Credit Monitoring and Alerts Can Help You Spot Fraud Faster

Highlights

• Check your credit reports from both Canadian credit agencies at least once every three months to spot unauthorized accounts or inquiries.
• Use tools like Equifax Complete™ to receive automatic alerts of key changes and share those alerts with family members for added protection.
• If you suspect fraud, immediately report it to the police, the Canadian Anti-Fraud Centre, and both credit bureaus to begin the restoration process.

You get an unexpected credit card statement. It says you have a past due amount of $5,000. You look at the date and the credit card was opened six months ago. The thing is, you don’t have a credit card from that company. 

You have become a victim of identity theft.

Identity theft can be costly, both financially and emotionally. But there are steps you can take to spot it faster.

Unexpected changes to your credit report, like a new inquiry or an unfamiliar phone number, could be signs of identity theft. That’s why checking your credit report regularly is important.

How Often Should I Check My Credit Report?

You should check your credit reports from both Canadian credit reporting agencies at least once every three months. Make it easy by checking your credit report every time the seasons change.  

Look for any addresses, phone numbers, accounts, or inquiries you don’t recognize. For example, if you didn’t apply for that new credit card or open a line of credit, someone else might be using your information to get credit in your name.

What is Credit Monitoring?

While manually checking your credit reports is an important part of staying ahead of identity theft, you might forget or put it off. Credit monitoring takes the work out of staying on top of your credit report.

If you have an Equifax Complete™ product, you’ll get alerts of key changes to your Equifax credit report when they’re reported to Equifax. This means you can spot potential fraud even faster than checking your credit reports on your own. 

What is Alert Sharing?

If you have Equifax Complete™ Friends and Family or Equifax Complete™ Protection for Family, you and your partner can share alerts. This means you’ll both get notified of key changes to each other’s Equifax credit reports, adding an additional layer of protection. 

What Do I Do If I’m a Victim of Identity Theft?

If you have an Equifax Complete product, call us at 1-800-871-3250, (Monday to Friday 9 a.m. to 9 p.m. ET, and Saturday and Sunday 9 a.m. to 6 p.m. ET), to begin the restoration process. 

Whether you’re working with one of our restoration specialists or handling it on your own, here are some steps you should follow:

• Report the identity theft or fraud to local police and get a police file number.
• Contact both nationwide credit reporting agencies and inform them about the fraud. You can easily submit a dispute — for free — to Equifax to begin an investigation.
• Place a fraud alert on both your credit reports. 
• Report the incident to the Canadian Anti-Fraud Centre (1-888-495-8501).
• Advise your bank and credit card companies. Request new bank or credit cards.
• Monitor your credit reports for any suspicious activity, like new inquiries or accounts opened in your name. An Equifax Complete product will alert you of key changes, helping you to spot fraud before it escalates.