You might want to use one of these options if:
- You think you’ve been a victim of identity theft
- Your wallet or Social Security number has been stolen
- You’ve been affected by a data breach.
What’s the difference, and which is right for you?
Here’s a closer look at each one to help you decide which is best for your situation.
What Is a Fraud Alert?
A fraud alert is a warning added to your credit report. It lets lenders and creditors know that you may have been the victim of fraud or identity theft. Before issuing credit in your name, they’ll take extra steps to confirm that it’s really you.
How to Set It Up
You only need to contact one of the three major credit bureaus —Equifax®, TransUnion®, or Experian®—to request a fraud alert. That bureau will notify the other two bureaus for you. Fraud alerts are free. Once the alert is placed, you’ll receive confirmation letters from all three bureaus.
Types of Fraud Alerts
Initial Fraud Alert (1 year):
- Use if you suspect you’re a victim of identity theft.
- Creditors must verify your identity before opening or changing accounts.
- Expires after one year but can be renewed.
Extended Fraud Alert (7 years):
- Use if you’re a confirmed victim of identity theft.
- Requires a police report or FTC Identity Theft Report.
- Lenders must contact you using the method you choose before making changes or opening accounts.
Active-Duty Alert (1 year):
- Available to active military members.
- Like the initial alert.
- Also removes your name from pre-screened credit and insurance offers for two years.
What Is a Security Freeze?
A security freeze goes a step further than a fraud alert. It locks down your credit report, stopping creditors from accessing it unless you lift the freeze yourself.
When to Use a Freeze
- You’re not planning to apply for credit (loans, credit cards, etc.).
- You want stronger protection from unauthorized access.
- You’d rather block all activity until you’re ready.
How It Works
- You must contact each credit bureau separately to set up a freeze.
- It’s free to add, lift, or remove a security freeze.
- If you want to apply for credit later (like buying a car or getting a loan), you’ll need to temporarily lift or remove the freeze.
We’ve Got Your Back
Visit the Fraud Prevention section of our website to:
- Learn about the latest scams.
- Get step-by-step fraud protection guides.
- Access helpful safety tips.
Stay smart. Stay safe. And always reach out to us at memberservices@peakefederal.com or 410-828-4730 or stop in one of our locations if you have questions about protecting your credit. We’re here to help you reach your financial Peake.
