Worried about credit fraud - Here’s what to do
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I recently got a letter from my ex-employer stating that the company offices had been broken into. Some laptops were stolen and ex-employee accounts may have been compromised. Being a first time experience with something like this, I was naturally worried about someone using my private information for credit fraud purposes and so i started researching my options.
All the 3 credit analytics agencies - Experian™, Equifax™ and TransUnion™ offer free options for individuals for just this kind of situation. Turns out, one can place an Initial Security alert for 90 days. In such an event if a fraud perpetrator tries to open an account within the 90 day period, potential credit granters are notified to contact me for verification prior to extending credit in my name.
If however it is too late for you and you are an unfortunate victim of credit fraud, one can request an extended alert that is valid for 7 years and requires one to submit a copy of a valid identity theft report that you have filed with a Federal, State or local law enforcement agency.
Here are some useful links to get you started
Consumers are also entitled to 1 free credit report every year. Note that the credit agencies are not obligated to provide you with a credit score in this case, only a report. AnnualCreditReport.com provides consumers with the secure means to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies in accordance with the Fair and Accurate Credit Transactions Act (FACT Act). Make sure that you get your annual report and check for accounts in your report and take necessary action immediately if you see an account that you did not open!
