What is a credit report fraud alert and how it might help you!!

A fraud alert is something that you ask the major credit bureaus, Equifax, Experion, and Trans Union, to add to your credit report. Once you have added a fraud alert to your credit report, whenever someone tries to open an account using your indentification, that lender should call you to verify that it is you who is trying to open the account. For example, if someone steals your identity and tries to apply for a credit card or other line of credt, the lender should notify you before giving the thief the line of credit or credit card.

This sounds like an absolute perfect way to prevent indentity theft, but you must know that lenders are not required to call you even if you have put in place a credit report fraud alert. Therefore, you still need to diligently be monitoring your credit report. You should check your credit report at least annually to make sure that there are no unknown accounts opened under your name.

If you notice that an unknown account has been opened, you need to immediately find out what that account is. It could be something that you just don’t remember opening, or it could be someone impersonating you and opening a credit card account. Credit report disputing is not a fun process, but if you notice an irregularity in your credit report, you need to take care of it.

You can get a free credit report here at Get A Free Credit Report Today!.

So if you are concerned with identity theft, placing a credit report fraud alert with the credit bureaus could be a very smart move.