Identity theft and credit fraud are growing threats impacting millions of Americans each year. According to the Federal Trade Commission, over 1.4 million complaints involving identity theft were reported in 2021 alone. Placing a fraud alert is a quick, effective way to add a layer of protection to your credit if you suspect your identity is at risk.
In this comprehensive guide, we’ll cover everything you need to know about fraud alerts, including:
- Fraud and identity theft statistics
- How fraud alerts work
- The different types of alerts
- When to place an alert
- Step-by-step instructions for each bureau
- Removal process
- FAQs
I‘ll also provide pro tips and best practices from my decade of experience as a cloud data security expert to help you get maximum value from fraud alerts as part of a layered identity protection strategy. Let‘s dive in!
Contents
- Fraud and Identity Theft on the Rise
- How Do Fraud Alerts Work?
- The 3 Types of Fraud Alerts
- When Should You Place a Fraud Alert?
- Step-by-Step Guide to Placing Fraud Alerts
- How to Remove a Fraud Alert
- Going Beyond Fraud Alerts for Complete Identity Protection
- Fraud Alert Frequently Asked Questions
- Recap – How to Place and Remove Fraud Alerts
Fraud and Identity Theft on the Rise
Identity theft and credit card fraud are growing threats impacting millions of Americans each year:
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In 2021, nearly 43 million Americans were victims of identity fraud, up from 42 million in 2020.
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Identity theft losses totaled over $52 billion in 2021, up a shocking 79% from $30 billion in 2020.
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Credit card fraud accounted for 24% of all identity fraud losses last year.
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Over 1.4 million complaints related to identity theft were reported to the FTC in 2021, up 44% from 2020.
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California, Texas, New York, Florida and Illinois saw the highest numbers of identity theft victims in 2021.
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On average, it takes victims of identity theft 40 hours and over $600 out-of-pocket costs to resolve issues related to ID fraud.
As you can see from the stats, threats from identity thieves and fraudsters are on the rise each year. Taking proactive precautions is crucial.
How Do Fraud Alerts Work?
Fraud alerts are notices you can place on your credit reports that require lenders to take additional steps to verify your identity before opening new credit accounts or issuing loans in your name.
When an alert is added, any business requesting your credit report will see a message indicating your identity must be confirmed – usually by contacting you directly – before approving applications. This mandatory verification acts as a roadblock for identity thieves trying to open unauthorized accounts in your name.
Once requested, initial fraud alerts stay on your credit reports from TransUnion, Experian and Equifax for 90 days up to 7 years depending on the type. Maintaining the alerts simply involves renewing them before they expire.
Now let’s look at the different fraud alert options…
The 3 Types of Fraud Alerts
There are three main types of fraud alerts to be aware of:
Initial Fraud Alerts
- Recommended if you suspect identity theft or your info was compromised
- Lasts for 90 days but can be renewed
- Fastest and easiest alert to place
- One bureau notifies the other two automatically
Extended Fraud Alerts
- Requires an official ID theft report like a police report
- Stays on report for 7 years but can be renewed
- Provides longest lasting protection
- Additional verifications required for new credit lines
Active Duty Military Alerts
- For those deployed away from their home duty station
- Lasts for 1 year and can be renewed as needed
- Protects military members while serving away from home
Experts recommend placing an initial 90 day alert as a precaution at the first sign your information may be compromised.
For victims of confirmed identity theft, extended 7 year alerts provide the strongest defense once fraudulent activity is detected on your credit.
Next, let‘s review when alerts are most essential…
When Should You Place a Fraud Alert?
Though fraud alerts are always helpful, here are some of the most common situations when their protection becomes critical:
Suspicious Activity on Credit Report
Unfamiliar accounts or charges that appear could signal identity theft. Placing a 90 day alert makes it harder for fraud to continue.
Personal Documents Are Lost or Stolen
Lost or stolen wallets, IDs or devices with personal information call for an alert to help prevent criminals from using your identity.
Company or Agency Data Breach
If login credentials or personal data are exposed in a breach, a fraud alert provides an urgent safeguard.
Tax Season
As thieves exploit stolen SSNs and personal data during tax season, an alert adds a key verification hurdle.
Deploying Military Members
Those deployed away from home should place active duty alerts before leaving to protect their identities while away.
Relocating or Moving
When changing your address, placing a temporary 90-day alert helps prevent mail theft and fraudulent change of address requests.
Children’s Identities
Cybercriminals target childrens‘ unused SSNs, making fraud alerts wise for kids under 18.
The key is being proactive. Don‘t wait until damage is done to take action. Initial 90-day alerts can be renewed allowing ongoing protection for as long as threats remain high.
Now let’s get into how to place fraud alerts at each of the three major credit bureaus.
Step-by-Step Guide to Placing Fraud Alerts
Placing a fraud alert is quick and easy following these step-by-step instructions for each bureau‘s process. You‘ll need to provide personal information to confirm your identity.
What You‘ll Need:
- Full legal name
- SSN
- Date of birth
- Current address
- Phone number
- Identification like a driver‘s license or passport
How to Place a Fraud Alert with Equifax
- Visit Equifax.com and click “Personal” then “Credit Report Assistance”
- Select “Fraud Alerts & Security Freezes”
- Click “Place a Fraud Alert”
- Enter your name, birthdate and SSN
- Verify your identity and receive your authorization code
- Choose the type of alert
- Provide your contact information
- Confirm the alert request
That‘s it! Equifax will automatically notify TransUnion and Experian to add the alert to your credit file.
