Why is placing a fraud alert an effective way of dealing with inaccuracies in a credit report?.

1 answer:

3 0

The act placing a fraud alert is an effective way of dealing with inaccuracies in a credit report because its encourages the lenders and creditors to take an extra steps to verify the credit-account holder before issuing credit.

<h3>What do we know as credit report?</h3>

Basically, a typical credit report refers to a statement that has important information about your credit activity and & credit situation such as loan paying history and the status of your credit accounts. Most people in the United States have more than one credit report

The purpose of placing fraud alerts on credit reports is explained as follows. When a fraud alert is placed, its can make it harder for someone to open unauthorized accounts in your name. Also, the action also encourages or requires lenders and creditors to take extra steps to verify your identity such as contacting one by phone before opening a new credit account in your name or making changes to existing accounts.

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the missing options are:

a. Considered sunk costs, not relevant in further decision making
b. Considered sunk costs, but still relevant in further decision making
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d. Considered a profit

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