ADDRESSING YOUR IDENTITY THEFT
CONTACT LCL FOR A FREE REVIEW OF ANY IDENTITY THEFT AND/OR INACCURATE ITEMS YOU MAY SEE ON YOUR CREDIT REPORTS.
Experiencing identity theft can be overwhelming. Even more so, knowing the right steps to take and the right documents to obtain can be even more intimidating. Below are some action items to protect yourself and begin the first steps in addressing the fraudulent information within your consumer reports.
Take Steps to Minimize Further Fraud
Fraud Alerts
Initial Fraud Alert
A consumer may place an initial fraud alert on their credit report if they are or suspect they are a victim of identity theft. A consumer would only need to contact one of the three national credit reporting agencies (CRA), Equifax, Experian, and Trans Union, and that CRA will notify the other two, which will in turn place fraud alerts a consumer’s credit report. Below is each CRA’s fraud department.
Equifax: (800) 525-6285
Experian: (888) 397-3742
Trans Union: (800) 916-8800
An initial fraud alert will stay on a consumer’s credit report for at least 90 days. A fraud alert will not prevent a consumer from obtaining lines of credit or loans. However, it mandates that potential creditors must use “reasonable policies and procedures” to verify the identity of an applicant before issuing credit in a consumer’s name. It is important to note that even in instances where potential creditors take reasonable steps to verify the consumer’s identity, they may not always discover that the applicant is an imposter. The fraud alert simply informs potential creditors that a consumer’s sensitive personal information may be compromised, and they should take extra steps to verify the applicant’s identity before issuing credit in a consumer’s name, without the inconvenience of a security freeze.
Extended Fraud Alert
A consumer may place an extended fraud alert on their credit report that will last for 7 years. An Identity Theft Report would need to be provided for this extension (an Identity Theft Report may be completed at the following link: https://www.identitytheft.gov/).
In response to an extended fraud alert, the CRAs must remove the consumer’s name from marketing lists for pre-screened credit offers for five years, unless a request otherwise is submitted. Potential creditors must contact the consumer by phone (or in another manner requested by the consumer) or in person before they issue credit in the consumer’s name.
To place either of these alerts on their credit reports, or to have them removed, consumers must provide appropriate proof of identity, such as their Social Security number, name, address and other personal information requested by the CRA. The presence of a fraud alert on a consumer’s credit report may cause some delay when applying for credit. The consumer may include in their alert contact information, where they can be reached easily, to limit any potential delays. However, it is best that the consumer include and keep all contact information in their alert current.
Credit Freeze
Depending on a consumer’s financial needs, a credit freeze may be the better option in minimizing further fraud, especially in instances where the consumer does not foresee themself applying for credit in the near future. When a consumer places a credit freeze, potential creditors will not be able to pull a consumer’s credit report. At any time, the consumer may temporarily or permanently lift the freeze. This makes it very unlikely for an identity thief to open a new account in the consumer’s name. The consumer may place a freeze with Equifax, Experian, and Trans Union directly.
If a consumer wants to apply for a loan or credit card, they will need to lift the credit freeze temporarily. They may do so by using a PIN or password that each CRA sends when the consumer places the credit freeze. Often, lifting the freeze is not instantaneous and may take up to three days, which is something to consider when timing when to apply for credit. Lifting the freeze with all three CRAs is not necessary when applying for new credit. Consumers may asl the potential creditor which CRA they will be pulling from and then lift the freeze for only that CRA.
What a Fraud Alert and Credit Freeze Does Not Prevent
Both a fraud alert and a credit freeze makes it more difficult in a fraudster from opening most new accounts in a consumer’s name. These steps do not minimize the threat of all type of identity theft. These actions will not protect consumer from:
-fraud on a consumer’s existing credit cards or other accounts
-new accounts that do not require a credit check such as checking, savings, or health insurance accounts
-other types of identity theft such as medical or criminal records identity theft
-creditors who open a new account without doing a credit check
Gathering the Appropriate Documents
Consumer Reports
Consumer should request their consumer reports from the applicable consumer reporting agencies to comprehensively review the extent of the fraud they are experiencing. You may read more information in obtaining your credit report in the How to Request You Consumer Reports tab [Create a Hyperlink to this tab]. Once the consumer reports are obtained, it may help to outline all the fraudulent items and inaccurate information, including telephone numbers and addresses, within the report.
Documents Attesting to the Fraud
Consumer may file or complete reports attesting to the identity theft they are experiencing. It may be best that the consumer reports are reviewed before making a report in order to have the most complete and accurate report about the identity theft.
Consumers may obtain a police report from their local police department or complete an Identity Theft Report. An Identity Theft Report may be completed at the following link: https://www.identitytheft.gov/.
For either of these reports, it is important that the victim provides as much specificity as possible, including:
-information about the loss, theft, or misuse of their personal information
-information about the perpetrator (if possible)
-the companies where the account(s) was opened and the corresponding account(s) number(s)
-inaccurate telephone numbers and addresses reporting on their reports
-unknown hard inquiries and soft inquiries reporting on their reports
-any other information about the theft
If you obtain your credit reports and a police report or an Identity Theft Report, then please contact our office for a case review and potential assistance in drafting dispute letters to involved companies.