Credit > Credit Reports: What Is a Fraud Alert?
Credit Reports: What Is a Fraud Alert?
A fraud alert is a notation put on a consumer's credit file indicating that there has been suspicious or fraudulent activity or the consumer has been a victim of identity theft. If someone has obtained or tried to obtain credit in your name, the three credit bureaus recommend that you mmediately notify them -- Experian, Equifax and TransUnion -- and have a fraud alert put on your credit report.
There are several different fraud alerts available to consumers. If you are a victim of identity theft, you can put a 60 or 90-day fraud alert on your credit report by contacting any one of the three credit reporting agencies (credit bureaus). To extend the fraud alert beyond 90 days, you must contact each of the three credit reporting agencies. If you file a police report indicating that you have been the victim of identity theft, you can put a fraud alert on your credit report lasting seven years.
Many people in the military are victims of identity theft. While they are away, friends, family members and strangers take advantage of them by using their social security number to obtain credit. There is a military "active duty alert" that consumers can place on their credit reports to try and prevent this. To activate an active duty alert, those in the military should contact each of the three credit reporting agencies:
Equifax 800-525-6285
Experian 888-397-3742
TransUnion 800-680-7289
Unfortunately, a fraud alert might not prevent thieves from obtaining credit in your name since so many in the lending industry are very eager to issue credit and they hastily approve credit applications without properly investigating.
A credit freeze is a much more effective way of protecting your credit rating and preventing thieves from obtaining loans and credit in your name. See: Credit Freeze
Credit
