Is Identity Theft Possible Despite Fraud Alerts?
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Consumers who are victims of Identity Theft, or who suspect Identity Theft, are often encouraged to place Fraud Alerts on their Credit Report. By placing a Fraud Alert, a consumer is encouraging the Credit Reporting Agency to take steps to safeguard the consumer’s Credit Report against fraud. Such steps include asking Creditors to verify the Identity of the consumer through direct contact, prior to issuing credit.
Fraud Alerts are undoubtedly a great tool to utilize to safeguard one’s Credit Report, and consumers are definitely encouraged to use them. In a study published in 2003 by the FTC, under the title: “Federal Trade Commission - Identity Theft Survey Report,” it was reported that 94% of respondents who placed a Fraud Alert did not witness accounts being opened in their name after the Fraud Alert was placed. However, 2% of respondents said that accounts were opened after the fraud Alert was placed. How is it possible at all that an account is opened after a Fraud Alert is placed? …More…
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