Consumer Credit Counseling Service of Greater Atlanta Helps Consumers
Understand Their Options -- Fraud Alerts, Credit Freezes and Monitoring
Services
ATLANTA, Oct. 21 /PRNewswire/ -- Whether you are a consumer taking proactive
steps to protect yourself from identity theft, or one of the more than 10
million consumers whose life was touched by identity theft last year,
understanding your options can be challenging. Fraud alerts, credit freezes,
and monitoring and protection services can all play a role in protecting your
identity or helping you if you become a target.
Consumer Credit Counseling Service of Greater Atlanta (CCCS) helps consumers
understand their options when it comes to protecting their identity.
Fraud Alerts
While fraud alerts won't prevent an identity thief from using accounts you
already have, they can help prevent them from opening any more accounts in
your name. An initial fraud alert, which stays on your credit report for at
least 90 days, is a good idea if you suspect you have been, or are about to
be, a victim of identity theft. It is a great step to take if your wallet has
been stolen, or if you think you may have been scammed by a telephone or
internet marketer and have given out personal information. When you place an
initial fraud alert on your credit report, potential creditors must use what
the law refers to as "reasonable policies and procedures" to verify your
identity before issuing credit in your name.
If you are the victim of identity theft, you can place an extended fraud alert
on your credit report for seven years. A formal complaint report must be
submitted to place the alert and, once placed, creditors must contact you or
meet with you in person before they issue you credit.
Fraud alerts can be removed from your credit report at your request with
appropriate documentation. Keep in mind that while a fraud alert can protect
you from further damage from identity thieves, there may also be delays in
your legitimate attempts to obtain credit. Keep information current, and
consider including a cell phone number for quick access.
Placing fraud alerts - Contact the toll-free fraud number of any of the three
consumer reporting companies to place an initial fraud alert on your credit
report. You only need to contact one of the three companies to place an alert.
The company you call is required to contact the other two, which will place an
alert on their versions of your report, too. If you do not receive a
confirmation from a company, you should contact that company directly to place
a fraud alert.
Credit Freeze
A credit freeze can protect you from the vast majority of identity theft that
involves opening a new line of credit. The freeze lasts for seven years and
once placed, potential creditors and other third parties will not be able to
get access to your credit report unless you temporarily lift the freeze,
making it unlikely that an identity thief would be able to open a new account
in your name. Placing a credit freeze does not affect your credit score - nor
does it keep you from getting your free annual credit report, or from buying
your credit report or score. In Georgia, there is no fee to place a credit
freeze on your report for victims of identity theft or for seniors 65 or
older. All others pay a $3 fee to place the freeze, lift it temporarily, or
remove it altogether. Placing a credit freeze requires that you contact each
of the reporting bureaus individually.
Credit Monitoring Services
Monitoring what's in your credit report can help protect you from identity
thieves. Changes in your report, such as new accounts that you didn't open,
can be a sign that someone is using your identity. You can monitor your own
credit reports, or sign up for a service that will do it for you. Credit
monitoring services, such as True Credit (www.truecredit.com), Identity Guard
(www.identityguard.com), and Equifax (www.equifax.com) provide you with access
to your credit report and credit score, and provide alerts if there are
changes to your credit report, including new accounts, credit inquiries,
address changes, the addition of public records, or changes to any of your
current accounts. They also provide expense reimbursement coverage for victims
of identity theft. The cost for credit monitoring services ranges from about
$15 to $18 per month.
Identity Theft Protection Services
When you sign up for an ID Theft Protection Service, such as Lifelock
(www.lifelock.com), or Trusted ID (www.trustedid.com), the services you
receive may be more comprehensive than that of a credit monitoring service.
The service will place and renew fraud alerts on your credit reports, request
removal of your address from junk mail lists and pre-approved credit card
mailings, order your free credit reports on your behalf, contact creditors in
the event of a lost or stolen wallet, and provide resources to help you if you
are the victim of identity theft while a member of their service. The cost for
these services is about $100 per year.
Do you really need to pay for credit monitoring or identity theft protection?
CCCS does not endorse any credit monitoring or identity theft protection
service. Consumers willing to invest a little time can take all the same steps
these services do on their own behalf. If you do opt to sign up for a service,
understand the specific terms of coverage and the limitations of each policy.
"Taking steps to protect your identity is the responsibility of every
consumer," said Suzanne Boas, president of CCCS. "Guarding your personal
information, monitoring what's in your credit report, and taking swift action
in the event of suspicious activity all go a long way in protecting your good
name."
About CCCS
CCCS of Greater Atlanta offers online education classes that cover a wide
variety of money management topics at www.credabilityu.org.
CCCS of Greater Atlanta serves clients in all 50 states and has 33 offices in
four states. It is the headquarters for the CredAbility Network, a family of
agencies serving consumers in north Georgia, south Florida, middle Mississippi
and east Tennessee as well as nationally via telephone and Internet.
CCCS is accredited by the Council on Accreditation and is a member of the
Better Business Bureau and the National Foundation for Credit Counseling
(NFCC). Governed by a community-based board of directors, CCCS is funded by
creditors, clients, contributors and grants from foundations, businesses and
government agencies. CCCS offers around the-clock help by phone at
800-251-CCCS or online at www.cccsinc.org and www.cccsenespanol.org.
