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Showing posts with label Credit. Show all posts
Showing posts with label Credit. Show all posts

Monday, February 5, 2018

How To Prevent Consumer Credit Card Fraud

How To Prevent Consumer Credit Card Fraud We all know that most things have an upside and a downside. When it comes to the automation of our money system the upside would definitely have to be the added convenience. The downside, of course, would be the very real threat of identity theft. In order to prevent consumer credit card fraud there are simple steps you can take. Remember, it may seem harmless since you probably won't have to pay for any fraudulent use of your personal information, but don't believe for a minute that the banks are going to absorb that loss, they will simply pass it on to you in the form of higher fees. 1. There are three major credit bureaus and it's important to check all three. Government regulations now make it possible for you to check your credit reports for free. By law each of the three credit reporting agencies need to allow you one free report every 12 months. If you want you can request one report from one agency every three months. It's important to check all three because the information may not be the same on each one. If you find an error contact the credit agency immediately as this could be a sign of identity theft. It's very important you pay especially close attention the the inquiries section. If some unknown organization is looking at your credit report it could be a sign that someone is using your identity to try and get a loan or a credit card. Also check all the addresses listed on your credit report. If there are addresses listed that aren't your's it could mean someone is pretending to be you and is getting information sent to their house. 2. Don't carry your social security card with you. If your card is lost or stolen, a thief could have a field day with just this one piece of personal information. Instead get a lock box at home, or better yet, get a safety deposit box at your local bank and keep it locked up. 3. Shred all your documents. Unfortunately thieves aren't dumb, you would be surprised what they can do with even the most innocent of information. Don't take a chance, shred everything. Also, try not to take your trash out until right before the trash men come to pick it up. It's gross, but the truth is that many thieves will swoop in and grab trash bags right from your trash can. They will then go to some private location and sort through your trash trying to find some type of personal information. 4. Stop getting all those credit card offers in the mail. Each time you get one it's an open invitation for a thief to come by and grab it right from your mailbox, send it in, and get a credit card in your name that they will use. You can contact the credit card companies and tell them to stop sending you offers in the mail. If you do get an offer in the mail, make sure you shred everything that came with the offer so that thieves can't get the information. 5. Instead of signing the back of your card, which only allows a thief to learn how to copy your signature, you can write 'request ID' , or something similar. That way the clerk should always ask to see some sort of identification whenever that card is used. These are just a few of the simple daily changes you can make to help prevent consumer credit card fraud. By following these guidelines and using common sense, you can help keep the costs low for all of us and protect your good name at the same time.

at February 05, 2018 No comments:
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Labels: Card Fraud, Consumer, Credit, How, Prevent, to

Thursday, January 4, 2018

3 Credit Score

3 credit score The 3 Credit Score Reporting Agencies Commonly known as credit bureaus, credit reporting agencies collect all kinds of information that is relevant to your "credit life" and sell it to businesses and consumers. There are many types of these agencies in the US, but the three most recognized are Experian, Equifax and TransUnion. Almost all creditors and lenders will report their information to one or more of these 3 credit score agencies. Equifax is the largest and longest-running credit bureau and its headquarters is located in Ireland. Experian is also headquartered in Ireland and began operating in the States after its purchase of TRW Information services in 1996. TransUnion is the smallest of the three companies. One of the factors that Equifax, Experian and TransUnion all have in common is that they maintain their own bureau credit reports which are compiled from the consumer credit histories collected from lenders. This is one of the reasons that credit reports may vary depending on the bureau that issues the report. Not all creditors submit their data uniformly to each bureau. Another common concept is that each of the 3 credit score reporting agencies also has its own credit score. But while Equifax and TransUnion both use the FICO score algorithm to calculate their scores, Experian uses its own scoring model software. Most people recognize the FICO scoring model: over 90% of banks and other financial institutions use this to gain insight into a person's credit worthiness. If you're questioning the power of the these types of agencies, you'll be happy to know that the government has a federal law (called the Fair Credit Reporting Act--FCRA) that protects consumers from unfair credit reporting business practices. The Federal Trade Commission (FTC) supervises the enforcement of this law. One stipulation of the FCRA is that it allows consumers to request a free copy of each of their credit bureau reports one time per year. You can make your request for your credit report at AnnualCreditReport.com. But you are not allowed free acess to the credit scores themselves--this is not stipulated by the Fair Credit Reporting Act. You can pay to view your credit score and some promotions will offer a one-time access for free as long as you purchase something else. Good practice would be to periodically check your credit report to make sure all the information is correct. It's a good way to prevent fraud which can, of course, be very damaging to your credit profile as well as a means to better managing your finances. Just knowing what your credit score is puts you ahead because being aware of your status can help you to prevent your score from dropping. Most financial institutions and even some employers use credit scores to evaluate risk. Knowing your credit score is equally as important. Because many financial institutions use scores as risk indicators, preventing a low assessment of your score can open doors of opportunities for a better lifestyle. Find out what yours is from any one of the 3 credit score credit bureaus.

at January 04, 2018 No comments:
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Labels: 3, Credit, Score

Loans Credit Benefits

4 Benefits of Credit Card Consolidation Loans Credit card consolidation loans have become a popular way to manage debt. These loan companies run multiple commercials that focus on their ability to reduce monthly payments. There are actually multiple benefits to this form of debt consolidation to consider that include this reduction of payment. If you are looking for a way to take care of your debt, this may be the right solution for you. Lower Payments Consolidation loans pull all of your different loans together to lower your cost per month. These businesses help to lower the amount that you must pay on a monthly basis. Consolidated loans make it easy for you to lower your credit card payments per month. This makes consolidation perfect for those who are struggling to meet the amount for current credit card bills. The loans make it easier for those in debt to budget their funds, as they will be paying less toward their debt per pay period. One Single Payment It can be confusing to pay multiple credit card companies per month. It can be confusing to keep track of the cards that you have paid, and the cards that you have not paid. Consolidation loans bring your payments into one single payment. You will be paying the consolidation company. This company will be paying the credit card bills for you. You no longer need to keep track of monthly payments. Paying On Time The single payment of a consolidated loan also helps you to pay your credit bills on time. It can be easier to keep track of your bills when you only have one credit card debt bill. You can budget for your payment easier than before. You can also visualize the goal date for that payment easier than before. The consolidated loan will make it easier for you to pay on time. This benefit can also save you money. When you fail to pay on time, you will incur various penalties and fees. You will avoid these extra fees and debts with a consolidation loan. Ability to Start Up a Savings Account You will have some money left over, every month, that was used toward your credit card bills. It can be easy to earmark this money for spending. You should be thinking about your financial situation in this situation, however, and should put the money toward a savings account. This extra money will help to prevent you from needing to use a consolidating company in the future. It is important for you to consider all of your different options for debt management. Credit card consolidation loans allow you to make your debt-paying process simple and easy. It is important to note, however, that you will wind up paying more, over time, because of this form of loan. If you still think that these four benefits will help you to deal with your debt, you should consider this loan.

at January 04, 2018 No comments:
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Labels: Benefits, Credit, Credit Card, Credit Cards, Loans
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