Jay, My Friend, Battles Id Theft And Protects His Credit

Coffee Chats with Stan

Sipping a Cappuccino and taking notes about a good performing stock, I looked up at the sound of the door opening and closing and smiled at the sight of my friend Jay, a male real estate agent, one of the first friends in my circle to have an espresso maker at home back in the eighties. Of course the rage in Jay’s place now is martinis, martini glasses and fancy smancy olives. About those martinis…last time over at his place he served me a lemongrass and ginger one and next came the chocolate one. Now those were enjoyable for novelty sake, but like I told Jay, I like my martini’s straight up and stirred, no fancy flavored Vodka for me. He laughed and called me “James Bond.”

I teased, “No it’s 007.”

Seeing Jay walk in wearing an all black shirt with silver martini glass style buttons I smiled, same old Jay. The Armani jeans also in black, said it all. I chuckled, “Who died?”. In classic Jay style he took one look at my emblem-less gray sweatshirt and Costco purchased Kirkland jeans and answered, “Casual doesn’t have to be boring and the me-to-ism look of yours, Stan has got to go. Costco brand jeans, you can do better, what happened to your classic 501’s?”

“They’re in the laundry bin.”

“Well, that’s better than saying, you’re dog ate them.”

I laughed.

Jay ordered a double espresso couple bags of espresso beans and took out a wad of cash. I couldn’t help but notice how empty the slots of the wallet looked; the slots normally were maxed out with plastic.

Prying I said, “Where’s the plastic? You’re like the king of it.”

Jay said, “I’m giving it a rest.”

“You? I don’t believe it. Confess up, you’re budgetting. I mean finally budgetting. So you got sick of spending beyond your limit?”

“No. ID theft, someone nabbed me and tried to be me, but what lousy taste, man. They ranked up $10,000 at Kmart in Phoenix, $5000 on my credit card there too and a vacation at Holiday Inn in Tucson. Now if it was a quick trip to Rio or Paris or the Armani store, maybe. Seriously, no joking man, I got hit and I’m in real cleanup mode now.”

“You’re not alone Jay. I read in the New York Times how more than 27 million Americans have been victims of identity theft in the last five years. This is serious. What are doing to get out of this mess?”

I got an attorney who’s handling things on the legal side of things proving I never lived in Arizona and it’s not me and that’s the scary thing they got a dummy address on me at some residential address in Phoenix and my social security number, that’s what the guy used to get the cell phone and rank up a huge bill. Hiring a credit repair attorney to fix your credit report and deleting judgments from your credit file is a step in the right direction. There are some steps I’m doing too. No more using the credit cards frivolously, it’s not happening. I’m using cash as much as I can and leaving the credit cards at home in a safe, unless it’s absolutely necessary I won’t touch them. I got a P.O. Box too, so no more residential mail. Did you know that’s how they think my ID was nabbed? Imagine someone just cruising through my mail on a field trip. Yuck! What a violation. I’ve been having trouble sleeping over this too. It’s not just the money, a part of me was stolen, and that’s what gets me. How could someone consciously go around pretending to be me?”

“Jay, that’s just it, they don’t have a conscious.”

“Yean, I guess you’re right.”

“Jay, what are some of these steps you’re taking to protect yourself? My niece just got her first apartment, the post college job and all. I’d love to give her some sage Uncle sounding advice and keep her out of getting in a jam.”

“Of course Stan. Here are some of things I’m doing to protect my financial records.”

Instead of storing my credit cards in the wallet, I keep them in the safe at home.

Signature on the back of the card is a must – This is something I never did. I figured I’d sign the charge slips and that’d be good enough. Wrong! Having my signature on the back of the card is further proof it’s me ranking up some charge.

A credit card is not a form of identification. While this may sound obvious, I flashed the plastic around like it was my driver’s license. Big mistake.

Don’t give credit card to anyone. I made this mistake too. I think you used my credit card a few times when I was out of party supplies and you ran to the store for a quick trip. Now, I just hand out cash if I’m in an entertaining pinch.

