A more rewarding relationship


Protect Yourselves From Identity Theft

Have you heard about theft? Or do you even know what damage it will do to your credit account? If not, then here are a few things to give you an idea. Your credit account is like your invisible money and your reputation within a card and a compiled in a set of papers.

All of your transactions are recorded, whether you want it to be or not. It will show everything about you, how responsible you are with your money, bills etc. All of that will attract thieves and if you’re one of the unlucky ones, then you might lose everything you’ve worked hard for. What these thieves do is that they will use your information and use your account to buy or get whatever they want using your using your money. But don’t fret; there are ways that you can do to prevent this from happening.

The Importance of Fraud Alerts When You Report Credit Fraud

Unauthorized charges on your credit card signal to you that you need to report credit fraud. Fraud alerts are an important step in the process when you report credit fraud so that new accounts cannot be opened using your identity. Fraud alerts require the creditors to contact your directly for your approval before any new lines of credit are issued in your name. They won’t cost you and they are fairly simple to do.

Notifying Credit Reporting Companies that You Need a Fraud Alert

Start out by notifying the main credit reporting companies (Experian, Equifax, and TransUnion) that you need a fraud alert. You can do this by going to their homepage and clicking on the link for fraud alerts.If you’d rather notify the credit reporting company over the phone, that is also an option. They have special departments for these cases where customer service representatives can guide you through the process.Your name, address, social security number will be required for online forms and also need to be given if you call. You won’t need to file for all three agencies. When you submit to one, the other two are also included.

Initial Fraud Alert vs. Extended Fraud Alert

The initial fraud alert, which you file when you suspect you are at risk, lasts for 90 days. These companies will require proof of your identity and a copy of an identity theft report from the police. An extended fraud alert is required once you have already proven identity theft, and it goes on for seven years. They also require a copy of your identity theft report. Both types of fraud alerts entitle you to free credit reports from the credit reporting companies to help you stay on top of your case.

Credit Monitoring Services Are a Valuable Asset

If you are not already enrolled in ID theft protection services, you should consider it. They offer a wide range of plans and services including business and personal credit protection. Their services are often affordable and could prevent you from losing a lot of money. It’s worth the investment to protect your future. In the event that you do suffer from an ID theft, they will be often do a lot of the recovery work on your behalf or support and advise you in getting through the process. It is useful to approach your search for a credit monitoring service in a systematic fashion. You will see when you start looking at different websites that there are many details to consider. Comparing and contrasting their prices and what they have to offer before making a decision can be helpful. It may help to take notes. For one of the broadest range of services available at the lowest cost, visit http://www.identityguard.com/report-credit-

Identity Theft Services and Bank Fraud

In today’s day and age, a thief can do much more than hold you up at gunpoint in an attempt to take your money, which is why identity theft services are as important as they are. Your identity is vulnerable in any number of different situations, but you have the power to protect it and make sure you aren’t left with no options. Trying to recover from identity theft can be time-consuming and frustrating. A thief can go through and pilfer your banking information and have your checking and savings account emptied before you ever have a clue something went wrong.

Bank Fraud: How Does it Occur?

When you think about it, a crook is going to gain access to a world of information by heading straight to your financial institution. Once they have stolen your contact information and login, they can hack your bank account, change all of your information and wipe your accounts clean in a matter of just a few minutes. It doesn’t take much to destroy everything you have worked so hard to build up.

Bank Fraud Effects

If the identity thief is able to maintain control of your bank account, the effects could be detrimental to your financial portfolio. Not only can they go through and wipe out your finances, but they can take your information and use it to open additional bank accounts and commit banking crimes using your information. Once they know all they need to know about you, they can send money overseas, which makes it near impossible to track. Most of the time, banks are only willing to reimburse you for up to a certain dollar amount. Beyond losing out on valuable money, you could spend months trying to get all of your accounts back under control. No one wants to spend their free time just trying to get everything straightened out.

Impact of Bank Fraud

When looking at all of the complaints filed for identity theft, roughly 9 percent of those victims were from that of bank fraud. The crime continues to rise as more and more thieves understand just how beneficial it can be to take control of another person’s assets. Once an account is taken over by an identity thief, it winds up costing an average of $3,692 for Americans. What would you do with the extra money? Don’t allow yourself to become the next victim. Take the steps now to protect your identity with identity theft services from a team of professionals who cares about you. Contact one of the friendly representatives at Identity Guard today to discuss what we can do for you.

Myths about the Credit Reporting Bureaus

When it comes to credit reporting and the three credit bureaus, there are a lot of myths floating around. Far too many people, including media and politicians, repeat something they heard and suddenly it causes wide-spread panic amongst consumers. Some of the confusion begins
because “credit reports” and “credit scores” have been used interchangeably when they are not.

To clarify, a credit report is a record of your payment history and the accounts that you have, both past and present. A credit score is a numerical representation of your credit report using a FICO scoring model to assign the value. With that in mind, the following are some of the more persistent myths related to credit reporting.

FICO Sells Your Credit Report and Scores

Many people believe that because FICO created the formula for scoring a credit report, it is also responsible for selling the credit report to lenders and for scoring the credit reports directly. This is not the case. Credit bureaus are solely responsible for selling credit reports and scoring those reports. FICO provides the software which contains the formula for calculating credit scores, and when a report and score are requested, the credit score is calculated at that time. It is then sold to the consumer or lender making the request by Experian, Equifax, or TransUnion.

Credit Scores are Static

Many people believe that because a credit score can take time to improve, the scores must be static. Unfortunately, that isn’t true. Credit scores are “real-time,” meaning they change in accordance to the FICO calculation at the moment it is run by the credit bureaus. If you have several late payments that pop up on your credit report when your score is run, your rating will decline. However, because late payments will still show up on your report, even if you pay on time the following month, your score may not increase right away because the negative pattern is still present and affects the calculation.

Credit Scores are a Permanent Part of Your Credit Report

The reason that you have to buy your credit score separately from your credit report – aside from the fact that it is income for the credit bureaus – is because the score is not a permanent fixture on the credit report. It is an ever-changing number that represents your overall credit report. These are considered two completely different and independent items, which is why you cannot get a free credit score even though you can get a free credit report.

In sum, it is important to be knowledgeable about the facts regarding credit reporting and scores. FICO is the company who created the formula for calculating credit scores and wrote the software that credit bureaus use to provide a score to lenders and consumers. However, FICO is not responsible for selling your reports or scores, and they do not provide scores.

Furthermore, credit scores are subject to change, so when you pull the score, it is in “real-time,” and based on the current state of your credit report. They are not a permanent part of your credit report which means they will go up and down based upon your actions.

For more information about your credit report and score, visit us at www.creditreport123.com.