Identity Theft Reviewed

On vacation, you are having a great time and are so caught up in the moment that you don’t realize you’ve misplaced your wallet. This happens to everyone, and taking steps to prevent any potential loses is crucial. With a fraud alert, your credit lines are frozen and your creditors are alerted so that you can place a stop-loss on your accounts until you restore their security.

Fraud alerts are linked to your credit reports based upon suspicious activity in your accounts. Often times, you will be alerted, although the alerts are primarily sent to creditors by the major credit bureaus. With automated protection, you can be assured of automatic protection so that you can enjoy your time without worry about potential loses.

How Can You Prevent ID Theft?

Additionally, you can manually request fraud alerts if you suspect unusually activity or potential loses. The major credit unions – Equifax, Experian and Trans Union – have options where you can report potential fraud. By filing these reports, a virtual lock is placed on your accounts until everything can be cleared up. Additional services from companies such as Life Lock and ID Watch Dog help facilitate the fraud alert process by giving you access to a broader array of data, helping you to organize the process and safeguard your account.

Fraud alerts are activated by the Credit Bureaus within a day, removing your name from pre-approved offers for a 90-day period. During this time, you will be safeguarded from automated account applications and your identity will be protected. To extend the warning period, you can also apply for a 7-year period if you are the victim of identity theft – giving you a broader array of protection.

It’s also possible to file a fraud alert for minors to prevent identity theft. To begin the process, you have to file through the credit bureau, and can keep this in place until the child is ready for their own accounts. While on a fraud alert, your financing options may be reduced – instant financing offers will be revoked, requiring an application for any purchase financing. This can be beneficial in reducing identity theft, but can make borrowing more difficult. Most standard fraud alerts expire in 90 days, although you can request an expedited removal in writing to your credit bureau. Both manual and automated fraud alert services help to protect your identity and credit record, so you can continue to build and restore positive credit.