Home > Identity Theft > Prevent Identity Theft with Fraud Alerts on your Instant Credit Report
Prevent Identity Theft with Fraud Alerts on your Instant Credit Report |
|
You should check your
instant credit report at least once a year with the three major national credit bureaus. This is to make sure that your accounts are not being misused and that no unauthorized accounts have been opened in your name. Identity theft occurs when someone uses your personal information in the instant credit report to commit fraud or theft, such as opening accounts or incurring debt in your name, or taking money from your account. Most often, identity thieves obtain your personal identification numbers and obtain credit in your name by having credit cards, goods or services delivered to their address. Since the bills for charges incurred are sent to the thief's address, not yours, you will be unaware of the mounting debt until the collections department tracks you down. By then your instant credit report will already be riddled with late payment histories and many accounts in collections. You can also check your instant credit report for mistakes, not attributable to identity theft, but that may nevertheless damage your credit rating. But the credit reporting bureaus will be reluctant to change negative credit without proof that you didn't create the bad credit. So, if you believe that you have been a victim of identity theft, there are steps that you can take to minimize damage and help prevent any further fraud or theft. One thing you can do is place a fraud alert in your instant credit report. A fraud alert is something that the major credit bureaus attach to your instant credit report. Once this alert has been placed, the lender will contact you by phone to verify any request made, be it for a new credit card, car loan, or cell phone. And, if you aren't reachable by phone, the credit account shouldn't be opened. But a creditor isn't required by law to contact you, even if you have a fraud alert in place. To prevent fraud, the FACT Act has established the federal right to fraud alert, extended fraud alert and military fraud alert. Also, the presence of a fraud alert on a consumer's instant credit report requires additional verification before issuing credit. It gives consumers the right to obtain records from businesses where the thief used their names, as well as gives consumers the right to block fraudulent trade line information or accounts from their Credit reports. It also gives consumers the right to make one call to obtain fraud alerts on all three reports. The FACTA has also imposed new account opening verification standards and rules against "re-pollution" of reports with previously deleted fraudulent items. But some rights may require the consumer to provide businesses or credit bureaus with a notarized ID theft affidavit or a police report. It is easy to place a fraud alert. You just need to call the toll-free fraud number of any one of the three major credit bureaus to place a fraud alert on your instant credit report. This will prevent an identity thief from opening additional accounts in your name. And, as soon as the credit bureau confirms your fraud alert, the other two credit bureaus will automatically be notified to place fraud alerts on your instant credit report, and all three reports will be sent to you free of charge. Once you receive your instant credit report, you must review it carefully. You must look for, any inquiries that you didn't initiate, accounts you didn't open as well as unexplained debts on your true accounts. If there are inquiries from the company that opened the fraudulent account, you can request that these inquiries be removed from your instant credit report. Also, check information such as your SSN, addresses, name or initial, and employers. There could be inaccuracies in this information. Nevertheless, whether the inaccuracies are due to fraud or error, you should notify the credit bureau as soon as possible by telephone and in writing. You should continue to check your reports periodically, especially in the first year after you've discovered the theft, to make sure no new fraudulent activity has occurred. But the automated one-call fraud alert process only works for the initial placement of your fraud alert. Any orders for additional instant credit reports or renewals of your fraud alerts must be made separately to each of the three major credit bureaus. But remember, fraud alerts are only a start in trying to protect your credit. You also need to pay close attention to your instant credit report to make sure no new credit inquiries or credit accounts are being opened. |
|
| ------------------------ |
|---|
|
|
| ------------------------ |
|---|
|
|
|
|
| ------------------------ |
|---|
|
| ------------------------ |
|---|
Custom Search
|
| ------------------------ |
|---|
|
|
| ------------------------ |
|---|
Consumer Alerts | About | Bookmark Us | Contact | Espanol | Privacy Statement | Copyright | Terms & Conditions | Financial Widgets | SiteMap
Copyright © 2006 Credit Loan, LLC. 235 APOLLO BEACH BLVD, STE 218 Apollo Beach, Florida 33572 All rights reserved.
Disclaimer: The content provided on CreditLoan.com is for informational purposes only; do not make any financial decisions based on its content. Financial decisions are personal, based on an individual's situation. Consult with a financial professional before making any financial decisions. CreditLoan.com is not liable for your financial actions.
