People that are engaged in active defense services have to stay away from their home for long time continually. For them; more than the triple credit score generated by the three leading credit reporting agencies the prospect of identity theft is more glaring. Last thing that any such person would like to experience is some other person assuming their identity and committing financial fraud.
Consumer Friendly Amendment
Amendment to the Fair Credit Reporting Act has now added a provision under which those who are in defense service can place an “active duty alert” in the credit report.
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According to Federal Trade Commission or FTC, this amendments requires the creditors to verify the identity of the consumer before they grant credit of any kind;
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Credit report usually contains a lot of personal information about the consumer concerned and the reporting agencies sell them to creditors, employers, insurers, as well as other businesses covering numerous activities of interest like renting a home; and
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Credit report can be the tool to help preventing or discovering attempts to identity theft.
Identity Theft Impacts on Victims
People who have been victims of identity theft have spent months or even years together to clean up the mess created by identity thieves in their names, accounts, or credit cards.
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You can order free credit reports now to check what is happening with it or your financial status;
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When an active duty alert is placed on the credit report, any creditor must verify the identity before issuing any credit by contacting the consumer directly;
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Consumer is allowed a personal representative to either place or remove the alert according to the law of the land; and
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Such alert remains active for one year unless and until the consumer asks to remove them.
How to Place the Active Duty Alert
In order to place the active duty alert the consumer concerned has to call the toll free fraud number of consumer reporting companies with adequate proof of identity.
- It will not be required calling all the three companies to place the alert as the company contacted will notify other two;
- Instead one may call Equifax at 1-800-525-6285 or mail to www.equifax.com;
- Or Call Experian at 1-888-EXPERIAN (397-3742) or contact by mail to www.experian.com; and
- Call Trans Union at 1-800-680-7289 or contact at www.transunion.com.
It will be necessary updating contact information if it changes before the alert ends.
Like common citizens, those on active duty can also have free copy of their report without paying cost of credit report and at the same time like others they will have to pay the cost of credit scores. When an active duty alert is placed name of the consumer will be removed from nationwide marketing list of credit reporting companies that are listed for prescreened credit and insurance offer for a period of two years or when the consumer requests for it, whichever is earlier.
