Your goal is to raise your credit score so you can enjoy lower interest loans, lower insurance premiums, a more affordable mortgage, and all the other benefits of good credit. You have already gotten copies of your credit report, and identified the negative items that are bringing down your credit rating. You have submitted forms to the credit reporting bureaus, disputing the negative information that they have been distributing in your credit report. And now, you have just gotten back rejections of your credit disputes. What should you do next? That is the focus of this article.
Don't be surprised that it isn't easy to erase the bad news from your credit report. It seems that they make it hard, on purpose. But with a little perseverance, you can be successful.
First, check the dispute letters that you had originally submitted. Were you concise and accurate in stating your case? The credit bureaus and lenders get a ton of dispute letters every week. In order to make sure your letter is actually read and understood, keep it short and to the point. Do not include details that will only confuse the situation.
Don't try to impress or scare them by quoting the law. You may be tempted to include legal wording in your dispute letters, particularly if you feel that they have violated the law. But a personal letter will be much more effective. Maybe an exceptional circumstance, like an illness or divorce, forced you to default on your debt - tell them that.
Did you include documentation with your letter? Always include anything that backs up your case. Do you have cancelled checks or bank statements that prove you made a disputed payment? Of course, never send the originals - make copies of all your documentation.
If your dispute letter was rejected by the credit bureau, be sure to correspond with the lender or organization that reported the negative item to the bureau. If you've ever contested a charge on your charge card, you know how they play this game. You ask the credit card company to delete a charge you think is wrong. The credit card company says they will suspend the charge while they investigate. They check with the merchant who recorded the charge, and - surprise! - the merchant says the charge was valid, and the credit card company re-instates it on your bill. Thanks for nothing. Well, you'll probably get a similar run-around when you contest items on your credit report. Try a different angles in your follow-up letter. You should try dealing with a different department in the lender organization to see if they are more sympathetic to your cause.
Persistence will pay off. If you deal with the credit bureaus and financial institutions in a professional, but firm way, you are more likely to be successful in your dispute. Remember, that although your dispute is with an organization, a person will be reading your letters. If you connect with them in a personal way, they are more likely to understand your position.
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Showing posts with label credit report. Show all posts
Showing posts with label credit report. Show all posts
Sunday, December 21, 2008
Saturday, December 13, 2008
Why and How to Avoid Bad Credit Loans
A "bad credit loan" is the one you will be stuck with if your credit report is less than excellent. More specifically, if your credit score is not well above 620 you will be paying a much higher interest rate on your loans than most people. In this article, we will provide you with some common sense advice on how to avoid these high interest loans.
The interest rate you pay on any loan can be tied directly to your credit score. And your credit score is based on your credit history, as compiled by the three major credit reporting bureaus (Experian, TransUnion, and Equifax). The credit bureaus get their information about you from your current and past lenders. Remember that car loan you defaulted on a couple years ago? Yup - that's in your credit report. And so are those utility bills you were late paying last year.
The best way to start avoiding bad credit loans is to improve your credit. I know that sounds simplistic, but it's true. You should be able to repair your bad credit yourself, for free. Start by requesting copies of your credit reports from the three major credit bureaus. Review the reports for any inaccurate information, and get it removed by contacting the credit bureaus.
Start paying down your debt. Reduce the balance on your credit cards as much as possible. Negotiate payment terms with your lenders, if necessary. And be careful to pay all your monthly bill on-time, from now on. Just one late-pay can ruin all your efforts.
Add good credit references to your credit report. There are a couple ways you can have positive information submitted to the credit bureaus, even if you cannot get a regular, unsecured credit card. One way is through the use of sub-prime merchandise cards. Although they are not a VISA or MasterCard, they do report to the credit bureaus. Another option for adding credit reference is to obtain a secured credit card. They typically require a cash deposit, and then you can charge up to the amount of the deposit. Be sure to shop around for these cards, since some have lower fees than others.
