Identity theft can be prevented by a credit bureau fraud alert. An alert will prevent you from applying for new credit accounts until you have been verified by the company that you are who you claim to be. This verification is done usually by phone. In some cases, you will need to indicate the date that the alert was issued. 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, or Experian can provide this service. You can also place a fraud alarm by mail or phone. To make the alert last longer, request an extended alert, which will prevent the name from showing up on pre-screened offers for two years.
Once you have requested an alert, you should notify the other two national credit reporting agencies. You must provide proof of identity before an active duty alert is placed, which might include your name, address, and Social Security number. In addition, it is important to update your contact information before the alert expires. If you don’t update your contact information before the alert expires, your name and email address will be kept on pre-screening marketing lists for at least 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. The alert is kept on your credit file for 90-days, while others can last up to one year. This alert can be requested by anyone who suspects identity theft, has lost or stolen a wallet or was the victim in a phishing fraud. 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 indicates that lenders are monitoring you and need to verify your identity in order to grant you credit. These alerts can slow down the loan process. Credit monitoring might be an option.
Dispute a fraud alert
You can always dispute a credit bureau alert if you receive it. To do so, write to the agency that sent it. The agency will then remove the incorrect information and send a notice to creditor companies who received the alert. Please include your name along with your telephone number when resolving the dispute.
A fraud alert is a notice to creditors that someone has attempted to use your identity for fraudulent purchases. The fraud alert does not prevent creditors from obtaining credit files or issuing new lines credit. It is important for you to know that a fraud alert only lasts for a short time.
Removing 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. You can choose to allow the alert to expire if you don't want to remove it. 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.