If you are a victim of identity theft and fraud or believe that you face the risk of credit fraud you should add a security alert to your credit report. When you add a security alert to the credit report the alert a shared by all the three national credit bureaus Experian, Equifax and Transunion. Mostly the credit bureaus also automatically opt you out of preapproved offers in order to protect and save your credit information further. The initial security alert remains on your credit report for a period of 90 days while the opt out features remains for a period of six months. During the time that the security alert is present on your credit report you should monitor your credit report carefully to see if credit fraud has indeed occurred.
If you find evidence of credit fraud on your credit report then you should immediately filed a report with the police which will enable you to add a fraud victim’s statement to your credit report. The fraud victim’s statement remains on the credit report for a period of seven years. Whenever a credit report has a fraud alert or victims statement attached to it all margins are accessing the credit report are made aware of it and are required by the law to take further steps to manually verify the identity of the person making an application for credit.
The fair and accurate credit reporting act, which is best known for providing the free personal annual credit report to every consumer in the United States of America, is the same law that provides for the right of every individual place a fraud alert on their credit report. It also requires lenders to respond in a reasonable manner to prevent the fraud. The fraud alerts cannot be ignored which greatly strengthens their effectiveness.
You can also opt out of preapproved offers by getting in touch with the respective credit bureaus the details of which can be found on their respective Web sites. You can also opt out by visiting www.optoutprescreen.com
you can opt out for five years or permanently. When you opt out of preapproved credit offers you may not see the difference immediately. It may take as long as six months for the preapproved offers to stop coming in your mail. However, you should see a significant difference within 90 days.
You can always opt back in after the identity theft issue is over. That will enable you to start receiving the preapproved offers once again.