Wheatworks Blog: Financial Matters

Your personal information is out there. And while it usually goes where it should, too often it finds its way into the hands of those who use it against you. This may happen when you lose your wallet or purse. Your name and credit card number may be stolen by a cashier at a restaurant or, like this week’s release of the personal information of 28,000 in the US Navy, your information may be left unprotected by corporate America.

In all the news reports about the release of unprotected private information there is usually a line similar to, “those whose information has been released may place a 90-day fraud alert on their credit reports.” Unfortunately, I’ve not read one article that tells how to place a fraud alert on a credit report. Here’s what I’ve found in the Federal Trade Commission’s Identity Theft resources.

A fraud alert helps prevent an identity thief from opening a new credit account in your name. When a lender sees your account has a fraud alert on it the lender must verify your identity. This verification may cause a delay while you’re being contacted if you’re trying to obtain credit, but that’s what you want if your identity has been stolen.

There are two types of fraud alerts; a 90 day Fraud Alert and an Extended Fraud Alert. With the 90 day fraud alert you’ll receive a free credit report from each of the three credit reporting agencies.

You can file an Extended Fraud Alert if you have become the victim of identity theft and provide an Identy Theft Report. With an Extended Fraud Alert you will receive 2 free credit reports within a year of your filing from each of the three consumer reporting agencies. In addition, you will not receive pre-screened credit offers for a period of 5 years unless you ask for them … and who would do that?

To place a fraud alert on your credit reports you must provide the necessary identifying information to the credit reporting company. This includes your name, address, social security number and other personally identifying information requested by the credit reporting bureau.

One thing which reduces the hassle of placing a fraud alert on your credit reports is that you only have to file the fraud alert with one of the three credit reporting companies. The one you contact is required to share the fraud alert information with the other two.

Here’s the credit reporting company contact information:

Equifax: 1-800-525-6285; P.O. Box 740241, Atlanta, GA 30374-0241

Experian: 1-888-397-3742; P.O. Box 9532, Allen, TX 75013

TransUnion: 1-800-680-7289; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790

So, whether you lose your wallet or hear about the release of your personal information in the news, you know more about filing a fraud alert. Don’t be afraid to do it, either. It doesn’t hurt your credit score. It protects your identity.