Types of Fraud Alerts

In today's world, many people are becoming a victim of identity theft. Therefore, it is wise to be knowledgeable of the different types of fraud alerts.  First type is the initial alert; this alert can be put on your credit report for at least 90 days.  Times and examples when you would want this alert placed on your credit report:  suspect or victim of identity theft resulting from your wallet being stolen or you have been a victim of phishing scam.  Once this alert has been placed on your credit report, potential creditors are required to use reasonable policies and procedures to verify your identity before issuing credit.  Sometimes there may be mistakes of identifying the proper person.  As a victim, you are entitled to order one free credit report from each of three nationwide consumer reporting companies.  When receiving the credit report, request the agency to print the last four digits of your social security number.  Second type of alert is the extended fraud alert.  This occurs when you have been a victim of identity theft and you provide you provide an Identity Theft Report.  When an extended fraud alert has occurred, potential creditors must contact you before issuing credit.  In this situation, you are entitled to order two free credit reports within a twelve month period from the three nationwide consumer reporting companies.  Finally is this situation, consumer reporting companies will remove your name from marketing lists for five years unless you request otherwise. 

In order to place or be removed yourself from one of the above alerts; you must provide proof of identity which probably will include your social security number and other personal information requested by the consumer reporting company.  Fraud alert can keep a thief from opening new accounts in your name, but it is not a solution to all types of identity theft.