Filing a fraud report with the credit bureau is a primary step necessary for credit card or identity fraud victims. By filing a fraud complaint with one of the three credit bureaus puts your account on a fraud alert. A fraud alert is a notification intended for credit and loan providers, meaning that an additional verification step should be implemented on your account in order to verify the authenticity of the transaction. Authentic transactions are transactions that you have authorized or you know of. This is a preventive measure applied to account that are under threat due to fraudulent attack. By filing a fraud report to the credit bureau you are also accessing your right to place your account on fraud alert.
Credit card fraud and identity fraud are the two most common reasons why people put their account on fraud alert. Credit card fraud occurs when unauthorized transactions are charged to your credit card. Victims usually confirm this type of fraud attack through their credit card statements. Identity fraud on the other hand often involves the unauthorized use of a person’s personal information in order to access credit, loan, and other gainful facilities. These two types of fraud often access financial institutions in order to gain illegal profits. This is the reason why victims of these types of malicious schemes are encouraged to report to the credit bureau. To give you some idea on how to file a report with the credit bureau, see the details below;
Tips on How to File a Fraud Report with the Credit Bureau
- First you must identify the three credit reporting companies which are, TransUnion, Experian and Equifax. These three are credit bureaus. You only need to file a report to one of these credit bureaus. The credit bureau who received your fraud report will be in charge of informing the other credit bureaus.
- The primary step is to inform your chosen credit bureau that you are a victim of identity fraud or credit card fraud. After this, you may request them to place a fraud alert on your account.
- Make sure to confirm that the credit bureau will inform the other credit bureau of your fraud alert request. Remember that requesting for fraud alert is free.
- The first type of fraud alert which is usually applied to first time identity fraud victims, lasts for about 90 days. During this time all transactions and new credit applications will have to be confirmed with you before they are approved or released from the credit providing company.
- You have to make sure that the credit bureau you are coordinating with have your latest address and contact information, so they can reach anytime they have inquiries.
- Mark your calendar so you’ll be reminded when the fraud alert will be lifted on your account. If you think that the fraudster is still able to use your information after 90 days, you may apply for an extended fraud alert.
- Keep copies of all the relevant information regarding your fraud report and the fraud alert placed on your account.
The details provided above are some useful tips that you can apply when you file a fraud report with your preferred credit bureau.