What Do I Do If There Is Fraud on My Credit Score?

Fight back against credit fraud.

If you are receiving more credit card offers in the mail than normal or if you receive a credit card bill for an account you did not open, then you may be the victim of credit fraud. Once you suspect credit fraud, you should take steps immediately to protect your credit.

Fraud Alert

According to the Federal Trade Commission, a fraud alert will help prevent any unauthorized credit accounts from being opened in your name. When a fraud alert is on your credit report, the credit issuer is advised to contact you before approving an account.

Time Frame

A fraud alert remains on your credit account for 90 days. If you ask for an extended fraud alert, then that can remain on your credit file for up to seven years.

Cost

Placing a fraud alert on your account is free with all three credit reporting agencies.

Credit Freeze

An alternative to a fraud alert is a credit freeze. In most cases, victims of identity theft do not have to pay to have a freeze put on their accounts. A freeze prevents anyone from adding credit to your name, even yourself. In order to add a credit account, you must pay to lift the credit freeze.

Warning

Aside from costing money to execute, a freeze also differs from a fraud alert in that creditors are required by federal law to not authorize a credit account with a freeze on it. A creditor can ignore a fraud alert and issue a card in your name if they choose to.

References

• Washington State Office of the Attorney General: Credit Freeze / Fraud Alert
• Federal Trade Commision: Defend: Recover From Identity Theft
• AnnualCreditReport.com: Frequently Asked Questions

Resources

• Experian Credit Reporting Agency
• Equifax Credit Reporting Agency
• Trans Union Credit Reporting Agency