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Established Contributor
Posts: 650
Registered: ‎03-01-2012
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Should I place a fraud alert? Someone opened an Home Depot credit card in my name

Someone has opened a Home Depot credit card using my identify.  I first noticed an inquiry and a new account on Equifax.  I did an online dispute saying that the account wasn't mine.  Equifax came back to say the investigation was complete and the account (and the inquiry) was valid.  

 

I just called home depot credit services and they told me that the account will be closed immediately and that they would notify the CRs.  ( I hope the inquiry comes off too). Initial look at the account according to home depot looks like the the account was applied through internet, but no charge has been made yet.

 

What should be my next actions?  Should I place a fraud alert?  What is the plus and minus of doing so?  Has anyone had experience like this?  Were you succesful in getting the fraudulent account and inquiry removed from your reports?

 

Any advise would be much appreciated.

 

 


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Should I place a fraud alert? Someone opened an Home Depot credit card in my name

I would place a FA ASAP. I would also call the police and have a report filed for ID theft. You'd want to do this because there might be future reporting and non-reporting credit accounts floating out there in your name. 

 

Advantages: free credit reports if you suspect ID theft. You can dispute with the police report and get the inquiry and account removed easily. A police report would establish that you were a victim a while ago if new collections started appearing 2-3-4 years from now. Disadvantages: harder to pull reports. You'd have issues pulling via myFICO.

Established Contributor
Posts: 650
Registered: ‎03-01-2012
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Re: Should I place a fraud alert? Someone opened an Home Depot credit card in my name


llecs wrote:

I would place a FA ASAP. I would also call the police and have a report filed for ID theft. You'd want to do this because there might be future reporting and non-reporting credit accounts floating out there in your name. 

 

Advantages: free credit reports if you suspect ID theft. You can dispute with the police report and get the inquiry and account removed easily. A police report would establish that you were a victim a while ago if new collections started appearing 2-3-4 years from now. Disadvantages: harder to pull reports. You'd have issues pulling via myFICO.


How does having a fraud alert affect my ability to get credit? such as a new card, mortgage, etc.?

 


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Should I place a fraud alert? Someone opened an Home Depot credit card in my name

It won't be impossible. You'll just need to jump through more hoops for approval. Nothing will be instant. 

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Should I place a fraud alert? Someone opened an Home Depot credit card in my name

The fraud alert can protect you from having additional accounts opened using your identity.

I wrote a guide that outlines the steps needed to protect yourself. A fraud alert means that credit card approvals will not be instant and you'll have to verify ID each time... In my opinion that is a small price to pay. You can also consider getting a freeze on your credit reports.

The guide can be found here: http://ficoforums.myfico.com/t5/General-Credit-Topics/Victim-of-Identity-Theft-What-To-Do-to-Protect...

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Established Contributor
Posts: 650
Registered: ‎03-01-2012
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Re: Should I place a fraud alert? Someone opened an Home Depot credit card in my name

Thanks for the advise.  I've placed a fraud alert via Equifax (online).  It stated that it will automatically notify TransUnion and Experian.  I plan to going down to the local police station to file a police report later this week.

 

This is no fun...


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Should I place a fraud alert? Someone opened an Home Depot credit card in my name


pakman92 wrote:

Thanks for the advise.  I've placed a fraud alert via Equifax (online).  It stated that it will automatically notify TransUnion and Experian.  I plan to going down to the local police station to file a police report later this week.

 

This is no fun...


remember to keep all documentation! 

Also check back with EX and TU in 1-2 weeks to make sure the fraud alert is placed as well.

 

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