Fraud Alerts and Identity Theft Reports

If you have become the victim of identity theft, there are certain reports you need to provide that will help you resolve credit problems. First of all, you want to be sure a Fraud Alert is issued and that an Identity Theft Report is provided to the credit reporting agencies.
There are two types of fraud alert: initial alerts which last 90 days and extended alerts which last for seven years. You should immediately have a fraud alert placed on your credit report if you think you have been or are about to be the victim of identity theft. If you have actually been the victim of identity theft and can prove it, you can have an extended alert placed in your record. This provides you with an additional free credit report each year so that you can watch your credit report more closely.

To place an alert or remove a Fraud Alert from your credit record, you'll need to be able to provide proof of your identity which many include your social security number and other personal information that the consumer reporting agency may request. After the alert is placed, each time you apply for credit, you will be required to provide verification of your identity before the credit is extended. This will keep others from obtaining credit in your name.

An Identity Theft Report has two parts. Part one is filed with a local, state or federal law enforcement agency which may include the local police, State Attorney, FBI, FTC or U.S. Postal Inspection Service. There is no law stating that any of these agencies must make a report.

The second part, Part Two of the Identity Theft Report requires that you contact the credit reporting agencies and provide information or documentation requested which will include a law enforcement report so that they can verify your identity theft. They have five days to review any information you submit and may request additional information within 15 days of your report.

If any requested information is not provided to the consumer credit bureau within the time they state, you will probably have your Identity Theft Report rejected as incomplete. Be sure to follow up and get all requested information to the proper authorities as quickly as possible.

These reports do not change the fact that you will need to close any accounts that you suspect have been or may be in the future fraudulently accessed. You will have to go through the process of opening new accounts with creditors, bankers and other services that you feel are in jeopardy. 

However, these reports will help protect your credit rating and ensure you do not experience the heartbreak of learning that you can not be granted credit easily, even though you – the REAL you – has an excellent payment history because of the actions of an identity thief.

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