Credit bureau fraud alerts are a quick way to get a copy of your credit report. A credit bureau fraud alert is a special tool for consumers for the purpose of preventing (or stopping) identity theft that relates to the use of their credit file. If you suspect you that are a victim of identity theft (or that you might be soon), then you can place a fraud alert on your credit report.
When this happens, any time your credit report is ran by a lender or your score is obtained, the fraud alert will show up, notifying them of the potential problem.
There are two types of credit bureau fraud alerts that you should be aware of:
1. Initial Fraud Alert – For an initial fraud alert, you simply notify the credit bureau directly that you believe you have been or are about to be a victim of identity theft. This alert will stay active on your file for 90 days and will prevent unauthorized access to your profile. The bureaus will also notify other credit reporting agencies of the fraud alert. In addition, you can get a free copy of your credit report. If you want to expedite the process directly with Experian, you can go to http://www.experian.com/fraud to place the fraud alert and get a free online copy of your report.
2. Extended Alerts – An extended fraud alert takes things a step further. Your part is more complicated in that you are required to supply proof of the alleged identity theft, such as an identity theft report filed with local, state, or federal law enforcement. This type of alert will stay on your profile for 7 years or until you remove it. An extended fraud alert will also prevent the credit bureaus from selling your information to third parties for marketing purposes for a period of 5 years, unless you rescind that portion of the fraud alert and ask to be opted back in. As with an initial fraud alert, the bureaus must notify other credit reporting agencies of the fraud alert and provide free report. However, with an extended alert, you can request a copy of your report 2 times within a 12 month period.
One final note on fraud alerts is that once you have initiated the fraud alert with one of the three major credit bureaus, the other two should be notified. Once the other bureaus are notified, they must treat the fraud alert as if it came directly from you.
This includes giving you access to free credit reports, and including the “fraud alert” flag on your credit file for the required amount of time.
Now, remember there are over 9 million consumers affected by identity theft every year. Do your best to protect yourself, but more importantly make sure that you have identity theft protection in place!
Contact us today to receive a free credit assessment and to learn how you can get identify protection for as little as $9.95 per month at (877) 896-2831 or at info@visioncreditservices.com.
