Friday, November 20th, 2009
Many homebuyers frequently wonder, “If I shop for a home loan my credit be affected each time a credit report inquiry is made?”
It’s a smart and logical question to ask, the answer is: not much, if credit checks are done in a short period of time.
When a credit check is done by a potential lender is called a hard inquiry. When a difficult research that has an impact on your credit score. However, when you are shopping for a mortgage or car loan, credit agencies often difficult group questions together because the credit reporting bureaus understand that the consumer is looking for a better deal.
That means, for example, that if you’re buying a new mortgage and three potential lenders pull your credit score within three weeks, which is seen as a test for that purpose.
Keep your credit clean is critical. Here are some things you can do to help ensure healthy credit.
A card that should not carry: Leave your Social Security card at home. Most people have their number of Social Security card, memory. If you’re not one of those people, then just take your card with you when you know you need information on it. Your security card contains personal information that if put into the wrong hands can cause credit dilemmas.
Lock It Up: apartment complexes and condominiums typically have locking mailboxes, but this type of secure mailboxes are not as common in residential, single-family neighborhoods. If possible, people should have a locking mailbox.
Mailboxes with locking devices are increasingly popular in hardware stores because identity theft is spreading. Taking precautions to protect your personal information can save you months of agony.
Shred your documents: If you destroy your personal documents and criminals to access information, the result can be devastating to your credit. Criminals often attempt to open new accounts using your name and contact information. If successful, they will use the new account and divert the account information to deal with criminals or post office.
That will not even know that the account was created. They will be receiving the bills and then cast them out and ruining their credit.
Keep an eye on your credit card: Although it is difficult, people should not let your credit card out of sight or else run the risk of becoming a victim of skimming.
Skimming has become widespread in some restaurants and service stations where an employee may have a small device that scans the consumer’s credit card. Small scanner that captures all information that is on the tape, and then the card information can be cloned.
Of course, keeping your credit card visibly at all times is nearly impossible. If you’re going to a restaurant in an area that is a little uncertain of – that is in a marginal area or are in a foreign country and you are not sure where to go for dinner – - The attempt to use cash.
Additionally, using credit cards make sure you leave the receipt with the trader does not have his credit card number exposed. Most merchants have credit card systems to print only the last four digits of your credit card of a consumer, however, some still show the full account number in print. If your full credit card account appears on the receipt, scratching with a pen. Furthermore, in rare cases where carbon copies are used, ask about carbon.
Check your credit history: consumers can check their free credit report once a year at annualcreditreport.com though free reports will not contain an actual credit score. Scores are available for a nominal fee.
Tags: Business, Credit score, Identity theft, Loan, Mortgage, Security, Social Security, Social Security number
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Saturday, November 15th, 2008
What exactly is a credit freeze and how can I do?
In this new era of information technology, our personal privacy has taken a big hit. No longer is anyone really anonymous, but in reality you can find almost instantly by searching the Internet. If you do not believe me, type his name into Google and see what comes out. You may be shocked.
To make things even worse, you can also do a Google search for “background checks” and that it will again be shocked at all of the companies that offer their services anywhere from $ 39.00 to $ 149.00 for find out anything to anyone. This search can be paid for including your social security number, tax ID number, address, place of work, what kind of car you drive, your credit rating and almost anything else you can imagine.
Did you know that there’s a new law that will help eliminate identity theft, allowing consumers to freeze their credit information?
What this credit freeze means that you have the right to decide who can and can not access your personal information. There are some pitfalls in the schedule to do this, but if your identity has been stolen or if the fear can be, this may be just what the doctor ordered for you. Unfortunately, there are only twelve states that have put this law in force until now, with California being the first and New Jersey recently enacting it.
What caused this freezing of the law in the first place?
This is the easy part. Unfortunately, credit card companies are not our friends. They have never been and never will be. Keep in mind that credit card companies were the largest, only contributes to our last presidential campaign and that alone should make you sleep better.
What this law has done is help expose security breaches at major companies such as Lexis-Nexis and Choice Point-two companies recently in the news that “accidentally” lost more than 40 million Americans of personal identity information. Overnight, millions of Americans had their social security numbers, accounts, cars, bank accounts and credit card numbers across the street. This new law has a stipulation that there should be a failure, data brokers have to inform consumers immediately.
Agents of data? This is the part that seems to shock people in the United States. Credit bureaus and data brokers buy and sell your name, address, Social Security number and credit information file to anyone who is willing to pay for it. The fraud alert U.S. allows all citizens to place a 90-day surveillance on your credit file, requiring banks and other lenders to take additional steps to verify your identity before issuing credit. Therefore, what all the fuss about?
First, the credit bureaus servicing the credit card companies. Always remember that. In addition, the consumer credit counseling, allegedly intended to help consumers, is funded by credit card companies. Do you see the relationship now? Tell me who owns it here.
