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Q.What happens when a fraud alert is placed in my credit file?
A.If the three major credit bureaus have placed a fraud alert in your credit file, three things should happen.
First, within 24 hours, the fraud alert should be activated at the three national credit bureaus, and within two weeks you should receive written confirmation. If you don't receive this confirmation, call and place the fraud alert again.
Second, once the fraud alert is activated, if you, or someone else, tries to open up a credit account (new credit card, car loan, cell phone contract, etc..), the lender is signaled to contact you by phone to verify that you really want to open a new account. If you are unreachable, the lender shouldn't open up the new line of credit.
Third, your name will be removed from all pre-approved credit and insurance offers for two years.
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