This can make it more difficult for an identity thief or fraudster to open new accounts or modify existing accounts in your name. A fraud alert encourages third parties to take extra steps to verify your identity before extending credit. What exactly does this mean? With an initial one-year fraud alert, companies are encouraged to take reasonable steps to confirm you are who you say you are, such as contacting you at a phone number you provide, before completing a request for credit.Here are seven things you might not know about fraud alerts.
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To place a fraud alert on your Equifax credit report, you can create a myEquifax TM account online call Equifax at (800) 525-6285 or download this form to request a fraud alert by mail. Think of it as a “red flag” to potential lenders and creditors.įraud alerts are free. But do you know what fraud alerts do, what types are available or how fraud alerts work?Ī fraud alert is a notice that is placed on your credit report that alerts credit card companies and others who may extend you credit that you may have been a victim of fraud, including identity theft. One of the phrases you may have heard when it comes to identity theft is a fraud alert. When you’ve been a victim of identity theft, it’s tough to know what to do first.
If you have a police report or a Federal Trade Commission Identity Theft Report, a 7-year extended fraud alert is available.You only need to contact one of the three nationwide credit bureaus to place a fraud alert - that bureau will transmit your request to the other two.A fraud alert encourages lenders and creditors to take extra steps to verify your identity before issuing credit.
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