If you are reading this article then you most likely are a Wells Fargo customer that recently experienced an account freeze. If you are struggling with the question of “was my Wells Fargo stolen card accessed online?” then rest assured that the answer is yes. Identity theft happens every day and credit card companies are constantly fighting back against thieves who attempt to use a victim's credit to make purchases in their name.
If your Wells Fargo is ever pulled from a customer's line of credit, then it can be reported to the three main credit bureaus. In order for this information to be released to the general public, a freeze will be put on all accounts that pull from your credit report. In other words, all purchases will be refused until you have paid off the amount of the purchase that was made in error. While this method is effective, it does nothing to slow the thieves who are just waiting to obtain your personal information so that they can steal your identity.
In addition to freezing your account, you should place a fraud alert on your credit card. This is not always a must but should be considered if possible. Any purchases made online should be cancelled immediately. You should also shred any documents containing your account number. Shredding the documents is not sufficient because the thief can easily reconstruct the card.
Do not sign any checks or store credit cards in your wallet or purse. Never give the information on any bank or credit cards to anyone. Store the information in a safe location such as a fire-proof bag or safe. Also do not give the same information out over the telephone. It might seem tempting to give the phone number on a friend's phone instead of your own but be very cautious when doing this.
Once your account has been frozen, you are going to need to begin the process of rebuilding your credit. Begin by opening a new checking account and begin building a history of on time payments. It will take some time but the cards will eventually be re-active. After six to twelve months the credit card companies will reinstate your cards and charge you without delay.
Once you have successfully established a history of on time payments, you are going to need to get back the security deposit that you had lost. Many people panic when they lose money in a secured account and freeze their accounts. If you do this do not make other arrangements to replace the money. Wait until you receive your money. If you decide to open an additional account to wait for the normal payment date to be set and then add funds to the new account.
It is a good idea to check your credit report to see what the accuracy of the account numbers and charges. Credit reports can be very wrong sometimes. If you have a Wells Fargo stolen card, it can be difficult to recover your original lender. You need to consult with the lender to see if they can be of any assistance. If they refuse to assist you should contact the credit reporting agencies and let them know the situation.
Once you have established yourself with Wells Fargo, you can apply for a regular card at any place that accepts MasterCard or Visa. It is important to understand that you are still responsible for making the payment on time each month. If you are unable to make the payment, consider selling your prepaid card. You can often find a buyer that is willing to take less than you owe on the card. You must consider that you could be setting yourself up for a bad financial reputation.
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