Fraud Alerts vs Security Freezes: What’s the Difference?

You are authorized to place fraud alerts on your report and place a security freeze to make it more difficult for identity thieves to open accounts in your name.

If you’re certain that you are or potentially are a fraud victim, you can place an alert on your account.  It’s important to Know Your Rights when it comes to fraud and identity theft victimization.

Maybe you desire an added layer of protection to prevent fraud on your account.  In that case, you may want to request a security freeze.

Here’s the difference!

A Fraud Alert is…

an alert added to your credit report that helps prevent an identity thief from opening any more accounts in your name. It alerts creditors to take added caution when verifying information and extending new credit lines.

If you’ve been a victim of identity theft or feel you are at risk, you can place a fraud alert on your credit report. 

Things To Know

• contact any one of the three credit reporting companies and they will automatically tell the other two companies
  • TransUnion: 1-800-680-7289
  • https://www.transunion.com/fraud-victim-resource/place-fraud-alert
  • Equifax: 1-800-525-6285
  • https://www.equifax.com/personal/credit-report-services/credit-fraud-alerts/
  • Experian: 1-888-EXPERIAN (397-3742)
  • https://www.experian.com/fraud/center.html
• once a fraud alert is placed on your file, lenders must contact you before extending new credit
• it’s free
• Types of Fraud Alerts:
  • Initial Alerts stay active for 90 days
  • Extended Alerts requires a copy of an official Identity Theft Report and remains on the report for 7 years
  • Active Duty Military Alerts minimize the risk of fraud or identity theft during deployment and last for one year

A Security Freeze is…

an added layer of protection that prevents credit from being extended in your name without your consent. The freeze must be lifted before you can utilize your own credit causing approvals you seek to take longer.

Things To Know

• stops creditors from accessing your credit file or you can specify creditors and people who have permission to access your credit you must place a freeze with each of the three credit reporting agencies
  • TransUnion: 1-800-680-7289
    https://www.transunion.com/credit-freeze/place-credit-freeze
  • Equifax: 1-800-525-6285
    https://www.equifax.com/personal/credit-report-services/credit-freeze/
  • Experian: 1-888-EXPERIAN (397-3742)
• fraud/security alerts are free, but security freezes may have an associated charge if you are not an identity theft victim based on state laws
• the length of the freeze may vary by state and specific steps must be followed to lift the freeze
• remember that once you place a freeze approval for new credit may be delayed as creditors may need additional time to evaluate your report