topic can some explain fraud alert? in General Credit Topics

can some explain fraud alert?

ktl55 — Wed, 23 May 2007 18:27:22 GMT

can someone explain to me the danger of a fraud alert on your credit report. i see a lot of "be careful they don't put a fraud alert on your cr". I know about the basics of having a harder time getting instant credit but what is the other dangers of a fraud alert.....................especially when you are a victim of identy thief?

Re: can some explain fraud alert?

Anonymous — Wed, 23 May 2007 19:32:38 GMT

I am just learning about it. We were just discussing Fraud Alerts here. This might help a little. Sorry that's all I know.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=6963

Re: can some explain fraud alert?

Kevin5974 — Wed, 23 May 2007 19:34:07 GMT

A fraud alert is not going to hurt. It can only help in the fight against identity theft. I fully recommend placing one. Better safe than sorry

Re: can some explain fraud alert?

Tuscani — Wed, 23 May 2007 21:01:53 GMT

Kevin5974 wrote:
A fraud alert is not going to hurt. It can only help in the fight against identity theft. I fully recommend placing one. Better safe than sorry

Are you saying OP should place a FA on their report even if they are not a victim of ID theft?

Re: can some explain fraud alert?

fused — Wed, 23 May 2007 21:56:29 GMT

Tuscani wrote:

Kevin5974 wrote:
A fraud alert is not going to hurt. It can only help in the fight against identity theft. I fully recommend placing one. Better safe than sorry

Are you saying OP should place a FA on their report even if they are not a victim of ID theft?

I have read on other forums, the "experts" recommending people to place a "freeze" on their reports not an FA. Some states though, like the one I live in Hawaii, will not allow you to place a freeze unless you have already been a victim of ID theft. It already been legislated. To me its really idiotic. If one is fearful of ID theft, they should have the right to place a freeze on their reports. And say pay a nominal fee for it. But an FA with no proof of ID theft, I don't know. Never heard of someone doing that.

Re: can some explain fraud alert?

Kevin5974 — Wed, 23 May 2007 23:13:26 GMT

A Fraud alert stays on for 7 years, an "initial" fraud alert essentially works the same but can be removed whenever you choose. They sometimes say it expires after 3 months...it doesn't

Re: can some explain fraud alert?

Anonymous — Thu, 24 May 2007 00:44:24 GMT

Fraud alert = CRAs are supposed to contact you if anyone tries to open credit in your name. You need to verify that you have authorized it (i.e., that you're the applicant). This is a procedure that's intended to be used only if you believe you've been the victim of fraud or identify theft.

Freeze = No one can open credit in your name. If you want to apply, you have to give the security PIN and wait a few days for the thaw. About half the states have it. Some charge you a fee to freeze, unfreeze, or both. This is a procedure that anyone (if they live in the right state) can use. I've noticed that some of the CRAs discourage it. IMHO it should be available with liberty and justice to all.

Re: can some explain fraud alert?

fused — Thu, 24 May 2007 00:48:20 GMT

masdeocho wrote:
Fraud alert = CRAs are supposed to contact you if anyone tries to open credit in your name. You need to verify that you have authorized it (i.e., that you're the applicant). This is a procedure that's intended to be used only if you believe you've been the victim of fraud or identify theft.

Freeze = No one can open credit in your name. If you want to apply, you have to give the security PIN and wait a few days for the thaw. About half the states have it. Some charge you a fee to freeze, unfreeze, or both. This is a procedure that anyone (if they live in the right state) can use. I've noticed that some of the CRAs discourage it. IMHO it should be available with liberty and justice to all.

Can freezing your reports prevent debt collectors, CA's and etc. from placing hard inq's on your reports?

Re: can some explain fraud alert?

Tuscani — Thu, 24 May 2007 11:45:33 GMT

fused111 wrote:

masdeocho wrote:
Fraud alert = CRAs are supposed to contact you if anyone tries to open credit in your name. You need to verify that you have authorized it (i.e., that you're the applicant). This is a procedure that's intended to be used only if you believe you've been the victim of fraud or identify theft.

Freeze = No one can open credit in your name. If you want to apply, you have to give the security PIN and wait a few days for the thaw. About half the states have it. Some charge you a fee to freeze, unfreeze, or both. This is a procedure that anyone (if they live in the right state) can use. I've noticed that some of the CRAs discourage it. IMHO it should be available with liberty and justice to all.

Can freezing your reports prevent debt collectors, CA's and etc. from placing hard inq's on your reports?

Re: can some explain fraud alert?

Tuscani — Thu, 24 May 2007 11:46:17 GMT

masdeocho wrote:
Fraud alert = CRAs are supposed to contact you if anyone tries to open credit in your name. You need to verify that you have authorized it (i.e., that you're the applicant). This is a procedure that's intended to be used only if you believe you've been the victim of fraud or identify theft.

Freeze = No one can open credit in your name. If you want to apply, you have to give the security PIN and wait a few days for the thaw. About half the states have it. Some charge you a fee to freeze, unfreeze, or both. This is a procedure that anyone (if they live in the right state) can use. I've noticed that some of the CRAs discourage it. IMHO it should be available with liberty and justice to all.

Good post.. This helps people understand the differences between freeze and FA.

Re: can some explain fraud alert?

Tuscani — Thu, 24 May 2007 11:49:57 GMT

Remember, there are different rules for each state:

http://www.pirg.org/consumer/credit/statelaws.htm

Re: can some explain fraud alert?

Anonymous — Thu, 24 May 2007 15:29:11 GMT

Tuscani wrote:

masdeocho wrote:
Fraud alert = CRAs are supposed to contact you if anyone tries to open credit in your name. You need to verify that you have authorized it (i.e., that you're the applicant). This is a procedure that's intended to be used only if you believe you've been the victim of fraud or identify theft.

Freeze = No one can open credit in your name. If you want to apply, you have to give the security PIN and wait a few days for the thaw. About half the states have it. Some charge you a fee to freeze, unfreeze, or both. This is a procedure that anyone (if they live in the right state) can use. I've noticed that some of the CRAs discourage it. IMHO it should be available with liberty and justice to all.

Good post.. This helps people understand the differences between freeze and FA.

Thanks Tusc. Now, if only the thread ratings system were still active ...

Re: can some explain fraud alert?

Tuscani — Thu, 24 May 2007 16:31:22 GMT

masdeocho wrote:

Tuscani wrote:

masdeocho wrote:
Fraud alert = CRAs are supposed to contact you if anyone tries to open credit in your name. You need to verify that you have authorized it (i.e., that you're the applicant). This is a procedure that's intended to be used only if you believe you've been the victim of fraud or identify theft.

Freeze = No one can open credit in your name. If you want to apply, you have to give the security PIN and wait a few days for the thaw. About half the states have it. Some charge you a fee to freeze, unfreeze, or both. This is a procedure that anyone (if they live in the right state) can use. I've noticed that some of the CRAs discourage it. IMHO it should be available with liberty and justice to all.

Good post.. This helps people understand the differences between freeze and FA.

Thanks Tusc. Now, if only the thread ratings system were still active ...

No kidding!