Instant Credit Report Know About Various Types Of Fraud Alerts |
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With identity theft cases on the rise,
instant credit report has gained a prominent place in our day-to-day life. Identity theft has now been identified as one of the fastest growing crimes in the world. As per the reports from a research, last year around 11.8 million Americans, which means one in twenty adults, were victims of identity theft. During the research, a prominent data broker divulged that a crime ring had obtained sensitive digital information, such as Social Security numbers, personal information, and credit reports for at least 145,000 people. If you get to know that your personal information has been stolen, you should take immediate action to ensure your safety. For most people, immediate action means putting a fraud alert on their instant credit reports, which alerts the lenders, creditors, and others that the person may have been the victim of identity theft. There are three kinds of fraud alerts that you can place in your instant credit report: Initial Alert. This is the first step you should take on getting to know about a security breach. The alert would stay on your instant credit report for a period of 90 days. You only need to get in touch with one of the three major credit-reporting agencies to place an initial alert. That agency would, in turn, notify the other two. You'll be required to provide a phone number so that the next time the creditors can contact you to confirm your identity before opening a new account. On filing an alert, you're also entitled to receive a free instant credit report from each of the three credit reporting agencies, but you have to forward a request for it. Extended Fraud Alert. This alert stays on your instant credit report for a period of seven years. To get an extended fraud alert, you'll be asked to furnish proof of being a victim of identity theft, such as a police report. You can also request for the fraud alert to be removed before the expiry of the seven-year period, but you would be required to make that request in writing and provide information to prove your identity. These strict procedures are formulated to prevent criminals from having fraud alerts removed from the accounts of the victims. Military Fraud Alert. This service is available only to the members of the armed forces who are on active duty. It's designed to check identity thieves from opening accounts in their names while they're overseas. They don't have to prove being a victim of identity theft to request a military fraud alert. Security Loopholes According to experts, though these fraud alerts provide some protection against identity theft, but they still leave scope for more strict measures. Thieves may use your information after the 90-day alert period expires, and without proof of being a victim, you can't get an extended fraud alert. Some Other Alternatives: Credit Freeze. Through credit freeze, you can block access to your instant credit report and score, thereby preventing identity thieves from opening new accounts in your name. Through credit freeze, even legitimate lenders are barred from reviewing your instant credit report without your consent. It's the best option when you're dealing with an aggressive identity thief, or you fear that someone is trying to damage your credit. Credit Monitoring. All three major credit bureaus offer credit-monitoring services, wherein you are notified when there is any change in your instant credit report, such as a new account or credit inquiry. In that case, try to find a low-cost service that monitors credit reports from all the three major bureaus. The Free-of-Cost Option You can even create your own monitoring system totally free of cost. As per a new federal law, consumers can now order one free instant credit report annually from each of the credit bureaus. Spread out your requests in such a manner that you receive one instant credit report every four months. That will allow you to monitor your reports for changes in your account throughout the year. |
