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Transunion Fraud Alert

TransUnion (NYSE:TRU) today announced the launch of its Fraud Prevention Exchange, a powerful industry collaborative designed to enhance responsible lending by helping combat online fraud. The Fraud Prevention Exchange, which includes established and emerging FinTech lenders, was unveiled at the Lend360 conference.

transunion fraud alert

The Fraud Prevention Exchange will leverage the power of collective data and help lenders face challenges brought on by originations fraud, including synthetic identity and loan stacking. Rapid information sharing among Exchange members is paramount in the battle against online fraud.

The Exchange is timely because originations fraud has resulted in hundreds of millions of dollars lost each year due to fraudulent activity that can go undetected by some lenders. Loan stacking also has materialized as an emerging issue across the industry. TransUnion data show that, on average, 4.5% of borrowers take out more than one personal loan on the same day. While only some forms of loan stacking are fraudulent, the practice can be costly when inauthentic borrowers apply for multiple loans from multiple lenders within a short timeframe.

Fraud Prevention Exchange members opt in to share transaction data during the verification process for new and existing customers, and the outcomes of those verifications. TransUnion analyzes this member input, watching for potentially fraudulent transaction activity and reported fraud across the network.

As a global leader in information and risk management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering high quality data, and integrating advanced analytics and enhanced decision-making capabilities. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in 25 countries around the world. For more information, visit

Who can place one: An extended fraud alert is only available to people who have had their identity stolen and completed an FTC identity theft report at or filed a police report.

What it does: Like a fraud alert, an extended fraud alert will make it harder for someone to open a new credit account in your name. A business must contact you before it issues new credit in your name.

When you place an extended fraud alert on your credit report, you can get a free copy of your credit report from each of the three credit bureaus twice within one year from when you place the alert, which means you could review your credit report six times in a year.

What it does: An active duty fraud alert will make it harder for someone to open a new credit account in your name. A business must verify your identity before it issues new credit in your name.

You are receiving this information because you have notified a consumer reporting agency that you believe that you are a victim of identity theft. Identity theft occurs when someone uses your name, Social Security number, date of birth, or other identifying information, without authority, to commit fraud. For example, someone may have committed identity theft by using your personal information to open a credit card account or get a loan in your name. For more information, or write to: Consumer Financial Protection Bureau, 1700 G Street N.W., Washington, DC 20552.

An initial fraud alert stays in your file for at least one year. An extended alert stays in your file for seven years. To place either of these alerts, a consumer reporting agency will require you to provide appropriate proof of your identity, which may include your Social Security number. If you ask for an extended alert, you will have to provide an identity theft report. An identity theft report includes a copy of a report you have filed with a federal, state, or local law enforcement agency, and additional information a consumer reporting agency may require you to submit. For more detailed information about the identity theft report, visit

As an alternative to a security freeze, you have the right to place an initial or extended fraud alert on your credit file at no cost. An initial fraud alert is a 1-year alert that is placed on a consumer's credit file. Upon seeing a fraud alert display on a consumer's credit file, a business is required to take steps to verify the consumer's identity before extending new credit. If you are a victim of identity theft, you are entitled to an extended fraud alert, which is a fraud alert lasting 7 years.

Please note that if you remove your fraud alert or active duty alert on your Equifax credit report, you will need to contact Experian and TransUnion separately to remove your fraud alert or active duty alert.

An initial fraud alert requires creditors to take extra steps to verify your identity before accessing your credit report or opening new lines of credit in your name. After you place a fraud alert, all three credit bureaus are required by law to automatically send you a free credit report. This fraud alert will remain on your credit file for one year.

If you reported identity theft to a police department, you might want to submit a copy of the report to one of the three major credit bureaus, and have an extended fraud alert placed on your file. Extended fraud alerts last for 7 years.

You may be able to prevent others from using personal information about you by placing a fraud alert on your credit report. A fraud alert is a notice that the credit bureaus add to your credit report advising creditors to contact you by telephone before they extend credit in your name or change an existing account. It does not affect ordinary charges to an existing credit card account. If a creditor who is asked to extend credit in your name (open a new credit card account, provide new cellular service, make an installment sale, take or refinance a home mortgage, or make an auto loan) cannot reach you at the telephone number you designate, the application for credit should be denied.

Under the Fair and Accurate Credit Transactions Act (FACTA) provisions, if you are a victim of identity theft, you are permitted to place an extended fraud alert on your personal credit file for seven years at your request. You can remove the extended fraud alert at any time before the end of the seven-year period if you request removal in writing and provide proof of your identity at the time of your request.

Credit monitoring services can provide you with early notice of potential fraud on your credit report, so you can take steps to protect your personal information. While these services can't actually prevent identity theft, they can keep you informed so you can take action if you notice something is wrong.

While these services can alert you of changes to your credit file and help you fix any errors, it's important to understand what credit monitoring can and can't do. You still have to be proactive in taking steps to prevent identity theft.

With this service, you'll receive real-time alerts about new inquiries and accounts opened in your name, changes to your personal information and suspicious activity detected on your Experian credit report. Plus users get an updated Experian credit report and FICO credit score every 30 days.

Meanwhile, Advanced and Premier both review reports from all three bureaus and monitor everything included with Basic, plus some additional factors, depending on the credit bureau. These include changes to the name on your credit report (Equifax report only), new employment listed (TransUnion report only) and fraud alert placed (TransUnion report only).

To place a fraud alert, all you need to do is contact one of the three major credit bureaus: Experian, Equifax, or TransUnion. By law, the bureau you contact will need to inform the other two of the alert.

An extended alert is only available to people who have had their identities stolen. To be eligible, you must file an official identity theft report with the Federal Trade Commission (FTC) at or a police report with your local law enforcement agency.

The easiest thing you can do is to let a fraud alert expire at the end of its year. After a year (or more), the alert is automatically removed, unless you extend it. This option requires no action on your part.

If a fraud alert is a yellow light for lenders, then a credit freeze is a brick wall. Rather than just suggest that lenders verify your identity, a credit freeze locks your credit report from being accessed.

Supply the law enforcement agency with a copy of your completed ID Theft Affidavit and any supporting documentation you have collected. These documents will be included with your report and evaluated for follow-up by the reporting agency and/or forwarded the agency(s) where the crime(s) occurred. (California Penal Code section 530.6)Obtain a copy of your police report. You will need to provide a copy of this report to each of the creditors and credit reporting bureaus when reporting the fraud.

The fraud alert will only remain in place for 90 days. Protect yourself by extending the fraud alert to 7 years. A 7 Year Fraud Alert Request must be done in writing and include a copy of your police report. (See template letter)

Some companies offer a paid service to protect the title of your home. However, Alameda County offers you this service for FREE. Alameda County automatically sends a letter to your address of record ANYTIME there is a change to your title confirming that you have made this change, so there is no need to pay for this service. If you should receive a notice and you have not made changes to your title, you must act immediately and report the fraudulent activity so suspects cannot take loans against or sell your property. 041b061a72


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