Laura answers questions about how replacements for lost or stolen credit cards affect your credit. Find out how to protect your credit and the best places to get your reports and credit scores for free.
How to Check Your Credit Reports
The real risk to your credit score with a reissued credit card is what happens to any automatic payments, such as toll passes, utilities, or gym memberships.
It’s easy to check your credit card account information by reviewing your credit reports at free sites like:
You’ll be able to see for yourself how your accounts are reported and make sure there’s no suspicious activity (such as a new account that you don’t recognize), which could indicate identity theft. This is especially important if your information was compromised in a data breach.
To sum up, there's typically no risk to your credit when you have a credit card reissued. However, the real risk is having your identity stolen by a cyber criminal who may have compromised your data in the first place.
Another secondary threat to your credit score with a reissued credit card is what happens to any automatic payments, such as toll passes, utilities, or gym memberships. Whenever you receive a replacement card with a new number, review several months of your account activity to remind yourself about merchants that are using the old number.
If you forget to update them, charges could be declined and your account may end up in collections.
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Credit Card Thief image courtesy of Shutterstock.