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Did You Know the three types of fraud alerts you can add to credit reports?

The advantages of socializing and doing business online are significant and numerous, but since the dawn of the digital age, cyber-convenience has been accompanied by cybercrime. The situation isn’t likely to improve soon, so it’s wise to safeguard your passwords, protect your PINs, and be watchful for signs of identity theft and fraud.

You also should be aware of an effective, and free, method to protect your credit reports against thieves seeking or using credit in your name: the fraud alert.

A fraud alert is a kind of message added to credit reports that indicates that fraud may be in the works. A fraud alert instructs any party that accesses the credit report—such as a lender who’s received a potentially bogus credit application—that they need to verify the identity of the person applying for the loan, credit card, or other benefit. In fact, the Fair Credit Reporting Act requires any “user” of a credit report containing a fraud alert to contact the consumer either via phone or some other reasonable method to confirm that an application is not fraudulent. There are three different types of fraud alerts that can be added to credit reports:

You can learn more about adding the fraud alerts to your credit reports here, including the various forms of identification the credit bureaus will accept. 

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