Credit Monitoring And Credit Fraud Protection

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This can help you prevent any business from accessing your credit except if they have already performed transactions with you. This seals your records so that new creditors cannot view your credit report. The problem with this is that it will be hard for you to seek a student loan or a mortgage.

You need to unfreeze your credit records so you can use it again. This usually takes three days and there may be a small fee for the process. Whether you lose your card or it has been stolen, the first thing to do is to contact your issuer. Most companies come with 24-hour customer service and they are eager to help you. The US law states that reporting theft or loss of credit card frees you of the responsibility to pay for illegal charges. You can also file a complaint with the Federal Trade Commission to maximize your protection against fraud.

A fraud alert requires creditors who check your credit report to take steps to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account based on a consumers request. When you place a fraud alert on your credit report at one of the nationwide credit reporting companies, it must notify the others.

There are two main types of fraud alerts: initial fraud alerts and extended alerts. You can place an initial fraud alert on your credit report if you believe you are (or are about to become), a victim of fraud or identity theft. Credit reporting companies will keep that alert on your file for 90 days.

After 90 days the initial fraud alert will expire and be removed, you have the option to place another initial fraud alert at that time. An initial fraud alert requires that the creditor take reasonable steps to make sure the person making a new credit request in your name is actually you. If you provide a telephone number, the lender must call you or take reasonable steps to verify whether you are the person making the credit request.

When you place an initial fraud alert in your file, youre entitled to order one free copy of your credit report from each of the nationwide credit reporting companies. These free reports do not count as your free annual report from each credit reporting company. You can place an extended alert on your credit report after your identity has been stolen and you file an identity theft report.

When you place an extended fraud alert in your file, youre entitled to order two free copies of your credit report from each nationwide credit reporting company over a 12 month period. An extended alert is good for seven years. An extended alert requires that the creditor contact you in person or through the telephone number or other contact method you designate to verify whether you are the person making the credit request.

You can also place a "security freeze" on your credit report, which prevents new creditors from accessing your credit file and others from opening accounts in your name, until you lift the freeze. Unlike fraud alerts, if you place a security freeze with one credit reporting company they will not notify the other credit reporting companies.

You must contact each credit reporting company individually if you would like to place a security freeze with all three nationwide credit reporting companies. Because most businesses will not open credit accounts without checking your credit report, a freeze can stop identity thieves from opening new accounts in your name. Be mindful that a freeze doesnt prevent identity thieves from taking over existing accounts. States have their own rules about credit freezes and how much you pay for them. Members of the military (such as members of the Marines, Army, Navy, Air Force, and Coast Guard) have an additional option available to them – active duty alerts, which give service members protection while they are on active duty. Active duty alerts last for 12 months.

By Oct. 1 of next year, retail establishments are supposed to be able to accept new credit and debit cards that have a chip embedded and require the use of a PIN when making purchases at the checkout counter. The point is to make the cards smarter so that financial institutions can better detect fraudulent usage.