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A fraud alert is a way of ensuring that credit card companies and others who will potentially grant credit be aware that the individual they are about to extend credit to is an individual who has been a victim of fraud(comprising identity theft). In essence, it is a notice that ‘alerts’ both creditors and potential creditors that they are dealing with someone who has been affected by a crime, specifically fraud. This necessitates that the creditor must take reasonable steps to ensure your identity and it is not in fact a fraud who is seeking to make use of the services. The creditor may as well give the individual a call for the sake of corroboration.
There are three types of such alerts encompassing a temporary one, an active-duty alert and an extended fraud victim alert. It is pivotal to discern between credit freeze and fraud alert as some tend to confuse the both. One can order and file such an alert if the need arises nonetheless if one is sure that such a crime is being committed then this calls for an Extended Fraud Alert which provides even more security.
Related Topics: What is the Requirement to develop policies and procedures regarding identity theft? What are the Ways to verify a borrower’s identity • USA PATRIOT Act? How is fraudulent information verified on a loan application? (Income Fraud, Occupancy Fraud, consumer's bank activity )? Explain some General red flags that could represent fraud Explain Employment fraud, Liability fraud, Suspicious activity
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