There are 3 bureaus that are in charge of reporting your Credit. Experian, Equifax and Trans Union. Each one is its own entity and each one works independently by itself. However you only need to place fraud alert on one bureau and they will report it to the others for you.
A fraud Alert is a free notification that requires anyone receiving a credit application in your name to verify your identity before proceeding with a credit application. The purpose of a fraud alert is to add a layer of security to the loan application process, with the goal of preventing criminals from opening bogus credit accounts or taking out loans in your name.
There are a few reasons you may want to place a fraud alert on your credit:
- If you notice a new account on your credit that you do not recognize.
- If you have been notified that your Social Security number has been compromised.
- If you want to block anyone from soft pulling your credit
- When applying for a large purchase
- When you are on active duty across seas
- To protect your credit during College
You can maintain your fraud alert choices by either contacting the bureau directly or visiting one of their websites. To find out more about the services each bureau offers follow the links below.