Credit Reports, Freezes and Bank Fraud Rules: US and India

TL;DR: US law gives a free credit report from each bureau every 12 months, and card liability is capped at $50. In India, RBI rules give a free full credit report every calendar year, and UPI apps each publish a fraud-reporting route.

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Most of the "comparison" content on credit tools and payment safety comes down to a handful of rules. This guide sets them out for the US and India.

Free credit reports, US

AnnualCreditReport.com is the only site authorized to fill free annual credit report orders, according to the FTC. Federal law gives one free report per bureau (Equifax, Experian, TransUnion) every 12 months, and the bureaus have permanently extended a program allowing a free check from each once a week. Look-alike or misspelled sites are imposters. You can dispute errors with the bureau and with the business that supplied the wrong information.

Freeze or fraud alert

The FTC says a credit freeze stops new accounts being opened in your name, is free to place or lift, must be placed with each of the three bureaus and lasts until you lift it. An initial fraud alert lasts one year, is free and needs only one bureau; it requires businesses to verify your identity but does not block access to your report. An extended alert lasts seven years and needs an identity theft report. Details are in the credit freeze guide and freeze vs lock comparison.

Card and debit liability, US

The CFPB says that if a credit card is lost or stolen you have no liability if you report before it is used, and your liability is capped at $50 if it was used first, and many cardholder agreements waive even that. If only the account number is stolen, you generally have no liability. For debit cards and electronic transfers, Regulation E caps liability at $50 or the amount taken before notice, whichever is less, if you notify within two business days. After that it can reach $500, and you must report an unauthorized transfer shown on a statement within 60 days.

Free credit report, India

The RBI notification says every credit information company must give individuals one free full credit report, including the score, once a calendar year, electronically after authentication, from 1 January 2017. CIBIL confirms one free score and report every calendar year and says checking your own score does not affect it. Its free report shows the score (300 to 900), payment history, personal information, enquiries from the past 36 months and active and inactive accounts. Read how to check your CIBIL score for fraud.

Bank fraud liability, India

See the RBI zero-liability guide for the customer-liability rules.

Reporting UPI and wallet fraud, India

PhonePe: in-app Help, then the transaction issue option, or the helpline 080-68727374 or 022-68727374, and the web form at support.phonepe.com. It also points to cybercrime.gov.in or 1930.
Google Pay India: never share your UPI PIN or OTP, and remember that entering the PIN means sending money. Report to your bank immediately, use the in-app form, and escalate to the RBI Ombudsman at cms.rbi.org.in.
Paytm: it says it will never ask for your OTP or UPI PIN. If you suspect fraud, change your password, use in-app 24x7 Help and file at cybercrime.gov.in if money was lost, or call 1930. Keep the UTR number, statements and screenshots.
NPCI: the UPI PIN is 4 to 6 digits and must not be shared, and failed transactions are reversed in real time, otherwise contact your bank.

Read how to recover money lost to a UPI scam and how to freeze a bank account after UPI fraud.

Tools protect accounts, but they cannot un-leak data that is already out. A free digital footprint check shows whether your email or number appears in exposed data.

Frequently Asked Questions

Where do I get a free US credit report?

AnnualCreditReport.com, the only site authorized to fill free annual credit report orders, per the FTC.

How much can I lose on a stolen credit card?

The CFPB says liability is capped at $50 if the card is used before you report, and you have no liability if you report before it is used.

How often can I get a free credit report in India?

Once a calendar year from each credit information company, under the RBI notification effective 1 January 2017.

Does checking my own CIBIL score hurt it?

CIBIL says checking your own score does not affect it.

What is the difference between a freeze and a fraud alert?

A freeze blocks new accounts. A fraud alert makes businesses verify your identity but still allows access, per the FTC.