In this day and age, as data breaches and identity theft are rampant, it helps to have some degree of protection. Although identity theft protection or credit monitoring are certainly good tools to have, credit bureaus also offer additional protection to consumers by allowing them to place gels and alerts on their credit records. While we have already dug in credit gels and how they can help protect your credit reports, you might not there a less aggressive option called a fraud alert.
What is a fraud alert?
Unlike a credit freeze that completely locks down your credit reports, a fraud alert is a less restrictive form of credit protection. In general, fraud alerts are the changes to state 90 days to your credit report that inform creditors that you have either experienced or are particularly susceptible to identity theft. The alert is a signal to creditors indicating that they should take additional measures to ensure all inquiries before opening new credit lines, replacement card issuing or approving applications for an increase credit limit. When you place the fraud alert, you provide the credit bureaus (TransUnion, Equifax and Experian) with your contact information, which will be used to verify your identity. Place a fraud alert lets you be aware of all credit attempts to open or modify the existing credit lines.
?What are the advantages of a fraud alert
Ultimately, fraud alerts serve as a way to protect your credit and identity while allowing creditors still have access - in contrast to gels which blocks your credit completely. Keep in mind, however, that fraud alerts slow the process of obtaining new loans due to the extra step to verify your identity. While the initial duration of a fraud alert for 90 days, you can still renew it. Alternatively, if you were a victim of identity theft and identity theft report - which means that you have submitted a complaint to the FTC filed a police report and attached the two documents - you can ask an extended alert that will last seven years. The extended alert also includes the removal of your name from prescreened offers all playlists. This not only reduces the amount of your junk mail, but removing your name from this list can protect your identity. If you are not eligible for an extended fraud alert but want to withdraw prescreened credit offers, you can do it yourself.
An additional advantage of placing a fraud alert is that you get an additional free copy of all three of your credit reports, in addition to that you are entitled each year through AnnualCreditReport.com, which is a convenient way to check the status of your credit and the accuracy of your credit reports. Furthermore, unlike credit gels, place a fraud alert is free.
areSimilar protection for military personnel, called Active Duty Alert. This alert has many of the same features of the standard fraud alert, however, it lasts a year and can be renewed to match the deployment period. It also includes the withdrawal of offers prescreened mailing lists for two years.
How can I place a fraud alert on my credit reports?
You can place a fraud alert on your credit reports by contacting the offices themselves, either by phone, mail or their respective websites. The good news is that you should contact an office because the law requires you first contact office according to notify the other two. The fraud alert should appear on your credit reports within 24 hours of the request. Do not forget that most fraud alerts expire within 90 days. This means you will have to place a new one after the time has expired. As such, it may be wise to mark your calendar for when you need to call and place another fraud alert. If you need additional assistance or management request fraud alerts, you may want to consider signing up for a credit monitoring service like most of the best services not only serve to remind you if your fraud alert to expire, but can also help you place an alert on your credit reports.
If you decide to cancel a fraud alert for any reason, you can either let it expire on its own or contact the office you opened with the alert. For Experian and Equifax, this process should be done through a written request, while TransUnion has an online web page dedicated to this process.
What are the limits of a fraud alert?
fraud alerts are just as alerts. They are not actively lock your credit, which means there is room for error, as if a creditor intentionally or not to open a credit account in your name without verifying your identity. If you are looking for something a little more permanent, a credit freeze may be a better bet.
Another thing to note is that since fraud alerts and credit freezes appear exclusively on credit reports, they protect against other types of fraud that can be made in your name such as tax evasion or violation of your credit card information. That's where a protection service against identity theft can help take over. These not only to monitor the activity services on your credit reports, but monitor also more use of your personal information on public folders, as well as black market websites and chat rooms. If your information is marked on either, you will be alerted and provided with instructions on how you can remedy the situation.
Read our comment protection against identity theft to find out more about the top options and follow our credit monitoring blog to learn more about keeping an eye on your reports and scores credit.