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Protecting Your Credit File
How to use a new tool available from the major credit reporting agencies to secure your credit file.
There’s good news for anyone who is worried that their financial information has fallen into the wrong hands. Consumers now have a new tool at their disposal; they can place a “Fraud Alert” on their credit file.
Fraud Alerts help prevent anyone from opening new accounts in your name. They act as a red flag on
your
credit report, visible only when businesses
access your file to possibly extend you credit.
To place an alert on your account, call one
of the three credit reporting agencies and
ask them to flag your credit file for fraud.
Within 24 hours, an alert will be attached
to your credit file and your name will be
removed from pre-approved credit and insurance
applications for two years.Types Of Fraud Alerts
An “Initial Alert” will be active on your credit report for 90 days. Use this if someone has gained access to personal information that could be used to open accounts in your name,
such
as your Social Security number, or your date
of birth. Once an initial alert is in place,
potential creditors will need to verify your
identification prior to extending credit,
so you should provide them with a phone number
where you can be easily reached. The alert will help to ensure that you are
the only one opening accounts in your name.