Wouldn't that be great? If every time a request was made regarding increases in your credit limits or obtaining new credit accounts a siren went off warning you that you may be a victim of identity theft? LoudSiren is not exactly an emergency siren that sounds when your credit information is in question, but it is an identity protection network.
How does it work? This service, on your behalf, creates a fraud alert on all three major credit reporting agencies, (TransUnion, Experian, and Equifax), for 90 days, which you may renew as long as you are a member. A fraud alert is notification placed on your credit report that requires confirmation of the application for credit as well as verification of your identity before the credit is issued. Creditors are required by law to contact you to determine the validity of the credit application pending as well as your identity prior to issuing new credit in your name, increasing credit limits, approving loans, or establishing any new credit accounts
The enrollment process is simple, and may be completed on line or via regular mail. Once enrolled in the LoudSiren system you receive a “safe telephone number" and a “voice key. " The safe number is a telephone number within the services system that is used to notify you of credit applications. This number is used instead of using your home telephone number. The voice key is a private message, which you record in order to authenticate that the phone call you are receiving regarding credit is a valid request from a bona fide company.
Creditors contact you through the systems calling service and the telephone call regarding credit is then forwarded to up to three telephone numbers that you register with your account. A member is then contacted at one of the three registered numbers; the voice key system is used to verify the telephone call is from the service, and this is used to authenticate credit information. Members may then either confirm or deny that the request regarding credit is genuine. If you did not request the additional credit, the application is denied and the reason for doing so is noted. If it is a valid application for credit, then the credit application process continues.
One other service available is to obtain three credit reports from the major credit reporting agencies for your private use. The fraud alerts are enacted approximately 10 days after enrolling and members receive a notification stating that the fraud alerts have been set with instructions on how to obtain copies of their free credit report.
Identity theft insurance is an additional service and feature. Identity theft insurance is available in the form of a $1 million dollar insurance policy, provided by Debix, as well as additional coverage by AIG Insurance, which is used to assist you in cases of identity theft with restoration costs, attorney fees, and lost income due to attempting to correct any damages to your credit as a result of identity theft.
There are several advantages to the service that LoudSiren provides. This service protects your identity in several different ways. First, it is a barrier between you and the rest of the world. Your personal information is kept confidential by using a telephone number within the service system instead of your personal telephone number. This type of service also serves as a level of protection between credit lenders, credit agencies, and individuals. Both of these features limit the release and distribution of your personal information as well as protecting you from fake calls for services and potentially harmful so-called verification contacts.
Another advantage to using this service is it stops identity thieves from obtaining credit in your name. With these types of protection services in place the chances of identity theft will decrease. One other advantage is that this type of service can help you correct damages to your credit through the use of both a tracking record of calls received into the identity theft prevention network and your responses. Lastly, it also provides financial support to assist you in correcting instances of identity theft.
There are two different price plans available; $9.00 a month or $99.00 a year. No family plans are available however; you may create accounts for others as a gift if you have the right information and authority to do so. Unfortunately, accounts for minor children are not available. Members may receive customer support through the website's “contact us" form located on the website, or via email, fax or telephone call.
Lisa Carey is a contributing author for Identity Theft Secrets: prevention and protection . You can get tips on Identity theft protection, software, and monitoring your credit as well as learn more about the secrets used by identity thieves at the Identity Theft Secrets blog