Identity Thieves Can Still Use Your Credit Despite A Fraud Alert
With all the security breaches in the news, you've decided to protect your credit by placing a fraud alert on your account with the major credit reporting agencies (Experian, Equifax, and TransUnion). Now you can rest easy, right? Guess again.
A fraud alert notifies businesses that you have reason to believe identity thieves may open fraudulent accounts in your name. Businesses are expected to verify your identity and get your consent before approving credit requests in your name, using whatever contact method you specify (typically by phone).
However, while a fraud alert notifies businesses of the fraud prevention steps to take, there's no legal obligation for businesses to follow through. If potential creditors are not paying attention or cutting corners, they could potentially issue credit in your name to others. In addition, creditors aren't obligated to tell you that someone tried to establish credit in your name.
If that's the case, what good is a...
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