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Fraud and identity theft

Experian adds fraud alert and fraud victim statements to the credit histories of people who have reason to believe or who know they are fraud victims. The statements tell lenders to take extra precautions when considering an application because there is a risk that fraud is being perpetrated. A fraud victim statement asks the lender to call you at a telephone number you specify before granting credit in your name.

The fraud alert and fraud victim statements are to be used only be people who are or truly believe they may be fraud victims. The statements tell lenders that there is significant risk in approving an application in the person's name, so they become much more stringent. In fact, they often won't approve the application at all, particularly preapproved offers or applications for instant credit.

Some lenders today even automatically freeze your existing accounts for a period of time as soon as they see the fraud alert statement. Their intent is to prevent an identity thief from making charges on your accounts. That means you can't charge anything either.

For true fraud victims, not being able to get credit is a significant but bearable inconvenience. For those who aren't truly victims, not being able to get the credit you need is more than just an inconvenience.

If you have reason to believe you may be a fraud or identity theft victim, you can have a security alert added to your credit history by calling 1 888 397 3742 and selecting the fraud option. A report will be sent to you. If upon reviewing the report you find evidence of fraud or identity theft, you can have a victim statement added by calling the telephone number on the report and asking a representative for assistance.


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