When you are expecting a new or replacement card- keep a sharp eye on the mail.

Carbon copies – Oh those are the worst. I bet that’s how the guy nabbed me. So often I wouldn’t pay attention to what happened to those. Now I destroy the carbon whenever I get one.

When the charge is range – trible check to make sure the credit card is handed back and make sure it’s yours.

Report all lost or stolen cards immediately. I was lax about this. One night I went out to dinner and realized my credit card didn’t come back when I got home. Instead of calling the credit card company right away yand reported it missing, I went to bed. Big mistake.

PIN numbers – Don’t carry them in your wallet or written on the back of your card. And about the naming of these – don’t choose some obvious acronym with your name backwards. Pick something no one else will know, but which you will always be able to remember.

Important account numbers – Keep a list of these in a safe place along with all the customer service phone numbers and addresses too. When I saw the identity theft on my report it took me a while to find all the numbers I needed. Don’t wait to be in a panic to have this kind of information readily available.

ATM, Gas stations – Never use the cell phone while you’re making these transactions, like I used to do. You could end up leaving a valuable receipt with your private account information left in the open for all eyes to see. Pick up the receipts right away.

Use a shredder – I used to just toss old credit card statements and other documents with my financial information in the trash thinking no one is going to go through the trash. Wrong assumption. Now I shred all documents, which I don’t need to save.

Guard your personal information. Don’t reveal your social security or your residential address unless it is absolutely necessary.

Credit bureau reports – Review them thoroughly instead of just filing them away. This is so important. Looking at these reports is how I found out I was a victim of identity threat.

“Jay, thanks I’ll tell my niece these tips and get to work doing these things myself. Now what happens if you notice an error on your credit report?”

“Stan, these things happen more often than you think. But if you save your receipts and credit slips in a safe place and compare them against your monthly statements you’ll be able to easily dispute the error with proof. When you see these errors write to your credit card company right away. The letter needs to list all the items you disagree with and the reasons you disagree. Request the listed items be investigated and state firmly “these inaccuracies are injurious to my credit rating”.

“Jay, I bet you’re reviewing your credit file all the time now.”

“Of course, I’m become a great record keeper in the process. I had too. I have a file for each credit bureau now. They’re not all jammed into one folder like I used to do. In each file I have copies of all the letters I’ve sent to the particular credit bureau. I also make a note whether the letter was mailed or faxed and keep all postal deliveries and fax reports for proof of delivery. Plus, all telephone conversations including the dates and names of people I talked to, and items we discussed are noted in the file folder.

I’ve also had to ask the credit-bureaus to reinvestigate things too. Having all my records handy makes it easy to explain what I need them to do and why. The re-investigation stuff is tricky. I’ve literally had to stare at an old report against a new credit report comparing item after item before I noticed a discrepancy. The items I’ve disputed should not appear on the new report and if they do there should be some notation. These notations might say something like “no response”. This means the issue is still unresolved.

I’ve make a list of all disputed items, still unresolved and written additional letters to the credit bureau asking for reinvestigation. By this point I ask the credit bureau for information on the person who submitted the inaccurate information i.e. name, addresses, and phone numbers so I can follow-up on the inaccuracies myself. I’ve saved a copy of this letter in my file in case I need to forward a copy to someone else.”

“Jay, what frustrates you the most about dealing with the credit bureaus?”

“Time. It takes them sometimes as long as four weeks to respond to my dispute letters. I understand it takes them a while to verify the disputed information but still if feels like it should move quicker. But the credit bureau representatives tell me they get frustrated too and that some subscribers do not respond to their requests. Sometimes these whys are all about time and lack of resources, but still when a smudge on your credit history like with my ID theft is hanging over your head it’s infuriating that the process gets bogged down and moves sometimes slower than molasses dripping onto pancakes.”

“Jay, is there any other red flag you jump at on your credit report that might be a sign of trouble.”

