How does Experian's Fraud Alert work in removing inquiries? Can anyone explain the process? And does the fraud alert work on Transunion as well?
As far as I know a fraud alert doesn't alter in any way inquiries which are on your credit report. All the fraud alert does is place a *FRAUD* heading on the top of your credit report when it is pulled, and any company which obtains it *SHOULD* call, or write to you personally before opening an account on your behalf. There is no requirement that they actually do so; they have the disgression. (I haven't read the post-FACTA version of the FCRA enough to see if there is any major change as far as that one provision goes, but FACTA isn't fully in effect, yet.) The only other thing that it does is PRM Blocks your file for 2 years; unless you request longer in writing.
That depends as always on the specific issuer... Some will pull more CR's; some will send a snail-mail application (or similar -- think of it as a provisional adverse action "We will be forced to decline your application unless you provide the following information within XX days."); some will call at the number listed in the CR and/or alert statement to 'verify' that it was really you who applied; some you may not notice any change.
How I got my Experian inquiries deleted: I called Experian. Requested to speak with the fraud department. I expressed to them someone applied for credit in my name. I was interested in having those inquiries deleted. They asked me if I wanted a fraud alert put onto my credit file. I told them no as I monitor my file monthly. They investigated my inquiries and 20 something inquiries were deleted. Only one remained. Macy's.
