How to Place a Fraud Alert on Your Accounts

Placing a Fraud Alert on Your Accounts
1. What does a fraud alert do? Putting a fraud alert on your credit file means businesses must try to verify your identity before extending any new credit. For example, they may call you to verify that you’re the one soliciting credit from a particular business. This can make it harder for an identity thief to open an account in your name.
2. How long does a fraud alert last? An “initial fraud alert” lasts 90 days. You can renew it but it will expire if you do nothing. An “extended fraud alert” lasts seven years and is recommended for those who are victims of fraud/ID theft. An “active duty military alert” lasts 1 year and is meant for those in the military who want to minimize their risks while they are deployed.
3. How much does it cost? It’s free!
4. How do I place a fraud alert?
a. Contact one of the three major credit reporting agencies-by phone or online.
b. Ask the company to put a fraud alert on your credit file.
c. Confirm that the company you contacted will call the other two credit reporting bureaus. (they are required to).
d. Be sure the credit reporting company has your current contact info so they can get in touch with you.
e. Mark your calendar to renew this fraud alert after 90 days.

Remember, you don’t have to be a victim of identity theft to use a fraud alert. A fraud alert can make it harder for an identity thief to open an account in your name. The alert lasts 90 days but you can renew it. When you call one of the credit reporting agencies and ask them for a fraud alert, they must tell the other two companies.

“Like” this video and give it a thumbs up! Leave a comment and let me know what financial question you’d like to have answered. Also check out our website finance.usu.edu for links to great financial resources! Thanks for stopping by! I’m Amanda Christensen with Utah State University Extension. See you again soon!
Further Resources:
Federal Trade Commission:
• consumer.ftc.gov/blog/2017/09/fraud-alert-or-cr…
• consumer.ftc.gov/articles/0275-place-fraud-alert
• TransUnion: 1-800-680-7289
• Experian: 1-888-397-3742
• Equifax: 1-800-525-6285
Twitter: @FamFinPro
Facebook: facebook.com/famfinpro
www.famfinpro.com

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