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Personal Credit Report: Put A Fraud Alert In Your File |
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If the fraud alert in your
personal credit report is active, you will not be able to just walk into an electronics store, sign up for a new big-screen TV and walk away with your prized possession. Even if you do not suspect any immediate identity theft, you should place fraud alerts in your personal credit report. Every American has unique personal information such as name, Social Security number, credit card number or any other identifying information. All transactions are done in reference to these unique identifying features. However, there are many unscrupulous human beings who steal the identities of others and then use them to their own advantage and to the detriment of the victim. This is known as identity theft and it is a very serious crime which leaves the victims completely shattered as they lose their hard earned money and are left grappling with the aftermath of trying to restore their good name and credit record. The victims might also lose valuable job opportunities and they may be refused loans, education, housing or cars, or even get arrested for crimes that they did not commit. In case you feel that someone is trying to open credit accounts in your name, you should put a fraud alert on your personal credit report immediately. However, putting a fraud alert is not enough as creditors might ignore it. Basically, you should monitor your personal credit report at all times to ensure that no new credit inquiries or credit accounts are being opened. What Is a Fraud Alert? This is a safeguard which is attached to your personal credit report by the major credit bureaus so that if you, or someone else endeavor to open a credit account by getting a new credit card, car loan, cell phone, etc., the lender should get in touch with you on the phone to cross check whether you really want to open a new account. The credit account should not be opened if you aren't reachable by phone. However, it is not obligatory, by law, for the creditor to contact you, even if a fraud alert is in place. How to Set up a Fraud Alert? It is very easy as all that you have to do is to contact the fraud department of one of the credit bureaus and ask them to flag your personal credit report for fraud. This should take only a few minutes. What Happens When I Activate A Fraud Alert? - As all the three major credit bureaus are now sharing their data, an alert will be placed on your personal credit report at all the three major credit bureaus within 24 hours, even if you have called only one of the bureaus. - Your name will be removed from all preapproved credit and insurance offers for two years. - Each of the three major credit bureaus will send a personal credit report by mail, which might take 1-2 weeks for delivery. Under normal circumstances, the fraud alert will be valid for 3 months (Experian), 6 months (Equifax), 12-months (TransUnion). You will have to reactivate the alert after the expiry of the validity period. However, if you can prove that you've been a victim of fraud, you can apply for a 7-year victim statement that will prolong the validity of the alert for 7 years. What Are The Drawbacks Of A Fraud Alert? If the fraud alert in your personal credit report is active, you will not be able to just walk into an electronics store, sign up for a new big-screen TV and walk away with your prized possession. Instead, you will need to be available at your work phone or your home phone to approve opening the credit account. This will just mean a small delay in your obtaining your dream machine and a call back to the credit company authorizing the new account. This is no big deal if you realize its advantages in protecting you from the travails of identity theft. A fraud alert does not interfere with using your credit card or checking accounts. It is only concerned with new accounts and not the ones that have already been opened. In case of any suspicion, do not hesitate to activate the fraud alert. It will protect you from identity theft. |
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