Fraud alert = Freeze?

[zyzzus]

I had reason to believe that my information could have been compromised and rather then fight it out after I added a fraud alert to all three CRAs.  Does this mean the reports are frozen?  I am a little confused.  

In before wrong section

[webhopper]

Generally when you have a fraud alert they will freeze your accounts and they may acutally send you a special password.

[HiLine]

I'm not sure what freezing constitutes. However, I know that if you put a fraud alert on your credit profile lenders will still be able to view your credit profile and make inquiries on it.

[RobertEG]

The FCRA provides the ability for a consumer to place a fraud alert in their file, notifying others to take precaustions.

They come in two flavors, as defined in FCRA 605A..... an initial fraud alert, which must remain for only 90 days, and requires only a consumer request, and an extended fraud alert, which lasts for up to 7 years, but requires the consumer to send the CRA a copy of a sworn police report.  Once that notice is in your file, it notifies all that you do not authorize the establishment of any new credit without your prior, express approval.  They must first contact you.

Extended fraud alerts also provide an automatic 5 year opt-out from the CRA providing your name for promotional offers for credit.

Credit freeze is additional to fraud alerts under the FCRA.  They are provided for under many state statutes and by internal CRA procedures, and place additional restrictions on access to consumer credit reports and establishment of credit.  Those restrictions vary depending upon the terms of the freeze.

Check out your state version of the federal FCRA for applicable statutory restrictions.

[sosabe77]

Yes, usually they freeze your account and you get a special code you have to give people.