What is a Fraud Alert?
A fraud alert is something that the major credit bureaus attach to your credit report. When you, or someone else, tries to open up a credit account by getting a new credit card, car loan, cell phone, etc., the lender should contact you by phone to verify that you really want to open a new account. If you aren't reachable by phone, the credit account shouldn't be opened. However, a creditor isn't required by law to contact you, even if you have fraud alert in place.
How Do I Set Up a Fraud Alert?
Contact each of the fraud department of the credit bureaus and ask them to flag your credit file for fraud. The bureaus claim to share fraud alert data once you contact one of them. However, some studies have shown that this process doesn't always work so your best option is to contact each bureau individually to place an alert. You'll probably talk to an automated voice response system and it should only take a few minutes. You should consider using your cell phone as a contact number, so creditors can reach you more easily.
You can also request fraud alerts online. Here are the locations for Equifax and Experian:
Equifax: https://www.alerts.equifax.com
Experian: http://www.experian.com/fraud
TransUnion: Does not offer an online application at this time
You can also use a credit monitoring service such as LifeLock to place and manage your fraud alerts. One of the advantages of using these services is that fraud alerts normally expire after 90 days and they have to be resubmitted. Lifelock will automatically send in a request every 90 days plus they have some other excellent features.
What Happens When I Activate a Fraud Alert?
Within 24 hours, an alert should be be activated at the credit bureau. You should receive a confirmation in the mail a week or two after your call. If you don't receive this confirmation, call a place the alert again. Your name will be removed from all pre-approved credit and insurance offers for two years. The fraud alert will remain in place for only 90 days. When the time runs out, you'll need to reactivate the alert or you can consider a service like LifeLock. You can also apply for a 7-year victim statement that will keep the alert in place for 7 years. For this, you will have to provide proof that you've been a victim of fraud.
Fraud Alerts for Minor Children
The credit reporting agencies do not knowingly maintain credit files on minor children. If you suspect that your minor child's information has been used fraudulently, you should contact the credit reporting agencies directly and report the illegal use of your child's information to law enforcement. You'll need to supply each credit reporting agency with your child's: Complete name, Address, Date of birth, copy of the minor child's birth certificate, copy of the minor child's social security card, copy of your driver's license or other government-issued proof of your identity, which includes your current address, a current utility bill containing your current address so the credit reporting agencies may promptly respond to your request. Protection credit suggests sending this information via certified mail to the fraud department of the credit bureaus (so that someone on the receiving end has to sign for it, then you'll know for sure it arrived).
What Are the Drawbacks of a Fraud Alert?
Activating a fraud alert will cause you a problem if you're used to walking into an electronics store, signing up for their amazing "don't pay anything until 2012" credit offer, and walking out of the store with a new big-screen TV. With a fraud alert active, you have to be available at either your work phone or home phone to approve opening the credit account. This is not necessarily a big deal if you know to expect it. There will just be a short delay in your instant gratification and a call-back to the credit company authorizing the new account. NOTE: You want to be cautious if you're just about to apply for a home loan or refinance. Let your broker know that you have a fraud alert in place because you're trying to protect yourself against fraud. On the plus side, a fraud alert won't cause any problems with your current credit card, bank or credit accounts. It's focused on new credit accounts, not the ones you already have opened.
How Can I Remove a Fraud Alert?
If you decide you want to remove a fraud alert you'll need to request it in writing. You'll have to include your name, social security number, current and previous addresses, date of birth, and telephone number and send it to the fraud department of the credit bureaus where the alert has been placed. Again, protection credit suggests sending this information via certified mail to the fraud department of the credit bureaus. You want to be able to track a letter that has all that critical data, and know that someone on the receiving end had to sign for it. You could also just wait the 90 days for the alert to expire.
How Do I Set Up a Fraud Alert?
Contact each of the fraud department of the credit bureaus and ask them to flag your credit file for fraud. The bureaus claim to share fraud alert data once you contact one of them. However, some studies have shown that this process doesn't always work so your best option is to contact each bureau individually to place an alert. You'll probably talk to an automated voice response system and it should only take a few minutes. You should consider using your cell phone as a contact number, so creditors can reach you more easily.
You can also request fraud alerts online. Here are the locations for Equifax and Experian:
Equifax: https://www.alerts.equifax.com
Experian: http://www.experian.com/fraud
TransUnion: Does not offer an online application at this time
You can also use a credit monitoring service such as LifeLock to place and manage your fraud alerts. One of the advantages of using these services is that fraud alerts normally expire after 90 days and they have to be resubmitted. Lifelock will automatically send in a request every 90 days plus they have some other excellent features.
What Happens When I Activate a Fraud Alert?
