Credit Reporting Bureaus' One-Stop a Timesaver

WEST PALM BEACH, Fla. – Identity theft victims can add another timesaver to their fight in recovering their lives. Victims can now just place a single call to one of the three major credit reporting agencies- Equifax, Experian or TransUnion-to report the crime. Under the new voluntary plan, a security alert is placed in a consumer’s credit file after notifying one of the credit bureaus. That alert tips merchants, retailers, banks, credit unions and other credit lenders to any possibility of identity theft. The consumer’s name is then removed from any direct-mail offers for credit, and a free file of the individual’s credit history will be provided for three months following the call. The credit reporting bureaus hope the one-stop approach will “make it easier” to counter the growing problem of identity theft.