₹4.10 Lakh Credit Card Fraud Recovered: What Kolkata Borrowers Can Learn

A recent example of credit card fraud by Kolkata Police provides a very simple and yet very vital lesson on how quick action may save you from financial losses.

As per a report issued by Kolkata Police, a recovery amounting to ₹4.10 lakh was made in a credit card fraud case; there were no financial losses suffered by the victim. The recovery was greatly aided by the timely filing of the report.

Fraud Can Also Pose a Credit Risk

When one views my credit score, he or she is mostly interested in seeing how I manage my loans, repayment and credit utilization. However, some credit activity that one did not expect can also indicate trouble.

Regular credit score check may be helpful in detecting some new information that one cannot relate to his/her financial situation. In such a case, a free credit score check is a chance to find out what one sees on the credit report.

This logic works in case of one’s monitoring of any credit score, whether it is Paisabazaar credit score or one’s CIBIL report. The main thing is spotting some unusual information.

How Does One Proceed After Noticing Suspicious Activity?

The case in Kolkata highlights the importance of prompt action. In case an individual detects any unauthorized transaction using their credit card, they must reach out to the issuer of the card, file a complaint, and inform the authorities about it.

A credit report should be checked for any unknown account or enquiry. If wrong information shows up in the credit report later, the concerned lender and credit bureau can be reached out to resolve the matter.

PrimeScore assists borrowers in checking their credit reports for any inaccuracies.

Don’t Confuse Fraud With Having a Bad Credit Score

Someone who has experienced a sudden drop in his or her CIBIL score will most likely begin looking for a low credit score loan or instant personal loan that could help in meeting a certain financial need.

But this does not really fix anything.

The process of understanding how to increase credit score involves good payment habits, proper credit use, and correct reporting.

Turn Credit Monitoring into a Routine

It is good to know your credit score range, but it is also crucial to keep track of any unusual fluctuations. Combining a free credit score check with frequent monitoring of one’s bank accounts and credit card accounts can assist in early problem detection.

The example of the Kolkata Police serves as proof of the simple fact: financial fraud needs to be reported right away. Our PrimeScore team will aid consumers in finding out the truth behind inconsistencies in their credit reports.

FAQs

1. Can fraud affect my credit score?

Yes, unauthorized credit activity or incorrectly reported accounts can potentially affect a credit profile.

2. How often should I check my credit report?

Regularly reviewing it can help identify unfamiliar activity earlier.

3. What should I do after spotting card fraud?

Contact the card issuer immediately and report the suspected fraud through the appropriate authorities.

4. Is a low credit score solved by taking another loan?

Not necessarily. First identify why the score is low and address the underlying issue.

5. Can PrimeScore help with credit-report discrepancies?

Yes. PrimeScore can help identify potential inaccuracies and support genuine credit-report rectification.