Protect Yourself From Identity Theft Today!

Whats on yours?

Realtors and lenders are almost as bad as computer tech people at tossing out words and phrases you don’t understand. The funny part is, sometimes even they don’t know what those words really mean. FICO is one of them. It’s not really a word, but the initials that identify the score given to your credit rating. A few Realtors and a few lenders have some idea of how those scores are reached, but they probably can’t tell you what the letters stand for. Nothing. They’re just the initials of the Fair Isaac Corporation. So now you’re wondering what or who a Fair Isaac is, right? Bill Fair was an engineer, and Earl Isaac a mathematician. In 1956 they formed a consulting and decision management service, and in 1981 devised the credit scoring system now known as FICO. Under their system, each of a set of details about an individual’s financial history is scored and given a weight, based on the past performance of others whose financial history is similar on that particular detail. Among other things, the system gives a score to: The length of time an individual has had and used credit The Existence of bank accounts The number of recent credit inquiries Debt to income ratio Debt to available credit ratio Bill paying history Lenders believe that by applying this compiled score, they know the statistical likelihood that a person will pay his or her debts. It must work, because FICO has become the standard, and this publicly traded company is a giant in the world of finance. With over 3,500 employees on 5 continents, FICO has an annual revenue of over $800 Million.

Contrary to what some might believe, FICO is not associated with the government. In addition to providing credit scoring, FICO still provides consulting and management services. If your FICO score is over 720, you’ll have an easy time getting a loan – or at least you would have before the current financial crisis. Right now that threshold may have been raised. If your score is under 600 you’ll be considered a poor risk, and in today’s climate probably will not qualify for a mortgage loan. If you do, you’ll be charged a higher rate of interest and will likely need a larger down payment. So it really does pay to take the steps to raise your credit rating as high as possible. The first step is to know your current score. View the best cheap credit report.

Whats on yours?

Let’s say you are what most people would consider a good person. You help out in the community, volunteer to help others and even show up on the front row for church every Sunday. You recently applied for a home loan and to your surprise were denied. How could this be? You’re a good guy or gal, and deserve this loan, right? Could you be on the credit bureaus blacklist?

Since there is no such thing as a “blacklist” within the credit scoring system the answer is no. You are not on a blacklist. Your credit score and credit history are based on nothing more than factual data that lenders have provided about your pay habits.

Your credit report and credit scores have absolutely nothing to do with your age, marital status, race, sex, nationality or religious beliefs. Your occupation and length of time on the job also have nothing to do with how your credit score is calculated. Only information present on your actual credit report make up your credit score.

Pretend for a moment that you are an underwriter working through a mortgage loan application. What would be of the most importance to you? Ironically, underwriters look at the same thing that the credit bureaus do in figuring your credit score.

1. Payment history is a biggie. This tells the tale of whether or not you can handle what you currently have on your plate. If you are consistently 30 days late on your car payment, why would you think you are worthy of a home loan?

2. Credit history is also important. The age of your accounts reveals your experience with credit. Multiple accounts like credit cards, student loans, car payments with several years of history, especially with perfect payment status will surely pass the test for an approval.

3. Your debt load makes a difference in how you handle available credit. If all or even a few of your credit cards are maxed out a red flag pops up. People in control of their finances typically use credit cards sparingly or always pay them off in full each month.

4. Recent inquiries can wreak havoc if you’ve had too many. Multiple credit card applications make it look like you are in desperate need of more credit, or just credit in general. Its ok to have a few inquires with multiple mortgage companies within a 14 day window. The bureaus only look at these as one inquiry since most people will shop around for the best home loan.

It always makes sense to obtain a copy of your credit report either before you make a mortgage application or if you are declined credit as a result of a low credit score. There are several arguments for this statement. One is identifying potential errors and fixing them before your lender pulls their copy. Another is having the upper hand when applying for a mortgage. If you have a great credit score use it as leverage and tell the lender up front. Request terms based on it and make that lender wait to pull your actual credit report until you have received multiple offers.

