In today’s day and age there are many different types of reporting agencies that can help you determine whether there is activity on your account that you feel warrants investigation. This can be done through the Internet or with the assistance of a financial advisor.
In credit regulation, a Suspicious Activity Report or a Suspicious Transactions Report is basically a document made by a financial company about potentially fraudulent or suspicious activity on your account. The activity can come from any source and can include things like identity theft or even just someone opening up a bank account under your name without permission. It is important for you to know that these types of reports aren’t meant to be used as evidence of guilt but rather they are to alert you to suspicious activities on your account that need to be taken care of before it is too late.
This is actually the first step towards reporting your account so it will need to be filed with your financial institution at the earliest time possible. This can be done through regular mail or online with a submission of a SAV. The SAV must contain all information that you have provided such as your name, address, account number and routing number. Any suspicious transactions that were made must also be reported along with proof of the transaction such as a receipt or other documentation.
A reporting agency will review your SAV and determine whether the information that was submitted was accurate and whether there were any errors. If the SAV is found to be false, they will require you to file a new one with the appropriate details. They will notify you of their findings and any penalties that may apply.
With the help of a professional financial advisor you can use this information as the basis for a fraud alert. This alert can help you get a copy of your SAV and submit it with the proper SAV submission along with proof of the account in question.
There may be instances when you can have been defrauded and it can lead to a new identity. The SAV can be very valuable in the process of stopping people from using your name to open up an account or use another name to obtain credit. A professional financial advisor can help you determine if you should get a fraud alert sent out to all of your current lenders or even new lenders that may be looking at your account.
Another thing that a fraud alert can be used for is when there may be a sign of identity theft or fraud. A professional financial advisor will be able to tell you if you should get an alert sent out or not.
As a consumer it is important that you be aware of what is on your reporting report. The more information that you can access the better equipped you will be to deal with any situations that come up.
If you are facing a situation where you feel like your identity has been stolen or if you have received an alert and you do not know who it is from then your first step is to talk to a financial advisor. They will be able to help you assess your situation and if there is any evidence that you can use to fight back.
After reviewing your financial situation and determining if there is any reason to file a fraud alert or not file one then it is time to contact your lender. In some cases there can be a process that must be followed before you can get your SAV investigated. Your report may be delayed until it is reviewed and you will be required to respond to an inquiry.
The advisor will be able to guide you through this process and can even explain to you what type of response you should make. Once the investigation is complete and the SAV has been found valid, you can start using the report to get the necessary results. You will be able to find out what type of relief will be available to you based on your situation and help you in determining what steps are needed to take to fix your situation.
It is also important to remember that once you have talked to a professional advisor you will need to continue to keep them updated about your situation. This is where it is important that you keep a record of everything that is reported on your report and that you get a copy of it every year so that you will have the peace of mind that comes from knowing that you are on the right track.