Fraud Alert on Credit Bureaus

Anonymous — Tue, 12 Sep 2017 06:37:36 GMT

So this has never happened to me and I'm not sure what to do, if anything. A few days ago Credit Karma and Experian both told me a fraud alert was placed on my reports to verify my identity before extending credit as precaution, I assume due to multiple Inq's and a few new accounts this year?? I have 2 new accounts opened in June and 2 in August. I do have several Inq's tho from last 12 months. Well anyway this alert expires in 90 days and says if I want to remove, they will need certain information to prove it's me. I mean I kinda want them off but at the same time it forces me to stay in the garden for 3 months as Ive been checking Citi prequal site .

Not sure how I feel about this, has anyone else had this happen? Does it effect new credit, CLI or existing accounts? I was planning on switching phone carriers this week and didn't want there to be an issue.

Thanks!

Re: Fraud Alert on Credit Bureaus

RobertEG — Tue, 12 Sep 2017 23:19:47 GMT

Technically, a fraud alert is only imposed if requested by the consumer or his authorized representative. FCRA 605A.

However, the CRAs generally interpret any assertion of any identity-theft or other anauthorized use of a consumer's identity to inherently be a request from the consumer for an initial fraud alert. That is, in my opinion, a prudent and helpful CRA policy interpretation that helps protect consumers.

Any fraud alert can be rescinded at any time provided the consumer sends the CRA a rescision notice, accompanied by proof of identity.

Thus, since at inferred reqeust for a fraud alert can always be explicitly rescinded by the named consumer, it is not a problem.

An initial fraud alert is effective for only 90-days, and requires only an assertion of suspected identity theft or fraud..

An extended fraud alert lasts for years, but requries the additional submission by the consumer of a police ("identity theft") report that asserts and actual act of identity theft.

The CRA thus does not impose an extended fraud alert based on inferred identity theft issues, as it requires the consumer to provide a police report.

I would generally let an initial fraud alert expire on its own after 90-days unless you have specific need for earlier removal.

topic Fraud Alert on Credit Bureaus in General Credit Topics

Fraud Alert on Credit Bureaus

Re: Fraud Alert on Credit Bureaus