Answer:
A fraud alert may be placed on a credit report by the consumer reporting agency if the agency has been alerted by the consumer that he/she has been a victim of fraud or a related crime, including identity theft. A credit transaction should not be extended unless you follow policies and procedures your financial institution should have in place to form a reasonable belief that you know the true identity of the person making the credit request.
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Learn more about Jack Holzknecht’s webinar A Banker's Responsibility under FCRA
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