Thursday, December 14, 2017

Tightening Credit Accounts through Fraud Alerts and Credit Freeze

When accessing free credit score report online, identity thefts who would try to access your accounts are prevalent. This is because of the different websites that allegedly offer free credit reports, and yet, get your information and use it against you.

If you are a victim of fraud, you can add a fraud alert message to protect your credit information. These messages notify credit grantors that you are a victim of fraud.

Fraud alert are attached to your credit report. In such case, when someone tries to open up a credit account, the lender should contact you to verify your identity. Lenders call you through phone and when you won’t answer, the request would be denied.

Tightening Credit Accounts through Fraud Alerts and Credit Freeze

There are three types of fraud alerts. The initial alert lasts 90 days. The second alert is called extended alert. It can last up to 7 years. The second alert is ideal for those who were victims of identity theft. The third type of alert is called an active duty alert. This is only available to members of the military who are obliged to go abroad.

However, fraud alerts can still be ignored by creditors. Fraud alert messages are just a start to protect your account. You should consider a credit freeze. Credit freeze tightens the security of your account better than fraud alerts.

Credit freeze stops any access to your credit report. Credit freeze is available depending on state law or the borrower’s reporting company’s policies. Freezing credit files cannot affect your existing lines of credits. You can still use your account normally.

Credit freeze allows you to close credit reports and use a personal identification number to temporarily access your account. This way, credit applications can still be processed without those thefts intervening.

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