Protecting Yourself
Against Credit Crime |
There’s good news for anyone who
is worried that their financial
information has fallen into the
wrong hands. Consumers now have a
new tool at their disposal; they can place
a “Fraud Alert” on their credit file.
Fraud Alerts help prevent anyone from
opening new accounts in your name.
They act as a red flag on your credit
report, visible only when
businesses access your
file to possibly extend you
credit. To place an alert
on your account, call one
of the three credit
reporting agencies and ask them to flag
your credit file for fraud. Within 24
hours, an alert will be attached to your
credit file and your name will be
removed from pre-approved credit and
insurance applications for two years. |
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Types of Fraud Alerts |
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An “Initial Alert” will be active on your
credit report for 90 days. Use this if
someone has gained access to personal
information that could be used to open
accounts in your name,
such as your Social Security
number, or your date of
birth. Once an initial alert is
in place, potential creditors
will need to verify your identification prior
to extending credit, so you should
provide them with a phone number
where you can be easily reached. The
alert will help to ensure that you are the
only one opening accounts in your name.
An “Extended Alert” is recommended
if your identity has been stolen. With an
extended alert, your credit file will
remain guarded for seven years. In
addition, your name will be removed
from lists marketing prescreened credit
offers for five years. Members of the
military on active duty
are eligible for a
“Military Fraud Alert.”
This alert allows
members of the
military to prevent anyone from opening
accounts in their name while they are
overseas.
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Helpful Hints |
- Experian, Equifax, and Trans Union
(the three credit-reporting agencies)
share data, so after calling one
company, the other two will be
notified.
- If you need to apply for a loan during
the period that your credit file is on
alert, notify your lender.
- To remove a fraud alert, you will
need to send requests in writing to
one of the three credit-reporting
agencies.
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Credit Reporting Agencies
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- Equifax: www.equifax.com
1-888-766-0008
- Experian: www.experian.com
1-888-397-3742
- TransUnion: www.transunion.com
1-800-680-7289
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