Don’t Get Schooled by Credit Fraud

When it comes to important numbers in your life, few are as paramount as your Social Security Number and your credit score. From data breaches to phishing emails, there are a lot of ways fraudsters are trying to steal your information to take out credit in your name – giving them access to free money and leaving you to clean up the mess when it’s found out.

So what do you do if you realize your actions are not the ones negatively effecting your credit score? Here are some immediate steps to take once you learn that your credit profile has been compromised:

Alert the Bureaus:

One of the first things you should do when you believe your credit profile and/or identity may be compromised is alert the three credit bureaus: Equifax, Experian, and TransUnion. Placing an initial or extended fraud alert lets them know to take caution when new credit requests come through and allow you to dispute loans and forms of credit that are opened without your consent. With a fraud alert, a creditor must do more to verify your identity before it issues new credit in your name. This may sound like a lot of work, but luckily all three bureaus are obligated to communicate fraud alerts with one another – so if you alert one, they will alert the other two.

To reach Equifax you can call (800) 525-6285 or online here.

To reach Experian call (888) 397-3742 or online here.

To reach TransUnion call (800) 680-7289 or online here.

Continue to check your credit reports periodically, especially for the first year after you discover the compromise, to make sure no new fraudulent activity has occurred.

Freezing Your Credit:

Once you learn that someone may have accessed your social security number (SSN), an important step in ensuring that your SSN isn’t being used without your knowledge and consent is to freeze your credit. A credit freeze is a block that gets placed on your SSN by the credit bureaus, which means fraudsters – but also you – won’t be able to open a new credit account while the freeze is in place.  However, when the freeze is in place you will still be able to do things like apply for a job, rent an apartment, or buy insurance without lifting or removing it. Please note that it is necessary to place a freeze with each individual credit bureau separately!

Fortunately, if you need to apply for a new form of credit, you can unfreeze the credit freeze, easily by phone or online and allow your application to be processed – and then refreeze it to keep your protection going.

You have the right to apply and remove a credit freeze to your Experian, Equifax, and TransUnion credit reports for free by phone, online, or by mail. The online option is the fastest and easiest. Some bureaus also have a mobile app that you can use to freeze and unfreeze your report on demand. Anyone can freeze their credit report, even if their identity has not been stolen.

To read more about freezing and unfreezing your credit click here!

Close the Fraudulent Accounts:

As soon as possible, close the accounts that you know or believe have been compromised or opened fraudulently. Call and speak with someone in the security or fraud department of each company. Follow up in writing and include copies of supporting documents, and be sure to keep a file of your correspondence with the company through the resolution process to keep track of dates, people you’ve spoken with, etc.

Report the Fraud to the FTC:

The Federal Trade Commission will not investigate your case, but after making a report it will enter your information into the Identity Theft Data Clearinghouse – a nationwide database that assists law enforcement in the investigation and prosecution of identity thieves. You may also consider filing a police report to support your disputes with creditors – be sure to include the police report information with the FTC report. You can file a report online with the FTC, or call their toll free hotline at 1-877-IDTHEFT (1-877-438-4338).

Identity Theft Recovery:

Someone has stolen your identity, now what do you do? One benefit to being a member of Cutting Edge Credit Union is no cost Identity Theft Recovery.

We have partnered with NXG, one of the nation’s most trusted names in identity theft remediation, to provide you with free access to a comprehensive suite of services to address fraud caused by identity theft if it happens to you or your family members. This concierge-like program provides an end-to-end solution to help you plan for and recover from the effects of identity theft. No matter how it occurs, NXG’s Recovery Advocates will be there for you side-by-side through the entire process. These services include:

• Fully Managed Identity Theft Research, Remediation and Recovery – If you suspect identity theft, or if your personal information becomes compromised, they will assign you to a certified and licensed Recovery Advocate will complete the recovery work on your behalf, report progress along the way, and be there for you until your good name is restored – no matter how long it takes. This service extends to cover all named account holders.
• Lost Document Replacement – this service provides personalized one-on-one assistance to replace identity credential documents that have been lost, stolen or destroyed in connection with your identity fraud event.

If you suspect you’re a victim of identity theft, please contact us right away to begin the research and identity recovery process – at no cost to you!