Fraud Notification OR Credit Freeze

Dated: 07/05/2016

Views: 496

In today’s information age, protecting your credit includes knowing your options if you are, or suspect you may be, a victim of fraud or identity theft.

Fraud Alert
One good option is to place a fraud alert on your credit report to alert creditors and lenders. According to the Consumer Finance Protection Bureau, when you place a fraud alert on your credit report at one of the nationwide credit reporting companies, it must notify the others. 

There are two main types of fraud alerts:

Initial fraud alertsAn initial fraud alert requires creditors to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account based on a consumer’s request. Credit reporting companies will keep that alert on your file for 90 days.

Extended alertsYou can place an extended alert on your credit report after your identity has been stolen. An extended fraud alert entitles you to two free copies of your credit report from each nationwide credit reporting company over a 12-month period. The extended alert lasts for seven years.

Credit Freeze
If you’re concerned about identity theft or someone gaining access to your credit report without your permission, consider placing a credit freeze on your report. A credit freeze, also known as a security freeze, lets you restrict access to your credit report, which makes it more difficult for identity thieves to open new accounts in your name. A freeze can stop identity thieves from opening new accounts in your name, but doesn’t prevent them from taking over existing accounts. A freeze remains in place until you ask the credit reporting company to temporarily lift it or remove it altogether. The costs to freeze and lift (or “thaw”) a freeze vary by state.

You can place a freeze on your credit report by contacting each of the nationwide credit reporting companies:
Equifax: (800) 349-9960
Experian: (888) 397-3742
TransUnion: (888) 909-8872

The Federal Trade Commission has a handy list of FAQs, so you can decide if freezing your credit is right for you.

Andrea Forte - The Real Estate Market Place


Servicing the Greater Fort Hood area which includes: KilleenHarker HeightsTempleBeltonCopperas Cove and Nolanville. Feel free to call if you have any questions regarding Central Texas Real Estate.

Sourced from Nancy Pacheco - Prospect Mortgage

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Chip Franks

The Supreme Commander of The Real Estate MarketPlace and A Good Guy, In General! Ron "Chip" Franks was born in 1972 in the thriving metropolis of Killeen, Texas and makes his profession there as on....

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