Credit Freezes will be available to all consumers by November 1st, whether or not they have been victims of Identity Theft.
from bankrate:
Consumers in all 50 states already have the right to place a fraud alert, regardless of whether they are victims of ID theft. The fraud alert lasts for 90 days and alerts new creditors and other businesses checking the creditworthiness of an applicant that the consumer may be a victim of fraud.
While the fraud alert merely asks the lender to take additional precautions, a credit or security freeze prevents third parties from receiving a copy of the consumer’s credit report or credit score, making businesses less likely to grant credit or services to the applicant. Only businesses with a permissible purpose, or for whom the consumer lifts the freeze may obtain the consumer’s credit information.
from the FTC:
For Release: June 4 , 2004
FTC Issues Final Rule on Free Annual Credit Reports
The Federal Trade Commission has issued its final rule regarding free annual credit reports under the Fair and Accurate Credit Transactions Act (FACTA) and the Fair Credit Reporting Act (FCRA). FACTA, which was enacted on December 4, 2003, amends the FCRA and requires, among other things, that the three nationwide consumer reporting agencies (CRAs) – Equifax, Experian, and Trans Union – provide to consumers, upon request, a free copy of their credit report once every 12 months.
woohoo! good move by the FTC. so what does this mean to you? once a year, you are entitled to a *free* credit report, so you can find out what information has been gathered about you. eligibility for these free reports is based on the FTC’s rollout schedule:
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Would you like to own a home some day? Buy a car? Rent an apartment? Have you had difficulties obtaining these things, or others, due to bad credit? Well, there is hope! You can repair your credit… yourself!
“Bad Credit? NO Problem!” offers are available everywhere, but unless you take steps to keep your credit rating on the right path, you run the risk of costing yourself money… the very thing you can least afford! High interest rates (like with those “Bad Credit? NO Problem!” offers) cost YOU.
Suppose you wanted to buy a $20,000.00 car and pay it out over 48 months. With good credit, they may be offering a 6.5% interest rate (sometimes much less!), meaning you’d pay approximately $2700.00 in interest over the life of the loan. *However*, with bad credit, they may offer you an 11% interest rate (sometimes MUCH higher!), meaning you’d pay approximately $4800.00 in interest over the life of the loan! That’s a big difference!
For those with bad credit ratings: DO NOT FEEL ALONE: In 2005, approximately 2 million households filed for bankruptcy, so a lot of us have been in your shoes. There are many reasons why you may find yourself in this situation – divorce, medical bills, lost job, the “ignorance of youth”, etc.
Continue Reading... Credit Repair and YOU
For those who may be unfamiliar with the credit process, here’s a quick summary: You apply for a credit account to purchase goods or services. Based on various factors, the Creditor agrees to open a credit account for you and begins reporting your information to the Credit Reporting Agencies. In turn, the Credit Reporting Agencies update, store, and share your information with other potential Creditors or potential employers. There are laws governing all of you in order to protect each of you. To break it down further…
Continue Reading... Credit Reports Overview: Their Purpose, Your Rights
Obtaining Your Credit Information
Once a year, you should check your Credit Report for accuracy and to guard against Identity Theft. Since Creditors may report to one or more Credit Reporting Agencies, it is suggested that you request a report from each. Married couples should each request a separate report from all three agencies, as the information may be different for each spouse.
You can also obtain a copy of the Credit Reporting Agency’s Credit Score for you. These are not a part of your Credit Report, so must be requested separately (or, in addition to).
In The United States…
In the US, as of September 1, 2005, you may now request one free annual Credit Report, every 12 months, from each of the three major Credit Reporting Agencies. The three agencies have created a central location for you to obtain these reports. By law, ONLY www.annualcreditreport.com has been authorized to provide these free reports. Be leery of any other organization that offers you a “free” Credit Report, as many times there ARE fees.
Continue Reading... Obtaining Your Credit Report (US)
Obtaining Your Credit Information
Once a year, you should check your Credit Report for accuracy and to guard against Identity Theft. Since Creditors may report to one or more Credit Reporting Agencies, it is suggested that you request a report from each. Married couples should each request a separate report from all three agencies, as the information may be different for each spouse.
You can also obtain a copy of the Credit Reporting Agency’s Credit Score for you. These are not a part of your Credit Report, so must be requested separately (or, in addition to).
In Canada…
In Canada, you may request a copy of your credit report by mail (FREE) or online (FEE) from the major Credit Reporting Agencies. In addition, you may request your Credit Scores, though there is a fee.
Continue Reading... Obtaining Your Credit Report (Canada)
Whether you are in Canada or the United States, when the Credit Reporting Agencies send your credit report, they will furnish you with information on how to read it, since each is slightly different. (For a sample, click HERE.)
You will want to read through the entire report (and its instructions) very carefully. It will contain four basic types of information: personal information, account records, credit inquiries, and public record information. I suggest using a highlighter as you read through your report, highlighting any information that you think needs to be corrected.
Following these guidelines below will help you as you read through your credit report:
Continue Reading... Understanding Your Credit Report
January 2008
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Read More... News and Advice
Innovis: The "New" Credit Reporting Agency by arin721
Sample Letters - Quick Links by arin721
Resources for Identity Theft - Quick Links by arin721
Resources for Credit Repair and Credit Scores - Quick Links by arin721
Credit Scores - Quick Links by arin721
You know you’re in trouble when you turn on the cold water faucet and what comes out is hot water for the first three or four minutes. Its supposed to be 102F here today. That’s pretty hot. And I have two cats. Complete with fur. How do they stay cool in the summer? We always hear how someone left a dog in a car and they had a heat stroke but what about our cats?
What do beans and left over salad have in common? Both can be tossed into a burrito for a cheap, filling meal.
Plasma donation. I does it.
Saving money as a single can be difficult. You’d think it wouldn’t be, since there is only one of you, but cooking for one can be more expensive and time intensive. And when you’re busy and tired you don’t want to spare that extra time. You end up living on prepared foods and take out. After all, who wants to cook for one? So how to save money in the biggest money waster: food?
There’s snow on the mountain tops where I live already. Its getting too cold to wear sandals and I need a sweater. The dark will soon do me in. Its winter and these are all normal things, and for me and many people like me, so is the depression that will set in soon. The winter blues.
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