Cleaning Up Your Credit after Identity Theft
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Cleaning Up Your Credit after Identity Theft
If your credit cards have been used fraudulently as a result of identity theft, you must contact them to close your accounts. You will also need to contact the three major credit bureaus to have fraud alerts issued on them. The three major credit bureaus are:
Things To Know
- You will need to contact the three major credit bureaus to have fraud alerts issued on your cards.
- There are two types of fraud alerts: initial and extended.
- Equifax: 800-525-6285 or www.equifax.com
- Experian: 888-397-3742 or www.experian.com
- TransUnion: 800-680-7289 or www.transunion.com
Fraud alerts
There are two types of fraud alerts:
Initial alert. An initial alert is good for at least 90 days. You can request one if you are, or think you may be, or think you are about to become, a victim of identity theft. The alert states that you are not authorizing new credit, an additional card on an existing account, or an increased credit limit. Any creditor wishing to extend credit to you must take extra steps to verify your identity.
Extended alert. An extended alert is good for seven years. You can have one placed on your credit report if you are a victim of ID theft and you provide the bureaus with an identity theft report. Potential creditors will need to contact you directly in order to issue you credit. Also, the credit bureaus must remove your name from marketing lists for prescreened credit offers for five years, unless you request that your name be reinstated.
To request one of these or to have it removed, you must furnish proof of your identity.
Both alerts entitle you to a free copy of your credit report from each of the three major bureaus. Examine all of them for accounts that you did not open or that you did not apply for, and delinquencies or defaults that you did not cause. Report anything suspicious or incorrect back to the credit bureaus.
Credit freezes
Another option is the credit freeze, in which you authorize the credit bureaus to restrict access to your credit report. This means that potential creditors and other parties will not be able to see your report. Laws on credit freezes vary from state to state.