Who opposes Credit Freeze?
Credit reporting agencies are! They do a lot of money on the sale of your personal information to agents, car dealerships, banks and mortgage brokers. Have you ever wondered why I have to pre-approval of the automobile dealership in the mail? They have paid either the credit bureau directly or a third party that pays the company for information in the range of scores in the lighthouse you’re looking for. The car dealer could be targeting only those with high or bankruptcies may be directed to consumers who have had a bit slow credit, but no bankruptcy or repossession. Car dealers make more money out of these two classes of consumers, so it benefits them to the goal of these two groups.
How-to: Eight of the 12 states allow all consumers to place credit freezes on their credit reports. In four of the states, you can only put a freeze on your credit file if you have been a victim of identity theft and a police report a backup. The cost of a freeze of security varies from state to state. The cost to thaw a credit freeze also varies from state to state. However, most states offer the freeze for free if you can demonstrate that they have been victims of an identity thief.
To place a freeze on your credit file, you must mail (certificate), the following information at least one of the three major credit bureaus, Experian, Equifax or TransUnion:
• Your full name: First name, middle name, last name, son, etc. – • current address and addresses of past five years, Social Security number and date of birth • Fee-for control, money order or credit card. You will be asked to verify the name, account number and expiration date of the credit card. Costs vary from state to state, but to freeze the opening of a period that goes from zero to $ 10. Lifting will run another 5.00 dollars to 12.00 dollars.
Credit bureaus to freeze their place not later than five days after receiving your written request. After sending his letter asking for the freeze, each of the credit bureaus will send you a PIN or personal identification number.
You also get instructions on how to lift the freeze. Each state regulates its credit freeze laws differently, in order to verify their status by the Attorney General’s Office. Perform a search on Google for Washington Attorney General, or whatever the state in which to live on the site. For a list of state security freeze laws and that States are now the law.
Tags: Credit, Credit bureau, Credit card, Equifax, Experian, Social Security number, TransUnion, United States
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Friday, November 14th, 2008
There are many reasons why you should fear identity theft
Credit and fraud. Hundreds of people contact their local Citizen’s Advice Bureau each month for advice on repairing your credit file due to identity theft or credit fraud causing problems in obtaining credit.
It is very important to be protected against these practices if they want to maintain their good credit and your credit score
high. A simple credit fraud can destroy years of efforts in creating a clean and stainless credit history. Here are some tips that it is wise to follow if you want to stay at the top of the range of credit.
Protect your national insurance number
His national security number is probably the most important identification you have. When forged or used illegally it can cause much damage to the owner. It is therefore important to be cautious and avoid providing your social security number when there is no good reason to do so. As a general rule, should refrain from providing your social security number to companies that did not contact for the first time, and for additional protection, you must run a background check on any company that requests your national insurance number.
Have the proper documentation
All documentation used for applications such as credit reports pulled or filled loan applications must be properly archived or destroyed if they are not going to use more. This is an important issue, as unscrupulous people make use of this type of documentation to obtain important personal information to engage in identity theft. Mail is another source of information that could be used for this purpose and must also destroy all mails that you do not need to save. It is important to destroy the documentation or paperwork, shredding is the ideal, but in any case, you must have it so that information can not be retrieved more.
Take note of personal data and financial information and maintain their security
Most likely you have a bunch of accounts, cards, credit cards and such. If you do, you should take note of all account numbers, credit card numbers, ID card to store, CDs, stocks, bonds and any other personal and financial information and keep this information printed in a safe place where you can easily recover in case you need to contact the issuers of canceling the accounts. In the event of theft, it is important to cancel credit cards and account or debit cards immediately and have been issued new ones to avoid further damage to your credit card or finance.
Tracking and credit purchases
Another thing you should do every month is to control your account, credit card and store card statements so you can notice immediately when an unidentified or unauthorized purchase was made. On the other hand, it’s a good idea to hire credit monitoring services to determine whether any unauthorized use of your credit was made before it can cause problems and leave a stain on your credit file.
Tags: Credit card, Credit history, Debit card, Home, Identity document, Identity theft, Personal Finance, Social Security number
Posted in Credit Report Knowledgebase | No Comments »
Friday, November 14th, 2008
Bad credit rating drives some to extremes. Starting a new credit file is one such extreme measures. A new credit file does not contain any of the previous credit information on it, neither good nor bad, not so ugly.
The main reason for this is even possible is information overload. Think about it. Every day in the U.S. Thousands of children are born thousand and leaving his physical shell of greener pastures in the heavens. These rates of birth and death create new additions and permanent removal of information from the credit bureau system.
Remember that the credit bureau and the trail of financial and credit history of millions of Americans.
