Fraud Victims See Credit Scores Rise: How Extended Alerts Can Help You Recover Getting hit by financial fraud feels like a violation. You worry about money you lost, accounts hijacked, and the long cleanup. But new research from the Philadelphia Federal Reserve Bank offers a surprising finding: many fraud victims who use extended fraud alerts end up with better credit scores than before the incident. ...
Extended Fraud Alerts: What the Latest Federal Reserve Research Reveals About Identity Theft Recovery If you’ve ever been a victim of identity theft, you know how disorienting it is. That phone call from a lender asking about an application you never made. The unfamiliar accounts on your credit report. And then the scramble to freeze your credit, file a police report, and start repairing the damage. ...
How Extended Fraud Alerts Affect Your Credit Score: What the Fed’s New Research Reveals If you’ve been a victim of identity theft, you’ve probably heard about placing an extended fraud alert on your credit report. The standard advice has been: do it to stop criminals from opening new accounts in your name. But a recent study from the Philadelphia Federal Reserve Bank suggests there may be an unexpected upside—and it has to do with your credit score. ...