In this day and age of electronic money transactions, identity theft, phishing, credit card fraud etc. are fast becoming bywords for the modern money markets.

Thus the necessity of keeping two steps ahead of the criminals have led to measures such as fraud alert being brought in to protect the consumers.

WHAT IS FRAUD ALERT-

Fraud alert is an alert that can be placed on your credit report to let potential creditors and others know that you may have been a victim of identity theft. Once a fraud alert has been placed creditors follow certain procedures before giving out credit in your name in order to protect you. It also prevents and identity thief from opening accounts in your name.

WHEN TO REQUEST A FRAUD ALERT -

If you have lost a wallet, credit cards or feel that you may be a victim of phishing or identity theft you can protect your interests by getting a fraud alert placed on your file.

HOW TO GET A FRAUD ALERT PLACED ON YOUR FILE-

Fraud alert can be requested by calling on of the three nationwide agencies on the given numbers-

Equifax: 1-800-525-6285; www.equifax.com
Experian: 1-888-397-3742; www.experian.com
TransUnion: 1-800-680-7289; www.transunion.com

You can also place a fraud alert in writing.

An INITIAL FRAUD ALERT can be placed on the file for a period of 90 days. To request a fraud alert you will be required to provide proof of your identity which may include social security number, name, address etc. Once you have placed an initial fraud alert you can get one free credit report from each of the credit reporting agencies.

You can also have EXTENDED FRAUD ALERT placed on your credit report. this alert will be on your file for a period of seven years. Once an extended fraud alert has been placed the, the consumer reporting companies will remove your name from marketing lists for credit offers for five years unless you ask them to put your name back on the list.

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