How to Fight Against Identity Theft with a Fraud Alert

What would you do if you received a phone call from a car dealership in a different state asking if you were the person standing in their dealership about to purchase a brand new car? This happened to me and it was prevented because I put a fraud alert on my credit report. A fraud alert is a valuable tool in fighting identity theft. Here are steps to protect yourself from identity thieves by putting a fraud alert on your credit report.

Difficulty: Easy

Instructions

1. The second you realize your identity has been lost, stolen, or released onto an unsecure website, you must call the national credit bureaus immediately. Your personal identity may include your social security number, name and address, birthday, and account numbers. The three major credit bureaus are Experion 888-397-3742, TransUnion 800-888-4213, and Equifax 800-685-1111.

2. If you don’t call the credit bureaus right away, it will become even more difficult to clear your name from the actions of identity thieves because the credit bureaus will assume the credit taken under your name is you, especially if a lot of time has past and you haven’t protested the charges.

3. It can be difficult to speak to a representative regarding your credit. Often the credit bureaus will make you first get an actual credit report in hand with an account number before you speak to someone at the credit bureau. However, if you have a legitimate concern that your credit and name has been violated by an identity thief, you can speak with a representative instantly if you follow the prompts that state whether you have been a victim of fraud.

4. Once you reach a representative from the credit bureaus, they will put a statement on your credit report that explains to merchants or anyone opening credit in your name, that you have been a victim of a fraudulent crime and require them to phone you before extending credit or opening an application.

5. The fraud alert will last for 90 days and can be renewed every 90 days indefinitely. If you provide a police report that states or proves you’ve been a victim of identity theft, the fraud alert will stay on your credit report for seven years.

6. Because I had a fraud alert on my credit report, the general manager of a car dealership called me before he issued credit to the identity thief standing in his dealership. The next phone call I received was from a sergeant who informed me that he had just arrested a woman trying to buy a brand new car under my name.

Tips & Warnings

• Credit Bureau Contact Information: Equifax Information Svc. LLC., P.O. Box 740374, Atlanta, GA 30374, www.equifax.com, Experian, 701 Experian Parkway, P.O. Box 2002, Allen, TX 75013, www.experian.com/reportaccess, TransUnion, 2 Baldwin Place, P.O. Box 1000, Chester, PA 19022, www.transunion.com/direct
• It may take you longer to open credit in your name with a fraud alert, especially if you have to wait for a phone call from the credit bureaus but it’s financially worth it in the end.
• Contact the credit bureaus only to place a dispute or place a fraud alert, not to obtain a credit report. To obtain a free copy of your credit reports from all three major credit bureaus go to www.anualcreditreport.com.
• Here is an example of a fraud alert statement used on my own credit report. “Do not extend credit without first contacting me personally and verifying all application information at (phone number).”

Resources

• Equifax
• Experian
• TransUnion
• Annual Credit Report