I don't wanna step on any toes here of the above two people, but I'm a stickler for accuracy, and credit scoring is my turf.
😛
A "Credit watch" is the for-profit product that many companies offer to monitor your credit reports for any changes. Usually a monthly subscription. This is not to be confused with an "initial fraud alert," which lasts for 90 days. The "extended fraud alert" lasts for 7 years, but you would have to send in paperwork of identity theft like bank statements, credit card statements, and police report. The fraud alert is handled directly via the three CRAs (credit reporting agencies), and you can do so online now or by calling their toll free number. Check out the websites for
TransUnion,
Equifax, and
Experian and it should be really easy to find on their front page. The only thing accessible from
www.annualcreditreport.com is your annual free credit reports based on the 2003 FACT Act.
Regarding this:
Chipotle Lover said:
In order to open a credit account, the credit report will have to call that number on file to confirm you are applying for it.
this is a consumer myth. It is actually
not a legal requirement for a creditor to comply with a fraud alert. It's more of a "suggestion" for them to call you and verify that it's really you opening the accounts. If they're feeling lazy, they may not completely verify all information or may ignore it altogether. I still think it's a good idea since you lost your wallet, but by no means is it a legal barrier for any identity thief. Honestly, if they are savvy enough (especially since this thief now has your driver's license and address, etc.), the thief might be able to answer all the questions correctly.
The only "real" solid protection I know of is to place credit freezes on all three CRAs. Depending on what state you hold your residence, this may be anywhere from $0 to around $15 for each bureau to freeze, and many also charge a fee for temporary thaws or removal of said freezes. Depends on your personal situation and if you plan on applying for more credit (CCs, mortgage, auto loan, private student loan) in the near future.
My recommendation is to first go ahead and place the initial fraud alerts on all three CRAs (check out their websites) and secondly consider paying for credit freezes for one, two, or three CRAs. Might be a small price to pay, honestly. Up to you. Thirdly, consider signing up for credit monitoring subsciption services. TransUnion's "TrueCredit", Equifax's "Score Watch," and AMEX's "Credit Secure" are pretty popular. Most of them allow you to monitor all three CRAs and not just one, which would be the best option.
Best of luck Ulquiorra!
PS. I have your wallet.
