There’s good news for anyone who worries that their financial information has fallen into the wrong hands. Consumers now have a new tool at their disposal; they can place a “Fraud Alert” on their credit file.
Fraud Alerts help prevent anyone from opening new accounts in your name. They act as a red flag on your credit report, visible only when businesses access your file to possibly extend you credit. To place an alert on your account, call one of the three credit reporting agencies and ask them to flag your credit file for fraud. Within 24 hours, an alert will be attached to your credit file and your name will be removed from pre- approved credit and insurance applications for two years.
Types Of Fraud Alerts
An “Initial Alert” will be active on your credit report for 90 days. Use this if someone has gained access to personal information that could be used to open accounts in your name, such as your Social Security number or your date of birth. Once an initial alert is in place, potential creditors will need to verify your identification prior to extending credit, so you should provide them with a phone number where you can...
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