Getting a copy of your secure credit report is easy. To view your personal credit information that lenders are currently basing their credit decisions on you can choose from several options right here for $1. We are currently offering a $1 30-day trial for Identity Lookout Monitoring Service which not only allows you to keep an eye on what is happening on your credit file but is also useful at protecting yourself against Identity Theft, something which is a growing problem. Get the upper hand on your credit today.

Whats on yours?

You know that your credit score is based on your money management history – and if you’re working hard to rebuild your rating, it can be very frustrating to see the same old negative information showing up on your credit report.

Unfortunately, there’s not a lot you can do except wait it out. Your new, good habits will show up, and that will help your score, but the old stuff will remain for a while.

A bankruptcy will stay on your credit report for 10 years, which will seem like an eternity until you’re looking back at it. Other negative information generally stays for 7 years, unless you can get the creditor to give you a letter to delete an item.

An unpaid tax lien will stay there until 7 years after the paid date.

Of course, if you’ve proven to the credit bureaus that an item was in error, that will be removed immediately.

What goes on the report?

Public Records – bankruptcies, court and default judgments, liens, and foreclosures.
Late payments – listed as 30 days late, 60 days late, 90 days late, and 120+ days late.
Charge offs – Accounts that are in default and which the creditor has charged off and reported as a loss.
Collections – An account that has been turned over to a collection agency.

After the “bad stuff” your credit report will list all your accounts in good standing.

We don’t know the exact formula FICO uses to compute your score, but we do know that the more accounts in good standing, the better. So if your credit needs repair, keep as many accounts in good standing as possible.

You may not recognize the names of your creditors as listed on your credit report. It will help to know that “I” stands for installment loan, “R” stands for revolving credit, and “M” stands for mortgage.

If you get your credit report and see unusual names and can’t match them up with any of your accounts, do not hesitate to call the credit bureau that reported it – in fact, do it immediately. Only if you know who is reporting what can you address the validity of the entry.

And of course, if you find out “who” and you’re not familiar with the company, you need to file a protest immediately. You could be looking at a case of stolen identity.

Whats on yours?

There are several things you can do to reduce the possibility of identity theft.

BUY A SHREDDER
You can find a small easy to store shredder for less that $20 at almost any office supply store. There is no reason not to have one of these. Any document that includes personal information or your Social Security number should be shredded before you throw it away.

KEEP YOUR FINANCIAL DOCUMENTS HIDDEN AND SECURE
You would think that most people are perfectly trustworthy but some are not. Is it possible that an appliance repair man, handy man or even a guest in your home could access your personal financial documents? Not if they are under lock and key!

PROTECT OUTGOING MAIL
Think of everything that goes in your mail. Checks give potential thieves your name, bank account number and routing number. Credit card account numbers are listed on the very coupons they mail each month to send your payments in. You do not want this stuff to get in the wrong hands. If you haven’t graduated to the great convenience of on line bill paying you should consider dropping off your bills at the nearest post office rather than leaving it out in your mail box where anyone can get it. Make sure your online bill pay offers encryption and other security measures to keep your transactions safe from criminals.

BE CAUTIOUS OF SOLICITORS
Don’t give out your credit card number, Social Security number, or any sensitive financial information by email and don’t do it by phone unless you initiated the contact. Make sure you trust the business before divulging any information.

OPT OUT OF CREDIT CARD AND JUNK MAIL SOLICITATIONS
The three major credit bureaus have a toll free number (888-5OPT-OUT) that allows you to take your name off marketing lists that are sold to credit card companies. Registering will not eliminate all credit card solicitations, but will cut down the volume quite a bit. The less offers you get in the mail means less chances thieves will have to steal them.

MONITOR YOUR CREDIT REPORTS
Once a year was considered sufficient to get your secure credit report but experts say you should check your credit at least once a quarter. Our research has led us to believe that Identity lookout is one of the best tools to monitor your credit. Identity lookout not only provides you with credit reports and scores from all 3 bureaus for cheap, but also includes 3-bureau monitoring and protection against identity theft for only $9.99.  There’s no contract and you can cancel at anytime.