Within 24 hours, an alert should be be activated at the credit bureau. You should receive a confirmation in the mail a week or two after your call. If you don't receive this confirmation, call a place the alert again. Your name will be removed from all pre-approved credit and insurance offers for two years. The fraud alert will remain in place for only 90 days. When the time runs out, you'll need to reactivate the alert or you can consider a service like LifeLock. You can also apply for a 7-year victim statement that will keep the alert in place for 7 years. For this, you will have to provide proof that you've been a victim of fraud.
Fraud Alerts for Minor Children
The credit reporting agencies do not knowingly maintain credit files on minor children. If you suspect that your minor child's information has been used fraudulently, you should contact the credit reporting agencies directly and report the illegal use of your child's information to law enforcement. You'll need to supply each credit reporting agency with your child's: Complete name, Address, Date of birth, copy of the minor child's birth certificate, copy of the minor child's social security card, copy of your driver's license or other government-issued proof of your identity, which includes your current address, a current utility bill containing your current address so the credit reporting agencies may promptly respond to your request. Protection credit suggests sending this information via certified mail to the fraud department of the credit bureaus (so that someone on the receiving end has to sign for it, then you'll know for sure it arrived).
What Are the Drawbacks of a Fraud Alert?
Activating a fraud alert will cause you a problem if you're used to walking into an electronics store, signing up for their amazing "don't pay anything until 2012" credit offer, and walking out of the store with a new big-screen TV. With a fraud alert active, you have to be available at either your work phone or home phone to approve opening the credit account. This is not necessarily a big deal if you know to expect it. There will just be a short delay in your instant gratification and a call-back to the credit company authorizing the new account. NOTE: You want to be cautious if you're just about to apply for a home loan or refinance. Let your broker know that you have a fraud alert in place because you're trying to protect yourself against fraud. On the plus side, a fraud alert won't cause any problems with your current credit card, bank or credit accounts. It's focused on new credit accounts, not the ones you already have opened.
How Can I Remove a Fraud Alert?
If you decide you want to remove a fraud alert you'll need to request it in writing. You'll have to include your name, social security number, current and previous addresses, date of birth, and telephone number and send it to the fraud department of the credit bureaus where the alert has been placed. Again, protection credit suggests sending this information via certified mail to the fraud department of the credit bureaus. You want to be able to track a letter that has all that critical data, and know that someone on the receiving end had to sign for it. You could also just wait the 90 days for the alert to expire.
How do I Report Fraud?
If you know for certain you're a victim of fraud, use the numbers on this page to contact the different private and public agencies to report it. Especially important are the credit bureaus.
Putting a fraud alert on you credit file is one of the first things you should do if you suspect someone is trying to open credit accounts in your name. It might be something you want to do, even if you don't think identity theft is an immediate threat. Fraud alerts are not a cure-all, however. A fraud alert can be ignored by creditors. If you suspect you're a victim of identity theft, or have already become a victim, fraud alerts are only a start in trying to protect your credit. You also need to pay close attention to your credit report and consider a credit freeze - an even stronger option than a fraud alert. It tightens access to your credit data even more by allowing you to freeze all access to your credit file. Also consider a Credit Monitoring Service for the best preventative measure against fraud.
Equifax Consumer Fraud Division
Phone: 800-525-6285 or: 404-885-8000
Fax: 770-375-2821
P.O. Box 740241
Atlanta, GA 30374-0241
Phone: 800-525-6285 or: 404-885-8000
Fax: 770-375-2821
P.O. Box 740241
Atlanta, GA 30374-0241
Experian National Consumer Assistance Dept.
Phone: 888-397-3742
P.O. Box 2104
Allen, TX 75013
Phone: 888-397-3742
P.O. Box 2104
Allen, TX 75013
TransUnion Fraud Victim Assistance Dept.
Phone: 800-680-7289
Fax: 714-447-6034
P.O. Box 6790
Fullerton, CA 92634-6790
Phone: 800-680-7289
Fax: 714-447-6034
P.O. Box 6790
Fullerton, CA 92634-6790
Government Agencies:
Federal Trade Commission
Phone: 877-438-4338
Social Security Administration
Phone: 800-772-1213
To report the fraudulent use of your checks:
Check Rite
Phone: 800-766-2748
Chex Systems
Phone: 800-328-5121
CrossCheck
Phone: 800 552-1900
Equifax-Telecredit
Phone: 800-437-5120
Tele-Check
Phone: 800 366-2425
Federal Trade Commission
Phone: 877-438-4338
Social Security Administration
Phone: 800-772-1213
To report the fraudulent use of your checks:
Check Rite
Phone: 800-766-2748
Chex Systems
Phone: 800-328-5121
CrossCheck
Phone: 800 552-1900
Equifax-Telecredit
Phone: 800-437-5120
Tele-Check
Phone: 800 366-2425
The goal of this Protection Credit website is to make you more aware of identity protection and credit protection by providing information and resources about credit reports and credit monitoring, fraud alerts, placing a credit freeze, as well as taking proactive steps to not become a victim of identity theft in the first place. Thanks for visiting this site today and referring it to your friends!