A Credit Fraud Alert Can Save Your Identity

Identity theft can happen at anytime. Many consumers have had their credit ruined because of these identity thieves. Signing up for a Credit Fraud Alert with the three major credit reporting bureaus can protect your financial credibility from being sullied by identity theft. When you initiate a credit fraud alert, the credit reporting bureaus will notify you when someone is applying for credit using your personal information.

How do I sign up for a Credit Fraud Alert?

It is easy to sign up for fraud alerts with the three major credit reporting bureaus. Each bureau has its own fraud department. Contact each credit bureau and ask them to flag your account with a fraud alert.

How does a Credit Fraud Alert work?

After a Credit Fraud Alert has been attached to your file, it will last for a specified period of time. Each credit bureau offers a different time period that a fraud alert remains on a consumer's account. The time period a fraud alert remains on your account differs depending on the bureau. Experian has a 90-day fraud alert; TransUnion provides a 1-year fraud alert and Equifax offers a 6-month fraud alert. When the fraud alert expires, it will not automatically be renewed. You will have to request another fraud alert for the same duration of time. If you're not satisfied with the short time frame, you can submit a 7-year victim statement with proof showing you have been a victim of fraud. That alert remains on your file for 7 years. All alerts from the credit bureaus are free.

Drawbacks of Credit Fraud Alerts

When you flag your account with a fraud alert, it could pose some drawbacks, especially for the most impulsive consumer. If you are in the electronics department store and you decide to apply for a store credit card to buy a plasma television or computer, you will have to wait until the credit bureaus call to confirm that the credit account that you are opening is legitimate.

How do I remove a Credit Fraud Alert?

Removing a fraud alert from you credit bureau file is easy. All you have to do is submit your request in writing to remove the fraud alert. Include you name, social security number, current and previous address, date of birth and telephone number in your letter. You can send the letter to each of the three major credit reporting bureaus' fraud departments.

For more information on how to initiate a Credit Fraud Alert, get in touch with the three major credit reporting bureaus. To learn more about debt related issues, explore the NCO Financial Systems, Inc. consumer help unit website. Here you can find contact information for NCO Financial Systems, Inc. on every page.

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