There are two different types of fraud alerts that could be placed on your credit report. The type of alert issued depends on your situation. The first type of fraud alert is called an Initial Fraud Alert, and the second type is called an Extended Fraud Alert.
Initial Fraud Alerts
For an initial fraud alert to be placed on your credit report, you need to either 1) believe that you are about to be a victim of identity theft, or 2) think that you have been a victim of identity theft. An initial fraud alert is generally placed on someone’s credit report when someone first thinks that they’ve been a victim of identity theft, but doesn’t know for sure or have any evidence that they are a victim.
- An initial fraud alert is good for three months, or 90 days.
- Initial alerts are sometimes created as a security purpose if you’ve lost your social security card, credit cards, drivers license/state identification card, or any other document with personal information that an identity thief could use to gain access to your finances.
- When placing an initial fraud alert, the credit company will need to verify your identity. The identity thief could already have the personal information they would ask for, so try to come up with something unique to prove that you are you. Also, ask to speak with the credit company over the phone. Your voice will help somewhat with verifying your identity.
- When you place an initial fraud alert on your credit report, you are allowed one free copy of the credit report from each credit reporting company. Look over these reports carefully, keeping an eye out for incorrect transactions and information.
Extended Fraud Alerts
Extended fraud alerts are for people who have been a victim of identity theft. The victims have, without a doubt, been a victim of identity theft and must provide the credit companies with a copy of the identity theft report. There is proof that the theft did take place.
- Extended fraud alerts are good for seven years
- The consumer reporting companies will remove your name from all the marketing lists for pre-screened credit offers for five years. If you wish, you have the right to request that your name be put back on the list before the five years are up.
- With an extended fraud alert, any potential creditors must have direct contact with you before issuing any credit in your name.
- You are allowed two free copies of your credit report from each credit reporting company. These two free copies must both be claimed within the first 12 months after the extended fraud alert is placed on your credit report.
Placing an extended fraud alert on your credit history after being a victim of identity theft is an intelligent step to take. The rights and benefits you receive from an extended fraud alert is like having a built in security system for your credit history.
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