Are there drawbacks to placing a fraud alert?
You will be unable to obtain instant credit. You must be available by phone to approve opening a new credit account. If you are not available, the creditor may not open the account. It may take longer to obtain credit and some creditors may be hesitant to open a new account. A. Fraud alerts will not necessarily prevent someone else from opening an account in your name. A creditor is required by law to make an attempt to contact you if you have a fraud alert in place. A fraud alert does not stop a creditor from granting credit.
