![]() For consumers who are going through a divorce or have been in a contentious or abusive relationship, placing a fraud alert on your credit is the minimum you should do. At Risk Consumers: If you have lost your wallet and you fear your personally identifying information has been compromised, you might consider adding a fraud alert to your credit report.This is also a free service and can be done at each of the three credit bureau’s security freeze management centers online. However, for greater protection, such consumers might think instead of freezing their credit reports. Previous victims: Anyone who has previously been a victim of identity theft or credit fraud should consider adding a fraud alert to their credit report.This alert remains active for 12 months and requires the consumer to provide proof of active military duty. Active military members: There is actually a specific fraud alert just for our active service members.Who is a fraud alert for?įraud alerts were created for several classes of consumers who would be at potential risk of becoming future victims of fraud or identity theft: If the prospective creditor calls and asks the fraudster for your full name, social security number, date of birth, and recent addresses, the fraudster may have no problem providing the answers. Unfortunately, in situations where the fraudster already has the consumer’s personally identifying information, a phone call may not be enough to prevent a fraudulent account from being opened. However, if you submit the required documentation (see below), you may add a seven-year fraud alert, also known as an extended fraud alert. The standard fraud alerts will remain active for one year. You add the alert by phone or at the following links: Equifax (88), Experian (88), and TransUnion (80). So, there’s no need to visit all three of the main consumer reporting agencies to add the alert to each one. How Do You Add a Fraud Alert to Your Credit Reports?īy requesting a fraud alert with one credit bureau, the alert will be added to all three. There is no cost to add a fraud alert to your credit reports. Typically, this involves the creditor contacting the applicant by phone. Whether the creditor is a prospective lender, credit card issuer, or retail store, the fraud alert instructs them to take additional steps to verify the applicant’s identity before opening a new card, increasing the credit limit, or sending another card to the account holder. The notification tells the creditor that you have been or are at risk of being a victim of fraud. What Is a Fraud Alert and What Does It Do?Ī fraud alert is a notification you can place on your credit report that instructs a prospective creditor to perform due diligence before opening any new line of credit. Keep reading to learn more about fraud alerts, what they do, what they don’t do, and whether it makes sense for you to put one on your credit report. The term “Fraud Alert” might convey a false sense of security to consumers who think it will block all potential credit-based fraud. While not as effective as a credit freeze at protecting your credit report from hackers who already have your information through data breaches, fraud alerts can provide a level of protection many consumers want without inconveniencing them when applying for loans. ![]() Do Fraud Alerts Protect Your Credit Information? They may not even know they have options to protect their identity with tools available through the credit bureaus. Many creditors lose sleep over such hacks. The news is full of massive data breaches at huge retailers, businesses, and even credit bureaus from time to time.
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