Wednesday, October 19, 2016 - Article by: MEL SMITH--LENDER OF THE MONTH - Meadowbrook Financial Mortgage Bankers -
If you are suspicious that you are a fraud victim
If something happens that makes you think your personal information has been compromised, you can place an initial fraud alert on your credit report. This alert lasts 90 days, and you can renew it indefinitely. It also enables you to order a free copy of your credit report from each of the three credit bureaus. Ensure your contact number is up to date. Creditors may call to verify your identity before approving a credit application. To demand an initial fraud alert, contact one of the three credit bureaus and deliver adequate proof of identity. The bureau will usually forward your request to the other two bureaus within a timeframe of 24 hours.
If you are planning to go on active duty
If you're in the military and want to diminish the risk of identity theft while you're deployed, an active-duty alert is recommended. It will stay on your credit report for one year, and the bureaus will delete your name from their marketing lists for pre-approval credit offers for two years. If you're deployed longer than one year, you have the alternative to renew the active-duty alert until you return from duty. As with an initial fraud alert, creditors will commonly contact you at a number you provide to verify your identity before approving an application for credit.
If you've been a casualty of fraud
If somebody has previously committed identity theft using your personal information, you might be able to demand an extended fraud alert to be placed on your credit report. An extended fraud alert remains on your report for seven years. Additionally, you'll collect two complimentary credit reports within 12 months from each of the three credit bureaus and have your name removed from marketing lists for pre-approval offers for five years. Placing a fraud alert on your credit report is the primary step to counteracting most fraud. Taking this action can protect your good name and financial future.
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