When credit fraud occurs, you, your credit grantors and the credit reporting agencies are all victims. Until the fraud is discovered, the fraudulently opened accounts can appear on your credit report. The FVAD helps you identify those fraudulent accounts, advises you of the creditors that need to be informed of the fraud, and works to remove fraudulent accounts from your credit file.
As identity crimes have evolved, so has FVAD. In October 2003, FVAD set new standards in identity theft resolution through an unprecedented credit issuer/credit bureau partnership. Building on these new standards, FVAD has created a menu of identity theft solutions called FVAD Partnership Services. If you are a credit issuer and are interested in receiving more information about this program, please email the FVAD at fvad@transunion.com.
Step 1: Add a consumer fraud statement and remove the victim from mailing lists
Step 2: Highlight recent inquiries and/or accounts suspected as fraud
Step 3: Mail the credit file to the consumer
Step 4: Mail educational material
Step 5: Notify joint-victim credit grantors
Step 6: Keep a database of fraud information
Step 7: Restore the victim's credit file to its accurate state
Step 1. Add a consumer fraud statement and remove the victim from mailing lists for pre-approved offers of credit and insurance
The FVAD will add a fraud statement to your credit file, advising any potential creditors to contact you before approving credit applications. This statement is retained on your credit file for seven years from the date it was added, or until you request its deletion in writing. Additionally, your name and address will not be included on any TransUnion mailing lists for preapproved offers of credit or insurance for five years.
Step 2. Highlight recent inquiries and/or accounts suspected as fraud
After an FVAD representative verifies your identity, the representative advises you of any recent inquiries and/or accounts that are new to your file. If you are unaware of the inquiry and/or account, the phone representative provides the address and phone number for each. Moreover, the representative reminds you to notify the respective creditor of any fraudulent inquiry and/or account.
Step 3. Mail the credit file to the consumer
After the phone call, an FVAD representative mails you a copy of your TransUnion credit file. Proof of identity and/or residency may be required to safeguard your file from further fraudulent activity.
Step 4. Mail educational material
When the FVAD mails a credit file, we include a dispute form and educational material advising you of your responsibilities. We may also include tips on preventing future fraud. The material provided is based on the specific type of past or potential fraud.
Step 5. Notify joint-victim credit grantors
Based on our conversation with you, the FVAD notifies credit grantors of the suspected fraud inquiry and/or account. Specifically, the FVAD advises the credit grantors to check for a recent application or opened account with the victim's identifying information. By approaching the fraud from both the consumer's and credit grantor's perspectives, a significant amount of fraud can be prevented.
Step 6. Keep a database of fraud information
The FVAD adds fraud addresses, telephone numbers and Social Security numbers to an internal database containing fraud information. Should this information be used on future fraudulent applications, an alert is generated advising potential credit grantors to check for fraud.
Step 7. Restore the victim's credit file to its accurate state
The FVAD investigates any disputed credit information to help restore your credit file to its accurate state.
