By Esther Claudette Gittens

If you have experienced attempted fraud on one or more of your credit cards, it is crucial to take immediate steps to protect your financial security. One of the most effective actions is placing a fraud alert on your credit file with the major credit bureaus. This alert notifies potential creditors to take extra precautions before approving new credit in your name, helping prevent identity theft and unauthorized accounts.

This article provides a detailed, step-by-step guide on how to place a fraud alert on your credit cards with credit agencies, ensuring your financial accounts remain secure.

Step 1: Identify Signs of Fraud on Your Credit Card

Before taking action, confirm that you have experienced an attempted fraud or security breach. Signs of fraud include:

Unauthorized transactions on your credit card statement
New accounts or credit inquiries you don’t recognize
Alerts from your bank regarding suspicious activity
Phishing emails or calls attempting to gain your personal financial information

Once you’ve identified potential fraud, it’s important to act quickly to prevent further damage.

Step 2: Contact the Credit Card Issuer Immediately

Why?

Your credit card company is the first line of defense against fraud. They can:

• Freeze or cancel the compromised card
• Issue a new card with a different number
• Investigate the fraudulent charges and potentially reverse them
• Advise you on additional security measures

How to Contact Your Credit Card Issuer:

1. Call the customer service number listed on the back of your card.
2. Report the fraudulent activity and request a fraud investigation.
3. Ask for a replacement card with a new account number.
4. Request that they flag your account for future fraud monitoring.

Once your credit card issuer is aware of the fraud, the next step is to place an alert on your credit report.

Step 3: Contact the Three Major Credit Bureaus

The three major credit reporting agencies in the U.S. are:

1. Equifax (www.equifax.com) – (800) 525-6285
2. Experian (www.experian.com) – (888) 397-3742
3. TransUnion (www.transunion.com) – (800) 680-7289

Types of Fraud Alerts

There are three types of fraud alerts you can place on your credit report:

1. Initial Fraud Alert (Lasts 1 Year, Free)

• Best for suspected or attempted fraud (but not confirmed identity theft).
• Notifies lenders to verify identity before extending credit.
• Can be renewed annually.

2. Extended Fraud Alert (Lasts 7 Years, Free)

• Requires a police report or identity theft report.
• Provides stronger protections, including free credit reports.
• Ensures lenders take extra steps before issuing credit in your name.

3. Active Duty Alert (Lasts 1 Year, Free)

• Available for military personnel to prevent fraud while deployed.
• Requires verification before new credit accounts can be opened.

Step 4: Place a Fraud Alert on Your Credit File

How to Place a Fraud Alert

You only need to contact one credit bureau, and they will notify the other two.

1. Choose Equifax, Experian, or TransUnion.
2. Request a fraud alert online, by phone, or by mail.
3. Provide your personal identification (e.g., Social Security number, date of birth, address).
4. Wait for a confirmation email or letter from each bureau.

What Happens Next?

• Creditors must take extra steps to verify your identity before issuing new credit.
• You get a free copy of your credit report (for fraud alert verification).
• The alert does not affect your credit score.

Step 5: Review Your Credit Reports for Suspicious Activity

Once the fraud alert is in place, review your credit reports for unauthorized accounts or inquiries. You can get a free report from each bureau at AnnualCreditReport.com.

Look for:

Unknown credit inquiries
New accounts not opened by you
Incorrect personal information
Fraudulent charges

If you find fraudulent accounts, report them immediately to the credit bureaus and the Federal Trade Commission (FTC) at IdentityTheft.gov.

Step 6: File an Identity Theft Report (If Necessary)

If the fraud attempt resulted in an actual account being opened in your name, file an Identity Theft Report with:

1. Federal Trade Commission (FTC) at IdentityTheft.gov
2. Local law enforcement (obtain a police report for documentation)

An Identity Theft Report can help:

• Remove fraudulent accounts from your credit history.
• Provide legal proof of identity theft to creditors.
• Qualify for an extended fraud alert (7 years).

Step 7: Consider a Credit Freeze for Extra Protection

A credit freeze prevents anyone (including you) from opening new accounts until you lift the freeze. Unlike a fraud alert, a freeze completely locks down your credit.

How to Freeze Your Credit:

1. Contact Equifax, Experian, and TransUnion separately.
2. Request a credit freeze (free for all consumers).
3. Receive a PIN or password to lift the freeze when needed.

When to Use a Credit Freeze:
If you have experienced identity theft.
If you want maximum protection against fraud.
If you do not plan to open new credit accounts soon.

Step 8: Set Up Credit Monitoring & Fraud Alerts

To stay protected long-term, consider credit monitoring services, which notify you of suspicious activity. Many banks and credit card companies offer free fraud alerts.

Best Free and Paid Credit Monitoring Services:

Free Options:

• Credit Karma
• Experian Free Credit Monitoring
• Bank & Credit Card Alerts

Paid Options (More Comprehensive Monitoring):

• LifeLock
• IdentityForce
• MyFICO Premium

Conclusion

Placing a fraud alert on your credit file is an essential step after an attempted fraud on your credit card. By following this step-by-step guide, you can protect your financial information, prevent identity theft, and monitor your credit more effectively.

To summarize:
Report the fraud to your credit card issuer.
Contact a major credit bureau to place a fraud alert.
Monitor your credit reports for suspicious activity.
Consider a credit freeze for stronger security.
Use fraud monitoring services for ongoing protection.

Taking these precautions ensures that your credit remains secure, preventing criminals from exploiting your personal information in the future.