Identity theft has become a very popular crime around the world and has exploded along with the popularity of the internet. Most people’s entire lives can be access through the internet and this can have detrimental affects on every area of live from personal privacy to a good reputation.
It’s important to be aware of what kind of personal information you put online when making purchases, searching for information or even simply chatting. There are many unscrupulous people who are searching for those who are not aware of the potential for internet identity crimes and may inadvertently put sensitive information online. From there, the process of obtaining another person’s identity and using it illegally is relatively easy. Most people are not aware that their identity has been stolen until their credit score and personal reputation have been terribly damaged.
Your credit score is a rating based on your history of purchases and payments using credit. Having a good credit score is important for many reasons. When you want to purchase something of significant value, such as a car or a home, lenders, such as banks, or other vendors will take a look at your credit score to determine if you will be a good candidate to lend or sell to. If you credit score is unfavorable, you may still be able to purchase or obtain a loan, however you will most likely pay high interest rates or you may be rejected completely.
In cases of identity theft, the credit score is the first thing to go. Thieves will often make extravagant or multiple purchases using someone’s stolen credit card numbers. They will not pay any monthly charges and over time, your credit score will plummet. This can cause a number of problems from being investigated to not being able to make necessary purchases or obtain a loan. Having your identity stolen is much more than a mere hassle. It ruins lives.
One way to help yourself is to enroll in our credit monitoring . You can check your credit score yourself on a periodic basis, which may help you identify any unusual activity. We will notify you within 24 hours of any changes to your credit reports.
If there is any suspicious activity or if you see charges on your monthly statement that you did not make, report them immediately to your credit card company. The sooner you report it, the better, as many companies often have a window of time to contest charges that may be fraudulent.
ShareA credit report is a retelling of the financial transactions of your life – how you pay your bills, when you’ve been late, if you’ve ever filed for bankruptcy, what you spend your money on, which loans you have or have had and more. A credit report will even reveal if you’ve ever been arrested or sued. On a credit report, a credit score is the rating of what value all of these elements add up to.
A credit score ranges in value. While companies may not have access to the exact details of the transactions that have generated your credit score, they will have access to your credit score. It is important to have a credit score that reflects good standing with the companies you have borrowed money from because your credit score will tell lenders and vendors whether or not you should be considered or approved for a loan. Without a credit score that reflects good standing, there is a very good chance that you will be denied for a number of significant financially-related transactions such as buying a house or a car, even paying for college. A company will consider you to be a risk and will most likely reject your application for credit.
You can and should monitor your credit score, for many reasons. Identify theft is one. Identify theft can severely damage your credit score. Even though you may have spent your entire adult life building up an excellent credit score, an unscrupulous thief can ruin that score with a few unwarranted transactions and then the burden of proof will be on you to uncover the information behind these transactions. In the meantime, your credit score will suffer and that often takes many years to rebuild.
There are some ways to rebuild your credit score after suffering from a financial crisis, identity theft or having to file for bankruptcy, such as debt consolidation. Debt consolation is a solution to rebuild a credit score that is in good standing, by making payments into a low, lump sum. Certain companies will take your numerous high payments from you, consolidate them and have you make one, lower monthly payment. Consistency is the key is making monthly payments. To increase your credit score, companies want to know that you can be relied upon to honor your debts.
If you have any negative information on your credit report, know that it will most likely affect your credit score for up to seven years, although filing for bankruptcy will usually stay on for as long as ten years. Lenders will look at your payment history and sometimes, if you can establish a brief history of consistency after your credit score is damaged, you may be allowed to take out a loan with a sizeable interest. Often times this is the only way to increase your credit score after the damaging effects of a financial issue.
If you simply want to raise your credit score and have not suffered any major, negative issues, significantly paying down any outstanding balances will help increase your credit score by at least a few points and that will help you when looking for a lender.
ShareI am sure everyone has seen the ads for a Free Credit Report, or found hundreds of sites on the internet claiming free credit reports. This is just a quick post offering a word of caution.
In all the years I have been in this business I have never once found a free credit report and score. All of them that I have seen require you to sign up for a monthly monitoring product (which I think is a good idea for everyone, see other posts) and then after your “free” trial ends they will start to bill you.
Please read the fine print, and make sure you know what you are getting into. We will never offer a free credit report on this site, as we feel it is deceiving to the consumer.
Like mom used to always tell me, “If it sounds to good to be true, then it probably is!”
ShareI have heard this asked many times, “Why should I monitor my credit report?” There really are many factors as to why you should. First to make sure there are no errors on your report, and that none show up. Second monitor your credit score, and last but not least to protect yourself from Identity Theft.
Credit reports show your history of credit use, and sometime, well they get it wrong. It is very important to take a look at your credit report and go over it with a fine tooth comb to make sure there is no information on there that is not yours. If you do find any information that is not yours, you can then dispute it, and have it removed. After that first initial scan of your report, keeping updated on your credit report is a breeze once your enroll in a credit monitoring service program, any changes that occur you will be notified as soon as they happen!
Keeping track of your credit score is also very important information. At anytime day or night you can log in and check where you are standing. That way if you think you will be making a purchase in the near future you will know exactly going in what your credit score is, and what you should get for financing. You can also watch your credit score trend, this can help you make decisions for major purchases like a new home, car, or anything major purchase. If you notice that your score is trending upwards every month, you may wait until it reaches a new level before making the purchase. That way you can get the best interest rate you can and save thousands over the life span of the loan.
Identity theft is on the rise once again, and the best way to stay protected is by monitoring your credit report. If anyone were to get a hold of your personal information and tried to open accounts in your name, you would then be notified, and you can take care of it before it goes to far!
ShareCredit reports, and credit scores remain a mystery for many, and our goal here is to shed light on any questions the relate to your personal credit report, or credit score.
Bestcreditreports.com was founded over 10 years to work with consumers on finding the most relevant products to help them stay current on there credit history and to help them avoid identity theft.
Over the years the website has evolved to not only provide tools, but to provide consumers with information. This blog will expand on that, with a more informal style. It will contain questions and answers, articles, and commentary’s related to the credit industry.
Please enjoy your stay, feel free to comment or ask questions. We will be updating this blog multiple times per week.
Thanks,
Bestcreditreports.com team.
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