There was a reported 10 million cases of identity theft last year alone. Don’t let it happen to you. Reduce your exposure by following these simple tips and for added piece of mind seriously consider signing up for the Identity Theft Protection. At the very least you’ll get your secure credit report.

Whats on yours?

Strangers – all kinds of strangers – are regularly looking at your credit scores, accessing your history, and forming pictures of your life. All they need is your social security number – and that isn’t hard to get any more.

Who are these people, and why do they want to know your private business?

• Credit card issuers – who may want to offer you a card, or may want to change the percentage rate on cards you currently hold
• Insurance companies – to determine if they want you for a customer, and if so, what kind of rates they’ll offer you
• Cell phone, cable, and satellite companies – to decide if you can have their service
• Prospective employers – because now they do consider your credit rating
• Prospective landlords – to decide if you’re a good risk as a tenant
• Car dealerships
• Furniture stores
• Department and office supply stores
• Mortgage Lenders
• … and even prospective mates

Looking at your financial life gives people an impression of you, and of how you conduct your life in general. Of course, much of it is none of their business – but it’s a fact.

A prospective employer looking at your credit report will see if you’ve been job-hopping or if you move from city to city with regularity. Why do they care? Because it costs time and money to train a new employee and they want people who will stay and work after they’re trained.

They’ll even know if you’ve changed spouses, because your credit report shows who shared responsibility for each debt.

As for prospective mates – it’s very unromantic, but when you tie your financial life to another’s, it’s good to know if it will hurt you or help you.

Of course everyone who might extend credit to you wants to know if you’re a good risk. That only makes sense. But what about insurance companies, cell phone and cable companies, and satellite providers?

Apparently insurance companies have decided that you’re more likely to file a claim if your credit score is low. I don’t know if that’s true, or just an excuse to charge more.

Cell phone, cable, and satellite providers generally have money invested in getting you as a new customer – the “free” equipment and installation isn’t free – they figure it into your first year or so of service, so they want to know that you can and will continue to pay your monthly fees.

Shouldn’t you be looking at your secure credit report? Get it now and see what the world knows about you.

Whats on yours?

Here’s everything that appears on a credit report:

• Your name, current and previous addresses, phone number, Social Security number variations, date of birth and current and previous employers. Your spouse’s name may appear on your version of the credit report but it will not appear on the version that is provided to others. This information comes from your credit applications, so its accuracy depends on your filling out the forms clearly, completely and consistently each time you apply for credit.
• Specific information about each account such as the date opened, credit limit or loan amount, balance, monthly payment and payment pattern during the past several years. This information comes from companies that do business with you.
• Federal district bankruptcy records and state and county court records of tax liens and monetary judgments. This information comes from public records.
• The names of those who have obtained a copy of your credit report. This information comes from the credit reporting agency.
• Statements of dispute, which allow both consumers and creditors to report the factual history of an account. Statements of dispute can only be added after a consumer officially disputes the status of an account, the account has been investigated, and the consumer and creditor cannot agree about the account status. Both the consumer’s and creditor’s statements of the account status will appear on the credit report.

Your credit report does not contain data about race, religious preference, personal lifestyle, political preference, medical history, friends, criminal record or any other information unrelated to credit.

Whats on yours?

Here’s what to look for once you get your cheap credit report:

In most cases, fraudulent activity can be detected by reviewing the accounts, inquiries and addresses that appear on a credit report. Review your report carefully for the following items:

Accounts: If you do not recognize an account and the account is newly opened, that may be an indication that a criminal has obtained a line of credit using your identity.

Inquiries: Review all the inquiries on your credit report in the section titled: “Requests viewed by others.” This section contains inquiries from creditors that have accessed your credit report to process an application. If you do not recognize the credit grantor accessing your report, that may be an indication of fraudulent activity.

Addresses: Review the addresses appearing on your credit report. If you discover an address that you have not lived at, it may be an indication that the address was used on a fraudulent application for credit.

Get your Secure Credit Report for just $1

Whats on yours?

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