How to Place a Fraud Alert with Experian
- Go to Experian.com and click “Identity Theft Central”
- Select “Fraud Alerts”
- Choose “Add a Fraud Alert”
- Provide your personal information
- Create an Experian account
- Verify your identity
- Submit the fraud alert request
Experian will contact the other two bureaus to place the alert on your credit reports with them as well.
How to Place a Fraud Alert with TransUnion
- Visit TransUnion.com and select “Identity Protection”
- Click “Fraud Alerts”
- Choose “Add Alert”
- Pick the type of alert you want
- Enter your name, DOB, SSN and address
- Create a TransUnion account
- Provide your phone number
- Certify the request is valid
- Submit the alert
Once your request is submitted to TransUnion, they’ll notify Equifax and Experian to add the fraud alert to your credit file.
Fraud Alert Request Tips
- Only submit fraud alert requests through each bureau’s official website for fastest processing
- Make sure to have personal documentation on hand to verify your identity
- Double check all info entered like SSN, DOB, name and address
- Save confirmation numbers when available in case you need to reference later
- Check reports after 1 week to confirm the fraud alert appears on your credit file
Now that we’ve covered how to add fraud alerts, let’s look at removing them…
How to Remove a Fraud Alert
Fraud alerts can be removed at any time, but will automatically expire after 90 days or 7 years depending on type. Here are the simple steps to remove alerts from each bureau:
To Remove an Equifax Fraud Alert:
Call Equifax at 1-800-525-6285 and speak with a live agent to request alert removal. Agents are available 24 hours a day, 7 days a week.
You can also submit a written request to:
Equifax Information Services LLC
P.O. Box 105069
Atlanta, GA 30348
To Remove an Experian Fraud Alert:
Visit Experian.com and go to the fraud alert removal page. Submit the online removal request form.
You can also submit a removal request by mail to:
Experian
P.O. Box 9554
Allen, TX 75013
To Remove a Transunion Fraud Alert:
Log into your account on TransUnion.com and submit the alert removal request online.
You can also call TransUnion at 1-800-680-7289 and speak with a representative to remove the alert over the phone. Just provide your SSN or account PIN to verify identity.
Once removed through one bureau, they will notify the other two to remove the fraud alert from your credit file as well.
Going Beyond Fraud Alerts for Complete Identity Protection
While fraud alerts provide a strong first line of defense, here are some additional precautions I recommend to consumers and clients for full identity protection:
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Sign up for credit monitoring with a provider like IdentityForce to receive instant alerts on any credit inquiries or changes to your reports. Their services also provide complete identity theft support and restoration services.
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Freeze your credit reports when not planning to apply for new credit. Freezes restrict all access to your credit file which prevents thieves from opening new accounts. Temporarily lift them when legitimately applying for credit using your PIN.
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Limit sharing of your Social Security number whenever possible. Only provide when absolutely required.
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Shred all sensitive mail and documents before disposal to prevent dumpster divers from accessing your personal information.
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Use strong unique passwords on all accounts, stored in a password manager like Dashlane or LastPass. Combining complex passwords with two-factor authentication prevents account takeovers.
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Be vigilant about checking statements and monitoring your credit reports regularly for any unauthorized activity. It‘s estimated that victims catch fraud sooner themselves than through monitoring services.
A combination of fraud alerts, credit freezes, monitoring and good identity protection habits provide the most complete defense for you and your family.
Now let‘s get into some frequently asked questions about placing fraud alerts…
Fraud Alert Frequently Asked Questions
Here are answers to some of the top questions I receive about fraud alerts:
Do you need to contact all three credit bureaus when placing a fraud alert?
No. You only have to contact one bureau and they will notify the other two. This saves you time.
Can I check which bureau placed my fraud alert?
Yes. After about 3 days, obtain a copy of your report from each bureau. The alerts should appear on all three if placed properly.
How long does it take for a fraud alert to appear on my credit report?
Most alerts placed online take effect within 24 hours. Allow 3-5 days for alerts submitted by mail to be processed and added.
Will a fraud alert negatively impact my credit score?
No. Fraud alerts do not hurt your credit score or rating. They simply require lenders to take a few extra verification steps when you apply for new credit.
Can I still get approved for credit with a fraud alert on my report?
Yes, lenders can still extend credit offers after verifying your identity and determining you authorized the application.
Do fraud alerts stop all identity theft and fraud?
No. While alerts make ID theft more difficult, they cannot prevent all instances of fraud or criminal activity across all lenders.
How often can I renew a fraud alert?
You can renew fraud alerts as often as every 90 days. Renewing extends the protection time period.
I hope these FAQs help explain how fraud alerts function and how you can get the most value from their identity protection.
Recap – How to Place and Remove Fraud Alerts
To wrap up, here‘s a quick recap of the key steps covered in this guide:
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Learn the different fraud alert options – initial 90 day, extended 7 year and active duty military alerts.
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Place an initial alert at the first sign your identity is at risk for fastest protection.
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Use extended alerts only after identity theft is confirmed with an official report.
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Contact any one bureau – Equifax, Experian or Transunion – and they will add alerts at the other two.
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Provide personal info like SSN, DOB, address and phone when placing alerts.
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You can remove alerts at any time by contacting the bureaus via phone, mail or online.
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Consider additional identity protection services like credit monitoring and report freezes for even better security.
I hope this detailed walkthrough gives you confidence to place fraud alerts and take advantage of their identity theft protection. Don‘t hesitate to reach out if any questions come up!
