October 5, 2006 6:39 AM
What Are Fraud Alerts?
There are two types of fraud alerts: an initial alert, and an extended alert.
An initial alert stays on your credit report for at least 90 days. You may ask that an initial fraud alert be placed on your credit report if you suspect you have been, or are about to be, a victim of identity theft. An initial alert is appropriate if your wallet has been stolen or if you've been taken in by a "phishing" scam. When you place an initial fraud alert on your credit report, you're entitled to one free credit report from each of the three nationwide consumer reporting companies.
An extended alert stays on your credit report for seven years. You can have an extended alert placed on your credit report if you've been a victim of identity theft and you provide the consumer reporting company with an "identity theft report." When you place an extended alert on your credit report, you're entitled to two free credit reports within twelve months from each of the three nationwide consumer reporting companies. In addition, the consumer reporting companies will remove your name from marketing lists for pre-screened credit offers for five years unless you ask them to put your name back on the list before then.
To place either of these alerts on your credit report, or to have them removed, you will be required to provide appropriate proof of your identity: that may include your SSN, name, address and other personal information requested by the consumer reporting company.
When a business sees the alert on your credit report, they must verify your identity before issuing you credit. As part of this verification process, the business may try to contact you directly. This may cause some delays if you're trying to obtain credit. To compensate for possible delays, you may wish to include a cell phone number, where you can be reached easily, in your alert. Remember to keep all contact information in your alert current.
Source: FTC10/20/06 | The Worst States For Identity Theft
10/14/06 | Identity Theft Statistics
10/07/06 | What You Should Do If Your Identity Is Stolen
10/05/06 | How Does Email Phishing Work?
10/05/06 | How To Protect Yourself Against Phishing?
10/05/06 | How To Place A Fraud Alert On Your Credit Reports
09/21/06 | Biggest Source of Identity Theft
09/19/06 | Identity Theft Task Force Suggests Less Use Of Social Security Numbers
09/15/06 | Credit Card Number Breach At Nikon
09/12/06 | Tips To Protect Yourself Against "Pretexting"
09/12/06 | How To Avoid ID Theft On Campus
09/11/06 | 5 Ways to Monitor Your Credit Reports
09/11/06 | How To Protect Yourself Against "Pretexting"
09/11/06 | AOL Customers To Get Insurance Coverage For Identity Theft
09/10/06 | What Is "Pretexting?"
09/10/06 | How Can My Identity Be Stolen
09/10/06 | What Is The Impact Of Identity Theft?