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Why Consumers Need a Nationwide Credit Freeze NOW
What do a shoe retailer, an online discount broker, and a popular clothing retailer all have in common? All three - DSW Shoe Warehouse, Ameritrade, and Polo Ralph Lauren - sustained breaches to their customers' accounts. Unfortunately, these three are not alone when it comes to security breaches. CitiFinancial, Bank of America, LexisNexis and other companies have also experienced similar events. Over 46 million Americans have had personal records containing credit card numbers, bank account information, and social security numbers lost or stolen during the first six months of 2005. Having even just one piece of personal information is sometimes all that an identity thief needs in order to wreak havoc to your credit profile. Many people falsely believe that an ID thief uses only the stolen credit cards to go on their shopping sprees. The truth is ID thieves use your stolen information to open new accounts for credit, cars, loans, mobile phones and more. Most victims won't know there's a problem until they've been turned down for credit or begin receiving calls from creditors and collection agencies about the unpaid bills. So, what can you do to guard your identity from criminals? Along with vigorously protecting your social security number, using a shredder to destroy credit card offers, and monitoring your credit report regularly, you may also be able to use a new line of defense against ID thieves - placing a "freeze" on your credit files. Placing a freeze on your credit files with the three major credit reporting agencies - Experian, TransUnion, and Equifax - shuts out potential lenders from accessing your credit files in order to make you an offer for credit. When applying for new credit accounts or loans, you would use a special password or PIN to "thaw" your credit files, a process that takes a few days. The credit bureaus charge around $10 for each freeze or thaw as allowed by law. A credit freeze protects your data since the lender can't check your profile in order to approve any new credit. Unfortunately, credit freezes are currently available only to consumers in California, Colorado, Connecticut, Illinois, Louisiana, Maine, Nevada, Texas, Vermont, and Washington. Congress is examining laws to make credit freezes available nationwide, however they are facing some strong opposition. And guess where it's coming from? The credit bureaus and data clearinghouses! They make money every time they sell your information to banks, mortgage brokers, car dealerships and other retailers. The time to act is NOW. If you live in a state that doesn't offer you, the consumer, the right to freeze your credit files, contact your state legislators to let them know that YOU WANT TO CONTROL who can access your personal and financial data. Names and contact information for your Senators and Representatives can be found at www.senate.gov and www.house.gov. Write or e-mail them and tell them you want control of your personal data. After all, it's your identity and your finances at stake! © 2005, www.yourfreecreditreportnow.com">http://www.yourfreecreditreportnow.com Author: James H. Dimmitt James is editor of "TO YOUR CREDIT", a free weekly newsletter with tips to help you manage your personal finances. Subscribe today and receive his e-book "IDENTITY THEFT- How To Avoid Becoming the Next Victim!" and other free bonuses by visiting www.yourfreecreditreportnow.com">http://www.yourfreecreditreportnow.com
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Common Credit Score Myths A lot of credit score myths about fico score ratings get spread around and some of them are just outdated information. Sometimes even lenders can give you the wrong advice and it can get confusing. 10 Ways To Boost Your Credit Score 1. Deleting Errors in 48 HoursThis is the absolute fastest way to correct errors on your credit report and raise your credit score. Credit Cards for Home Business It is wise for you to have a company credit card like a VISA card. How can you find the least expensive bank card for your business? You may decide to use a VISA card from your local bank. Dont Dig Your Own Pit If you want to enjoy your life out of spending, enjoy if you have your own resources and money.But don't enjoy your life by becoming a debtor to somebody. Finance - Money, Money Finance is a big word for some of us. It's a little scary. Rebuild & Keep Good Credit Ratings by Understanding Your Credit Cards Secured Credit Card is similar to a prepaid credit card since the funds you are using are actually yours and not the issuer of the credit card. Generally people who apply for secured credit card or prepaid credit card are people with poor credit or unemployed. Bankruptcy vs. Credit Counseling: What Should I Do? Credit Counseling and bankruptcy are both ways to relieve the stress of debt. However, they are very different and it is important to understand both before making a decision as to which is best for you. Credit Card Balance Transfers Explained What is a balance transfer ? A balance transfer can be explained simply as a balance transfer! When a balance is transferred usually from a credit card, but possible from a bank account or loan to a credit card with a offer interest rate (usually 0%) for a set period. It does not have to be the entire amount. How To Save Money On Credit Cards Some credit cards offer a cash advance option. But how good a deal is this?Not very. Grants, Loans, Free Credit Cards And Credit Repair: The Whole Truth And Nothing But The Truth You got creditors calling you everyday. You could lose the car or house. Big Brother Knows Whats in Your Credit Report - How About You? Whether you are aware of it or not, credit bureaus have been keeping tabs on you and how you use credit. When it's time for you to apply for a mortgage, credit card, or personal loan, your credit report is what lenders look at to decide to approve you or not. Fair Credit Reporting Act: What You Should Know About It? The Federal Fair Credit Reporting Act (FCRA) is designated to promote accuracy, fairness, and privacy of information in the files of every "consumer reporting agency" (CRA) or Credit Bureau. Learn what the law says and repair your credit today!Most CRA are credit bureaus that gather and sell information about you, such as if you pay your bills on time or have filed bankruptcy. Saving Money with Credit Cards Having a credit card is a wonderful convenience for those times when you don't have immediate access to your cash. It can allow you to purchase something on time for which you can pay later, thereby giving you the ability to afford something NOW that you'd have had to save for later. Commercial Collections And Credit Granting It is estimated that billions of dollars in delinquent commercial credit is currently being carried on the books of both American and international businesses. This figure changes as our economy grows or contracts. Top 7 Factors to Consider While Reviewing Credit Card Offers Credit cards have migrated from being hip or convenience product into a must have entity for everybody. Shopping Online you need a credit card. The Advantages of Credit Cards There are many evils associated with credit cards, but there are benefits that are hard to ignore. One benefit is having the credit card company act in your behalf to recover funds from a disputed transaction. Credit Counseling Basics Credit counseling is an option you might want to consider if you are having financial problems. The stress can be overwhelming when you have creditors calling you daily to collect money that you simply don't have. Understanding the Function of Credit What is Credit?Credit is the backbone and the engine behind the workings of the economy. Credit simply allows individuals and companies to borrow funds in good faith and pay it back over a specified time frame. 5 Killer Steps to avoid Credit Card SCAMS! In August, 2004, the Federal Trade Commission issued their findings of a recent study, which showed that nearly 25 million adults were victims of fraud.Now, most importantly, If you are a victim of fraud, please do not feel like you did anything wrong. Credit Help For Renters And Others On The Horizon Sue is a homeowner and pays her mortgage and other bills on time like a good credit consumer. Sue's on-time mortgage payments are reflected in her credit score profiled by the three major credit bureaus; Equifax, Experian and Trans Union.
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