“Unauthorized credit inquiries. If someone’s checking up on me, I want to know why. This used to infuriate me. Now I have a fraud alert on my credit report file, which I had to request in writing, so this stuff doesn’t happen. The way it works is all three major credit reporting agencies attach a fraud alert on my credit file. This is a very good thing. Now when someone else or even when I attempt to open a credit account the lender contacts me by phone to verify that I do in fact want to open up a new account. If they can’t reach me the account isn’t opened.”

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Fix Wrong Information In Your Credit Report-TODAY

Other than eating, sleeping, and breathing, one of the most important things you should be doing on a regular basis is ensuring that the data in your credit report is accurate. That is such a simple statement, yet it is ignored by the vast majority of consumers, probably due to several factors, such as:

* Consumers seem to accept the fact that errors will self correct in a reasonable period of time, where in reality nothing could be further from the truth.

* Consumers dont know how to find out if there is wrong information on their credit report, which impacts their total credit score negatively.

* Consumers dont realize that having a low credit score (lower than what they deserve, if the information maintained by the credit bureaus was accurate) can impact a huge number of factors in their everyday lives.

* Consumers dont realize that studies have shown that the MAJORITY of credit reports on consumers and businesses have errors and inaccuracies.

Your credit score is used by anyone loaning you money such as credit card companies, home loan lenders, auto loan lenders and finance companies. You need to find out what your credit score is before you talk to any lender in case there is something on your report that they may question. Your credit score is the actual number ranging from 300 to 850 that lenders use to judge your creditworthiness and the interest rate theyll charge you. Having a credit score lower than what you actually deserve could mean the difference between getting approved for a loan or credit card, or being denied. If you are approved, a lower credit score can mean the difference of the lender assessing a 14% interest rate or a 6% interest rate, which can cost you hundreds and even thousands of dollars more at the end of the loan period.

The big three credit bureaus are required to give you a free copy of your credit report annually, or any time that you have been denied credit based on information that they provided to a potential lender. It may take some time to get through to the credit bureaus to request a copy of your credit report, but this is well worth your time to do so. Be sure to get a copy of it from all three of them, since some lenders only report to one or two of them. This means that the information on your credit report from one credit bureau is almost certainly not going to be identical to the data from another credit bureau.

If you notice any errors on your report, you should complete a dispute form with the credit bureau. When they send you a copy of your credit report, they will usually include instructions on how to file a dispute for erroneous or inaccurate information. Some experts say that if you are disputing say 5 different items, you should file 5 separate dispute forms so each one can be addressed specifically. There is some merit to that discussion, since the credit bureaus may view a dispute consisting of many items as frivolous and not take appropriate action to correct the information.

Another excellent reason for keeping an eye on your credit report is because you will then be aware of any attempts at identity theft. Identity theft is one of the fastest growing crimes of this century, and if someone has stolen your identity to open new accounts in your name, it will likely show up on your credit report. You should take the time to become familiar with identity theft and what you can do about it at Preventing Identity Theft.

Under the Fair Credit Reporting Act, you can dispute information in your credit files with the three credit bureaus, and the creditor is required by law to verify the disputed information. You have the right (and indeed, the obligation) to dispute the completeness and accuracy of information in your credit files. When a credit bureau receives a dispute, they must investigate and record the current status of the disputed items within a “reasonable period of time”, usually defined as 30 days. If the information reported on your credit report cannot be verified by the creditor, the credit bureau is required by law to remove the information.

Check your credit report regularly, at least once per quarter. Even if the creditor misses that 30 day window, they can report the information again later, at which point when you see it appear again, you can (and should) dispute it again. Sometimes, for blatantly wrong information, you may want to contact the creditor directly and find out why they insist on putting inaccurate information on your credit report.

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Affects of Credit Card Debt Settlement on Credit Report

Credit cards are gaining popularity more and more. It’s a form of plastic money through which consumers can buy anything which they want. Through credit cards consumers can use money which is currently present in there accounts. They have to pay back this debt amount in a certain period of time with some predefined interest rates.

