What is a fraud alert?
A fraud alert can make it more difficult for an identity thief to open accounts in your name. You can place a fraud alert by asking one of the three nationwide credit bureaus to place a fraud alert on your credit report. The credit bureau is required to put the fraud alert on your credit report and to inform the other two credit bureaus so they may do the same. A fraud alert remains in place for one year—and then you can place a new fraud alert.
Why place a fraud alert on my credit report?
There are three nationwide credit bureaus that maintain records of your credit history. If someone has misused your personal information—or if you haven’t yet become a victim but are concerned about identity theft—you can place a fraud alert on your credit report. For example, you may want to place a fraud alert if your wallet, purse, credit card, Social Security card, bank statement, or other personal, financial, or account information is lost or stolen. You may also want to place a fraud alert if your personal information was exposed in a data breach or if your mail was stolen.
Placing a fraud alert allows you to order one free copy of your credit report from each of the three credit bureaus. You should confirm that each of the credit bureaus have your current contact information so they can get in touch with you.
What is the effect of placing a fraud alert on my credit report?
If you place a fraud alert on your credit report, creditors (credit card companies, banks, etc.) must contact you before opening a new account to determine if you are in fact trying to open a new credit account—as identity thieves often open new accounts online to limit verification procedures. Potential creditors will usually contact you by calling you at the phone number listed on your credit report to verify whether you are attempting to open a new credit account—which is why you should confirm that the phone number on your credit report is current and accurate.
What types of fraud alerts are available for me to place on my credit report?
There are three types of fraud alerts available:
• Fraud Alert—If someone has misused your personal information—or if you haven’t yet become a victim but are concerned about identity theft—you can place a fraud alert on your credit report. For example, you may want to place a fraud alert if your wallet, purse, credit card, Social Security card, bank statement, or other personal, financial, or account information is lost or stolen. You may also want to place a fraud alert if your personal information was exposed in a data breach or if your mail was stolen.
• Extended Fraud Alert—For victims of identity theft, an extended fraud alert will protect your credit for seven years.
• Active Duty Military Alert—For those in the military who want to protect their credit while deployed, this active duty fraud alert lasts for one year and can be renewed for the length of your deployment. The credit bureaus will also take you off their marketing lists for prescreened credit card offers for two years—unless you ask them not to.
How can I place a fraud alert on my credit report?
To place a fraud alert on your credit report, contact one of the nationwide credit bureaus:
• Equifax—Equifax.com/personal/credit-report-services or call 800.685.111
• Experian—Experian.com/help or call 888.397.3742
• TransUnion—TransUnion.com/credit-help or call 888.909.8872
How do I know if I have been the victim of identity theft?
You may not know immediately that you’ve been the victim of identity theft. You could be a victim if you receive:
• bills for items you didn't buy
• debt collection calls for accounts you didn't open
• denials for loan or credit card applications
How can I prevent identity theft?
Keep these tips in mind to protect yourself from identity theft:
• Secure your Social Security number (SSN). Don't carry your Social Security card in your wallet. Only give out your SSN when necessary.
• Don't share personal information (birthdate, Social Security number, or bank account number) because someone asks for it.
• Collect mail every day. Place a hold on your mail when you are away from home for several days. Consider having your mail delivered to a mailbox service that is monitored or to your office.
• Pay attention to your billing cycles. If bills or financial statements are late, contact the sender.
• Use the security features on your mobile phone.
• Update sharing and firewall settings when you're on a public wi-fi network. Use a virtual private network (VPN) if you use public wi-fi.
• Review your credit card and bank account statements. Compare receipts with account statements. Watch for unauthorized transactions.
• Shred receipts, credit offers, account statements, and expired credit cards. This can prevent so-called dumpster divers from getting your personal information.
• Store personal information in a safe place.
• Install firewalls and virus-detection software on your home computer.
• Create complex passwords that identity thieves cannot guess. Change your passwords if a company that you do business with has a breach of its databases
• Review your credit reports once a year. Be certain that they don't include accounts that you have not opened. You can order it for free from Annualcreditreport.com.
• Freeze your credit files with Equifax, Experian, Innovis, TransUnion, and the National Consumer Telecommunications and Utilities Exchange for free. Credit freezes prevent someone from applying for and getting approval for a credit account or utility services in your name.
In Texas, a fraud alert is a protective measure you can place on your credit report to help safeguard your credit from identity theft. By contacting one of the three nationwide credit bureaus (Equifax, Experian, or TransUnion), you can request a fraud alert, which requires potential creditors to verify your identity before opening new accounts in your name. There are three types of fraud alerts: a standard fraud alert that lasts for one year, an extended fraud alert for victims of identity theft that lasts for seven years, and an active duty military alert for military personnel that lasts for one year and can be renewed during deployment. Placing a fraud alert also allows you to order one free copy of your credit report from each bureau. To prevent identity theft, it's recommended to secure personal information, monitor financial statements, use security features on mobile phones, and consider credit freezes. Victims of identity theft may notice unfamiliar charges or accounts, and should regularly review their credit reports for accuracy.
