topic Re: Automatic Fraud Alerts? in Credit Cards

Automatic Fraud Alerts?

DigitalArk — Thu, 24 Apr 2014 14:57:09 GMT

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

Re: Automatic Fraud Alerts?

Anonymous — Thu, 24 Apr 2014 16:06:22 GMT

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

Re: Automatic Fraud Alerts?

Revelate — Thu, 24 Apr 2014 16:18:00 GMT

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

Not really; fraud alerts are a hassle.

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

Re: Automatic Fraud Alerts?

mrlh1980 — Thu, 24 Apr 2014 21:21:30 GMT

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

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.

Re: Automatic Fraud Alerts?

trumpet-205 — Thu, 24 Apr 2014 21:30:36 GMT

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

Otherwise freeze your credit report.

Re: Automatic Fraud Alerts?

mrlh1980 — Thu, 24 Apr 2014 21:42:19 GMT

@trumpet-205 wrote:
Fraud alert should only be used if you are a victim to identity theft.

Otherwise freeze your credit report.

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?

Re: Automatic Fraud Alerts?

Revelate — Thu, 24 Apr 2014 21:51:24 GMT

@mrlh1980 wrote:
@trumpet-205 wrote:
Fraud alert should only be used if you are a victim to identity theft.

Otherwise freeze your credit report.
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?

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

Re: Automatic Fraud Alerts?

mrlh1980 — Thu, 24 Apr 2014 22:41:18 GMT

@Revelate wrote:
@mrlh1980 wrote:
@trumpet-205 wrote:
Fraud alert should only be used if you are a victim to identity theft.

Otherwise freeze your credit report.
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?
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

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)

Re: Automatic Fraud Alerts?

tmeach — Mon, 19 May 2014 19:32:19 GMT

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?

Re: Automatic Fraud Alerts?

09Lexie — Mon, 19 May 2014 19:37:28 GMT

@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?

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

Re: Automatic Fraud Alerts?

trumpet-205 — Mon, 19 May 2014 20:57:08 GMT

Frozen credit report stops people from taking a look at your credit report, except lenders who you have relationship with or credit monitoring services.

Fraud alert does NOT stop people from peeking your credit report. All it does is advise whoever is reading your credit report to verify your identity. When lenders see this most of them will do identity check in attempt to thwart identity thief, if there is one.

If someone gets a hold of your information and wants to pull your credit report, fraud alert does not stop them from doing so.

Therefore you should only use fraud alert if you are a victim to identity thief. Otherwise freeze your credit report to stop any potential thief.

PS: The 90 days temporary fraud alert is there to give you time to file a police report, not for you to keep renewing the fraud alert. Don't abuse it.

Re: Automatic Fraud Alerts?

youdontkillmoney — Mon, 19 May 2014 21:05:24 GMT

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

^^^
I had it on my reports. WHat happens is the creditor calls you to confirm you are who you are. It is a little hassle, but sometimes the creditor does not call since they may not see the note, buy 90% of the time they do and call. I always got the credit I needed after they call me to verify my ID. Every 90 days I renew on the phone with Transunion and transunion notifies the other credit bureaus automatically. If you do not apply for credit, then you just have to remember to renew every 90 days. If you do apply for credit, a little inconvenienced with the wait to verify your ID.

I since stopped doing the 90 day fraud alerts since I have LIfelock and I get notified whenever someone tries to open credit in my name, everytime I apply, I get the notification.

If you are high risk for some reason, go ahead and put 90 day fraud alerts and if you feel you are not high risk anymore, don't renew them.