Once consumers start using cards it’s become almost impossible for them to get out of this habit. Because of this wide use sometime the debt amount against CC become so high that consumers start feeling to declare them bankrupt. At this time debt settlement process helps them in getting there lives debt free. Debts settlement leads them in a way that they start feeling more relax and great relief on there monthly budgets.

When using debts settlement it is very important to understand the affects of credit card debt settlement on credit report of consumers. This process can ends up with negative marks on credits report but it’s not always necessary. In order to get the proper answer about affects of credit card debt settlement on credit report it is important for consumers to know about there credits report first.

Sometimes it happens that consumers assume that they have very good credit report but in actual they don’t have that much good report. There it goes down because of late payments. So in this case the affects of credit card debt settlement on credit report can not be a big issue because this process leads them towards debt free life. If consumers wants to give more priority to credits report then it should be a good choice if there current credit score is good.

Affects of credit card debt settlement on credit report are good to understand but may be they can not help you towards debt repayments. So consumers have to think at this point that whether they really interested in paying off all there debts or not.

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Personal Consumer Credit Reports – How Private is Your Credit Report?

With credit card fraud and identity theft on the rise, it is important for you to keep your credit information safe. Individuals who prey on unsuspecting consumers have cunning techniques for getting your personal information. In fact, their techniques are so subtle that you may even volunteer this information. Here are a few tips to help you keep your credit report safe.

Who Has Access to Credit Report Information?

Several people may have access to your credit report. Aside from creditors and lending institutions, landlords, employers, and insurance agencies may also review your credit report. In most cases, these businesses need your written consent before obtaining a copy of your credit report. Current creditors may periodically review your credit report without permission. Furthermore, credit card companies that offer pre-approval credit offers have access to your credit score.

Is Your Personal Credit Report Private?

In order for someone to check your credit, they must have a legitimate reason. Access to credit reports is generally restricted to businesses. These include retail stores that offer credit, insurance agencies, etc.

Although several software programs advertise background checks, which may include credit report information about someone, these are illegal. If a person obtains a copy of your credit report for unnecessary purposes, this will result in a sizeable fine and up to one year in prison.

Safeguard Your Credit Report and Score

Credit report errors are common, and usually minor. However, if you are a victim of identity theft, you may have several credit report errors. These may include new credit accounts with huge balances and outstanding balances on unauthorized accounts.

It is important for you to review your personal credit report annually. If possible, obtain a copy every six months. This way, if a person gains access to your personal information and begins opening new credit accounts, you will detect the problem sooner.

Always shred credit card statements and pre-approval offers. Both documents include your name, address, and account information. Thus, if these were to get into the wrong hands, a thief could make purchases with your credit card and open new accounts. Moreover, do not give your credit card number over the telephone, unless you initiated the phone call.

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What You Need to Know About Your Credit Report

Your credit report is a very important document. In fact, the information contained on your credit report will help determine whether or not you qualify for loans and, if you do qualify, it will help the lending institution determine how much interest you will have to pay on your loan.

In addition to being used to help with determining loan eligibility, your credit report can also have an impact on the car insurance rates that you pay. Many car insurance companies believe that there is a direct correlation between a persons credit and their level of responsibility while on the road. Therefore, if you have poor credit, the car insurance company assumes that you are a greater risk and your insurance premiums go up.

Your credit report can also have an effect on whether or not you are hired for a new job. This is particularly true of jobs where you are to be entrusted with valuable items or with money. Companies that look at credit reports before hiring do so because they believe employees with poor credit or employees that are in a substantial amount of debt are more likely to steal from the company.

Fortunately, you do have a certain amount of control over your credit report. By being responsible with your finances and paying your bills on time each month, your credit report will look much better. In addition, be sure to use your credit cards frequently and to pay them off at the end of each billing cycle. This will help you build credit history while still avoiding the high finance charges associated with credit cards.

Finally, order a free credit report once per year. The government has determined that all consumers are entitled to free annual credit reports – and you dont have to sign up with a club or other organization to do so.

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