One of several security measures placed on a credit report for identity theft management and prevention. It is a key provision of the Fair and Accurate Credit Transactions Act of 2003 allowing a consumer to place a fraud alert on their credit record. A consumer would use this option if they believe they were a victim of identity theft. The alert requires any creditor that is asked to extend credit to contact the consumer by phone and verify that the credit application was not made by an identity thief.
- Browse Related Terms: Annual report, authorization, Credit bureau, Credit Report, FACT Act (Fair and Accurate Credit Transactions Act), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fraud Alert
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