Automatic Fraud Alerts?

[DigitalArk]

Is it a good idea to place fraud alerts on my credit reports to prevent identity theft?

[john398]

That could exclude you from get pre-screened offers, not sure if you like those or not though

[Revelate]

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@DigitalArk wrote:

Is it a good idea to place fraud alerts on my credit reports to prevent identity theft?

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Not really; fraud alerts are a hassle.

Lock your reports if you're worried about people opening up accounts in your name.

[mrlh1980]

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@DigitalArk wrote:

Is it a good idea to place fraud alerts on my credit reports to prevent identity theft?

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Actually that's a GREAT thing to do. I have it on my credit  and have no issues with getting credit or increases. Matter of fact I enjoy knowing they have to call me back to verify if it's really me. This assure me that my identity is safe. I don't understand why others are complaining about it stopping them from getting accounts. I highly doubt that if you have the same number you listed on the reports. I doubt if credit card companies would frown on that when you're trying to protect yourself. I even have a verb password on all my accounts that needs to be verified after they verify the basic security. I rather be overly protective than unprotected.

[trumpet-205]

Fraud alert should only be used if you are a victim to identity theft.

Otherwise freeze your credit report.

[mrlh1980]

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@trumpet-205 wrote:

Fraud alert should only be used if you are a victim to identity theft.

Otherwise freeze your credit report.

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That's not true according to all 3 credit bureaus they all say to add a fraud alert to help prevent fraud. Whenever you have a fraud alert, it makes whomever your applying for new credit or credit increase see the alert and call you to verify. It's simple and free. So, why should it only be use for identity theft instead of preventing identity theft?

[Revelate]

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@mrlh1980 wrote:

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@trumpet-205 wrote:

Fraud alert should only be used if you are a victim to identity theft.

Otherwise freeze your credit report.

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That's not true according to all 3 credit bureaus they all say to add a fraud alert to help prevent fraud. Whenever you have a fraud alert, it makes whomever your applying for new credit or credit increase see the alert and call you to verify. It's simple and free. So, why should it only be use for identity theft instead of preventing identity theft?

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Because locking aka freezing your reports provides two layer protection and doesn't involve the same level of additional hassle and rigamarole?

I'd like to see your sources, because if they felt that, they'd implement it for everyone... which they most assuredly do not, not for the least of which financial reasons.  Extra pieces and parts moving on my credit reports, no thanks.

Besides the fact it's grey area ethical, Equifax certainly doesn't promote it as such: http://www.equifax.com/answers/set-fraud-alerts/en_cp

[mrlh1980]

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@Revelate wrote:

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@mrlh1980 wrote:

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@trumpet-205 wrote:

Fraud alert should only be used if you are a victim to identity theft.

Otherwise freeze your credit report.

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That's not true according to all 3 credit bureaus they all say to add a fraud alert to help prevent fraud. Whenever you have a fraud alert, it makes whomever your applying for new credit or credit increase see the alert and call you to verify. It's simple and free. So, why should it only be use for identity theft instead of preventing identity theft?

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Because locking aka freezing your reports provides two layer protection and doesn't involve the same level of additional hassle and rigamarole?

I'd like to see your sources, because if they felt that, they'd implement it for everyone... which they most assuredly do not, not for the least of which financial reasons.  Extra pieces and parts moving on my credit reports, no thanks.

Besides the fact it's grey area ethical, Equifax certainly doesn't promote it as such: http://www.equifax.com/answers/set-fraud-alerts/en_cp

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Hmm are you sure? https://www.transunion.com/personal-credit/credit-disputes/fraud-alerts.page says it's about the same. Only differences you would have to renew every 90 days (which is easy to do)

[tmeach]

VBI have a fraud alert on with CRA due to being a victim of  some weird identity fraud (fake addresses on my report) and it is a pain.  Esp if apping for CCs!  I didn't realize it was beyond a matter of answering a few simple questions and talking to the banks!  

I applied for Chase Freedom and Cap1 Venture 1 nearly 3 weeks ago.   Both requested for me to fax in addiotional info such as a copy of my SS or filling out an SS Administration form.  I checked on both a week later; both banks stated they are taking 2-3 weeks to process due to the fraud alerts and Federal Guidelines.  

Now I am debating to remove it to apply to become a member with DCU to get their CC.  I just wanted 1 or 2 CCs to help build my credit.

BTW- I keep coming across people freezing their reports.  What does that do and is that better than keeping the fraud alert on?

[09Lexie]

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@tmeach wrote:

VBI have a fraud alert on with CRA due to being a victim of  some weird identity fraud (fake addresses on my report) and it is a pain.  Esp if apping for CCs!  I didn't realize it was beyond a matter of answering a few simple questions and talking to the banks!  

I applied for Chase Freedom and Cap1 Venture 1 nearly 3 weeks ago.   Both requested for me to fax in addiotional info such as a copy of my SS or filling out an SS Administration form.  I checked on both a week later; both banks stated they are taking 2-3 weeks to process due to the fraud alerts and Federal Guidelines.  

Now I am debating to remove it to apply to become a member with DCU to get their CC.  I just wanted 1 or 2 CCs to help build my credit.

BTW- I keep coming across people freezing their reports.  What does that do and is that better than keeping the fraud alert on?

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I have FAs on my CR's and have not had any issues with approvals. Make sure your contact number is listed with the FA and they will call you on that line. Yes, the approvals are not instant but if you know you'll be apping, do it during their working hours and be prepared to call in. 

Freezing credit reports should be considered when you are not applying for credit IMO.  You'll need to have the freeze lifted or provide a PIN to the creditor before they can pull your CR's