To protect yourself against identity theft, a credit bureau fraud alarm is a tool. The alert will prevent new credit account applications until the company has verified your identity. This verification is often done by phone. You may need to provide the date and time the fraud alert was placed. However, there are some benefits to the alert.
Alert for Active Duty
To protect themselves from identity theft and fraud, service members can obtain a credit bureau fraud alert as a complimentary service. It will prevent your name from appearing pre-approved for credit cards for a period of one year. The service can be renewed for the duration you have been deployed. TransUnion, Equifax and Experian offer this service. You can send a fraud alert via mail or phone. Extended alerts are available to help extend the alert's duration. They will block your name from being displayed on pre-screened offers for a period of two years.
Once you have requested an alert, you should notify the other two national credit reporting agencies. To be eligible for an active duty alert, you will need to provide proof that you are real. This can include your address, name, and Social Security Number. In addition, it is important to update your contact information before the alert expires. If you fail to update your contact information, your name will remain on prescreen marketing lists at least for two years.
Initial fraud alert
An initial Fraud Alert is a warning in your credit report. It is intended to stop identity thieves opening any new accounts in your name. This alert is stored on your credit file for 90 calendar days. Some extend the validity of the alert to a full year. This alert can be requested if you suspect identity fraud, have lost or stolen your wallet, or were the victim of phishing scams. The alert gives you the right to request a free copy your credit report from each one of the four major consumer reports agencies.
This alert is used to inform lenders that your identity has been verified before they approve you for credit. These alerts can sometimes slow down the loan processing. Credit monitoring may be a better option.
Dispute a fraud alert
If you are receiving a credit bureau fraud alert, it is your right to dispute it. You can do this by writing to the agency that sent the alert. The agency will then make the corrections and send a note to all creditors that have received the alert. The dispute should include your name, telephone number, and address.
A fraud alert notifies creditors that someone is trying your identity to purchase goods. It doesn't stop creditors from getting your credit file or issuing you new lines of credit. It is important to remember that a fraudulent alert is only temporary.
Remove a fraud alert
It's very easy to remove a fraud alert from your credit bureau. You can do it online, over the phone or by postal mail. You should receive your alert within days of completing the process. If you do not want the alert removed, you can let it expire. A fraud alert expires after one-year for an initial alert and seven year for extended alerts.
You can contact the credit bureaus to request a removal of your alert sooner. For fraud alerts to be removed earlier, agencies may require that you provide proof of identity.