tag:blogger.com,1999:blog-12423159.post114731689475404504..comments2023-10-26T00:58:20.327-07:00Comments on Fraud, Phishing and Financial Misdeeds: Are We Addressing Cyber Crime from the Wrong EndEd Dicksonhttp://www.blogger.com/profile/17591588411216721185noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-12423159.post-89427197142655011132007-03-08T22:44:00.000-08:002007-03-08T22:44:00.000-08:00Ed,A fantastiic, detailed article (yet again). How...Ed,<BR/><BR/>A fantastiic, detailed article (yet again). <BR/><BR/>However I disagree with what Deb says in the quote:<BR/><BR/>"Let's start with the credit reporting agencies who are responsible for our credit ratings and yet they prevent us from getting the information we need to protect our ratings by not alerting us to new accounts opening under our identities. The reporting agencies have the system in place to do this. But they've made it so hard for consumers to order this service (and when they do, they can only get it for 90 days unless they can prove fraud)."<BR/><BR/>She's talking abotu fraud alerts on our credit files. There is no "system" for alerting consumers, despite some companies claming fraud alerts are foolproof ID theft protection. Why? Because there is no law that requires creditors to pay attention to any fraud alert on your file. Fraud alerts are not effective. More specifically, credit issuers only pay heed around 50-70% of the time as best we can determine (ask Jay Foley at the ITRC). So, CRC's are NOT required to alert you and financial institutions are not either. A fraud alert is just a flag and, if you choose, a victim statement that is a bunch of words on your credit file. There is no technology in place to "alert" anyone or anything. A credit issuer has to pull your report (not required either, believe it or not) and READ the credit disclosure. It might not even be legible when printed!! <BR/><BR/>I do agree that the CRC's would not be excited about putting an alert mechanism into place to slow the credit process themselves. And neither would FIs. But let's not confuse the issue. THEY ARE NOT REQUIRED TO. Change the law (FCRA) if you want effective consumer fraud alerts (good luck). <BR/><BR/>Fraud alerts are not a "system" and they don't really work. If anyone thinks fraud alerts provide a "guarantee" of protection from ID theft, think again. <BR/><BR/>Sorry for the rant, Ed.<BR/><BR/>TomAnonymousnoreply@blogger.com