Extended Fraud Alerts
Under the provisions of the Fair and Accurate Credit Transactions Act (FACTA), if you are a victim of Identity Theft, you are permitted to place an extended fraud alert your credit file for a period of seven (7) years, at your request.
In order to place an extended fraud alert, you must submit to the credit reporting agencies:
1). An Identity Theft Report* (affidavit) confirming that you are a victim of fraud, and
2). Supply adequate proof of your identity.
*You may also be required to submit an official police report documenting that you are a confirmed victim of Identity Theft.
You can remove the extended fraud alert prior to the end of the seven-year period if you request it in writing and provide proof of your identity at the time of your request.
What Happens When You Place an Extended Fraud Alert
While the extended fraud alert is in place, credit should not be extended in your name unless the credit grantor using the report first takes reasonable steps to confirm the identity of the person making an application for credit by contacting you directly at the telephone number provided or other method that you have specified. As with a standard fraud alert, this is not an absolute guarantee that no new accounts will be opened as many creditors, particularly instant credit providers, may still disregard the alert. As an added benefit, your name is removed from pre-screened lists for credit and insurance offers for a period of five years.
FRAUDFacts Tip: Under the provisions of the Fair and Accurate Credit Transactions Act (FACTA), a consumer who places an Extended Fraud Alert and submits the required documentation is entitled to two free copies of their credit file from each of the three national credit reporting agencies within a 12-month period following the placement of the Extended Fraud Alert. This is in addition to the free annual reports mandated by FACTA.
Remember to place the extended fraud alert at all three primary credit bureaus - Equifax, Experian, and TransUnion. Though these credit bureaus are supposed to share fraud alert information, (i.e. placing an alert on your file at the other two when you you place an alert at one), this does not always happen and can dramatically reduce the effectiveness of the fraud alert. You should also remember to place an extended fraud alert on your credit file at Innovis as well!
Because you must submit a written request and the required documentation in order to place an extended fraud alert, the following links will allow you to visit each credit reporting agency's fraud alert website to obtain the necessary forms and information:
EXPERIAN
Fraud Alert Website: https://www.experian.com/consumer/cac/InvalidateSession.do?code=SECURITYALERT
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EQUIFAX
Fraud Alert Website: http://www.equifax.com/answers/set-fraud-alerts/en_cp
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TRANSUNION
Fraud Alert Website: http://www.transunion.com/sites/corporate/personal/fraudIdentityTheft/preventing/fraudAlert.page
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INNOVIS
Fraud Alert Website: http://www.innovis.com/pers_placeFraudActiveDutyAlert.html
©Copyright 2008 by Michael Barnett. All rights reserved. Unauthorized use, copying, or distribution without permission is prohibited.