due to the financing deal (extra cash off the purchase) but paid it off at the end of the year. I use my credit card for all purchases and "exercise" my heloc loan about twice a year to avoid a non-use fee. (Trying to explain the higher credit rating despite not having a lot of debt)
A month later I found out they reported the closed account to Equifax. This lowered my credit rating by 11 points.
I wouldn't sweat 11 points, your FICO score fluctuates by the amount of debt to credit you have, the number of inquires on your account, lots of different reasons. Unless your credit was marginal to begin with, 11 points is nothing to be concerned with. No one can maintain a 850 credit score for long, I actually hit that number once, but not for long. Now if your score drops 50 points, that's something to be concerned with.
My credit card information was stolen and unauthorized purchases were made. The bank was able to stop and reversed most of the charges. They issued me a new credit card and told me to get rid of the old one. A month later I found out they reported the closed account to Equifax. This lowered my credit rating by 11 points.
I didn't know they could or would do that because I remember reading somewhere they don't report accounts closed due to identity theft. I am just pissed because my credit rating is now lower through no fault my my own.
So, it's been about a month now. Has your 'credit rating' rebounded this month?
I would not sweat it, my dropped 60 points in one day after I bought a new car on my card.
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