What will happen when information about people with the same names and birth dates, sometimes even in the same city in the system?
A defect and a gap is created.
Well, the office’s credit system is not foolproof and with the increase and legislation to protect citizens’ rights to privacy and the restrictions imposed on the exchange of information among agencies, some have found a loophole and use it to create a new credit file for themselves.
There are three main ways that people create a new credit file. One is to use the same name with different personal details. Another is to use the same personal information with a name or surname. And the last of all, using an alias name with the same or different personal information.
Personal information means a person from the date of birth, social security number, address, etc.
These new credit seems legitimate files and credit bureau’s computer system point of view that correspond to the anomalies mentioned above, as two people can have the same name and date of birth, but they live in two different places.
Many of the techniques used to obtain a new credit file have been taken from legitimate day-to-day necessities of life. For example, those who chose to change their personal names or religious grounds, as they can get a new social security number. Or when someone moves from one state to another, they need to obtain a new license.
However, when one changes his name to obtain a new social security number to jump on credit card payments, he or she is crossing the legal line.
Or if someone creates a false social security numbers in accordance with the Federal Trade Commission Act credit repair, that someone may be committing a crime by using a false identification number.
The rules are too many, the possible sanctions are too high. Do your homework and understand the laws so that you do not break, without knowing them.
Tags: Credit, Credit card, Credit history, Credit score, Federal Trade Commission Act, Personal Finance, Social Security number, United States
Posted in Credit Report Knowledgebase | No Comments »
Friday, November 14th, 2008
What if I told you there is a way you could solve all your bad credit problems overnight by creating a new credit file in 24 hours – would you be interested? And what if I told you this program is 100% legal and even backed by the federal government – that sounds too good to be true?
Well … you’re right. It is too good to be true, but these guys ads are now appearing again after the Federal Trade Commission launched “Operation New ID bad idea” more than 8 years ago. This operation targeted (and took down) over 50 credit repair organizations and companies that sell consumer pamphlets and services giving them a new credit file under the pretense is 100% legal and in some cases even claimed it is a “government” program!
With the simple era. Companies target consumers with poor credit and the offer to create a new credit file for them by substituting an Employer Identification Number (EIN) for your Social Security number (SSN), along with a new direction. The EIN were obtained from the Internal Revenue Service on behalf of consumers. With the EIN and a new direction for companies that either have the consumer apply for credit with the “new information” or the company would apply for them. When the creditor run the application that automatically creates a new credit file because the team could not find the consumer in the database due to the new address and Social Security number.
While there is some controversy among privacy experts as to whether this is legal or not, the actions of the FTC at the time was not up for debate. Advertising companies and attract consumers in order to have them falsify credit applications by providing new information such as your address and Social Security number to obtain credit. This was a direct violation of the Truth in Lending Act (TILA) and worse yet, companies from advertising to consumers that it was a 100% legal and in some cases, claiming it was a program sponsored by the government . As you heard me say often “In reality, nothing could be further from the truth.”
Privacy experts argue that using an EIN or 9 digits (just a number) instead of ‘SSN is completely legal since creditors are on unstable ground to ask for your Social Security number in the first place. With regard to the truth in lending act to argue that one has to expose “an intent to defraud” a creditor. My question “Is it to hide” adverse credit history intent in itself? “While I am not a lawyer on the legal issue of credit that can reach the conclusion that if a consumer is to create a credit file using the EIN or PIN method that best damn sure you never have a problem paying of their bills. If they do, the more likely they are in a courtroom with a case of fraud of credit. Which brings me to my next subject.
How to create an alternate
Credit file legally
Most consumers are not aware of that, in addition to consumer credit reports, both Experian and Equifax own and operate business credit reporting services. By creating a business credit profile a consumer can now create a file of credit legally. While some creditors such as residential utility companies will not allow companies to use credit instead of personal credit, we have had numerous clients who have successfully used business credit to obtain credit cards, car leases and loans. This technique (although controversial) can be very effective when done correctly.
The foundations of the construction of the participation of credit 1.) Setting the appropriate structure for your business (ie Corporation, LLC, etc.).. 2) Obtaining an EIN, as well as a DUNS number (Dunn and Bradstreet ). 3.) Loans and / or purchase products and services from suppliers who reports to business credit reporting agencies such as Experian, Equifax and Dunn & Bradstreet. While construction companies credit requires time just like personal credit, do not be discouraged. Remember, when you set out to start building your business credit that are starting with a clean slate. This is when it becomes imperative to learn from the mistakes of his past. Remember, in the world of credit to those who do not learn from their past are (inevitably) doomed to repeat it.
Tags: Credit card, Credit history, Equifax, Experian, Federal Trade Commission, Social Security, Social Security number, Truth in Lending Act
Posted in Credit Report Knowledgebase | No Comments »
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