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  • Perhaps you've seen a "black flag" on a credit report and wonder what it is? Or someone has advised you to add a black flag to your report. Here's what it means.

    Black Flags

    Black flags are added to credit reports to help prevent identity theft. Adding a black flag tells creditors to apply specific rules before they open new accounts in your name or revise current accounts.

    What is Identity Theft

    Identity theft is the unauthorized use of your personal data (name, social security number, credit card numbers, and more).

    What to Do

    If your identity has been stolen, file a black flag on your credit report (call the three major credit companies--Experian, Transunion, and Equifax), tell your creditors immediately, and then file a police report.

    Staying Alert

    To ensure you are not a victim of identity theft, you should regularly check your bank and credit statements for any anomalies or things you have not authorized.

    Removing a Black Flag

    Black flags will fall off your credit report after a variable amount of time depending on the credit reporting agency, sometimes in as little as three months. But you can call them and request that it be removed sooner. That way it will be easier for you to apply for new credit.

    Source:

    Money Management

    Experian

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