When consumers use their credit cards, the risk of identity theft is always present. Credit cards are convenient and easy to use but they could also bring chaos and financial ruin if misused or stolen. The possibility of being an identity theft victim increases when the cardholder loses his credit card.
A credit card can be lost if you drop or misplace a wallet, if you left it at an establishment or if it was taken from you. It could also mean that the information you have in your credit card is stolen through skimming, data breaches or just plain copying.
Consumers need credit protection because they have worked hard for years to earn their financial credibility and save for retirement. If they lose all that, what future could they possibly have? Good credit is needed in financial transactions such as loans. Help in protecting a lost card is definitely a must if it means keeping all that you have worked for safe.
There is also an emphasis on “wanting” to have credit card protection services. Some do not want to avail it because they see them as unnecessary, fund-sucking services. In a time when identity thieves are in a hurry to conquer every account, cardholders should make a resolution for credit card’s safe use.
Benefits of Credit Protection
Hiring credit protectors have a lot of benefits that you could enjoy as a cardholder. Take a look at the following:
In addition to credit protection services, the Consumer Financial Protection Bureau or the CFPB was established in July of 2010. It’s a federal agency that focuses on protecting the consumers’ finances. According to Debt.org, “After the bureau screens a consumer complaint and decides to investigate, it then communicates with the respective company. The company must report back to both the consumer and the CFPB within 15 days, detailing how it intends to respond to the complaint. More than 80 percent of complaints received are sent to companies for review and response.” This agency serves as an enhancement for any initiative you take or any credit protector you hire to keep your identity and finances safe and sound.
Amy is an active blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances. She also covers topics on what credit protection includes and how it can help in credit card fraud detection.