Posted on August 26, 2011 by rosebel aragones

What is fraud alert? A fraud alert is something that the major credit bureaus attach to your credit report. When you, or someone else, tries to open up a credit account by getting a new credit card, car loan, cell phone, etc., the lender should contact you by phone to verify that you really want to open a new account. If you aren’t reachable by phone, the credit account shouldn’t be opened.

Within 24 hours, an alert should be be activated at the credit bureau. You should receive a confirmation in the mail a week or two after your call. If you don’t receive this confirmation, call alert again.
Your name will be removed from all pre-approved credit and insurance offers for two years.

The fraud alert will remain in place for only 90 days. When the time runs out, you’ll need to reactivate the alert. You can also apply for a 7-year victim statement that will keep the alert in place for, you guessed it, 7 years. For this, you will have to provide proof that you’ve been a victim of fraud.

If you decide you want to remove a fraud alert you’ll need to request it in writing. You’ll have to include your name, social security number, current and previous addresses, date of birth, and telephone number and send it to the fraud department of the credit bureaus where the alert has been placed. I’d also suggest using certified mail or overnight shipping. You want to be able to track a letter that has all that critical data. You could also just wait the 90 days for the alert to expire.