Arm yourself with the right information. There are many sources of tips and techniques for improving your credit (and therefore avoiding bad credit loans). But some techniques are shaky at best (and may even be illegal). There is no shortage of companies eager to sell you an instant solution for your credit problems. Take the time to locate an information source you can trust. For example, when choosing a credit repair manual, look for a publisher with a long track record of success, one who updates their information frequently, and offers a money-back guarantee.
Apply these common sense techniques to repairing your shaky finances, and you may never have to visit the "pay-day loan store" again. You should know that it will take time, but if you start today to fix your credit, you should be able to get a lower interest rate on that new car loan later this year.
credit secrets bible
The interest rate you pay on any loan can be tied directly to your credit score. And your credit score is based on your credit history, as compiled by the three major credit reporting bureaus (Experian, TransUnion, and Equifax). The credit bureaus get their information about you from your current and past lenders. Remember that car loan you defaulted on a couple years ago? Yup - that's in your credit report. And so are those utility bills you were late paying last year.
The best way to start avoiding bad credit loans is to improve your credit. I know that sounds simplistic, but it's true. You should be able to repair your bad credit yourself, for free. Start by requesting copies of your credit reports from the three major credit bureaus. Review the reports for any inaccurate information, and get it removed by contacting the credit bureaus.
Start paying down your debt. Reduce the balance on your credit cards as much as possible. Negotiate payment terms with your lenders, if necessary. And be careful to pay all your monthly bill on-time, from now on. Just one late-pay can ruin all your efforts.
Add good credit references to your credit report. There are a couple ways you can have positive information submitted to the credit bureaus, even if you cannot get a regular, unsecured credit card. One way is through the use of sub-prime merchandise cards. Although they are not a VISA or MasterCard, they do report to the credit bureaus. Another option for adding credit reference is to obtain a secured credit card. They typically require a cash deposit, and then you can charge up to the amount of the deposit. Be sure to shop around for these cards, since some have lower fees than others.
Arm yourself with the right information. There are many sources of tips and techniques for improving your credit (and therefore avoiding bad credit loans). But some techniques are shaky at best (and may even be illegal). There is no shortage of companies eager to sell you an instant solution for your credit problems. Take the time to locate an information source you can trust. For example, when choosing a credit repair manual, look for a publisher with a long track record of success, one who updates their information frequently, and offers a money-back guarantee.
Apply these common sense techniques to repairing your shaky finances, and you may never have to visit the "pay-day loan store" again. You should know that it will take time, but if you start today to fix your credit, you should be able to get a lower interest rate on that new car loan later this year.
credit secrets bible
Tuesday, December 9, 2008
Three Ways A Simple Credit Repair Letter Can Help You
Having a credit problem is serious business, and fixing that problem should be done in a business-like manner. Picking up the phone and yelling at the lender's customer support representative is not going to help repair your credit; in fact, it may make it worse. However, writing a concise, professional letter may well do the job. A simple credit repair letter can help you in a variety of ways.
Reduce your debt by negotiating repayment plans with your lenders, in writing. Debt negotiation letters can settle your debts, and erase bad credit, for a fraction of what you currently owe. Your lenders will always want to recoup some of their losses, as opposed to having to write all of off your bad debt. A simple letter can be very powerful in reducing the amount of money you owe, and perhaps avoid bankruptcy for you.
A well-crafted letter can also stop collection agencies and attorney debt collectors from harassing you. It is your right to not be called in the middle of the night or while you are at work. These companies sometimes "buy" your debt from the original lender, for a percent of the value. Get these annoying parasites out of your life by putting it in writing.
Stop identity theft with a fraud alert letter. If you suspect that an ID thief is using your personal identifying information to open a new credit account for their personal gain, place an "initial fraud alert" on all three of your credit reports (TransUnion, EquiFax, and Experian). This can only be done if you feel your personal information has been compromised. The initial fraud alert letter requires that lending institutions call you at the phone number listed on your credit report to confirm any new transactions, effectively stopping any new ID theft, at least for the next 90 days.
Raise your credit score by removing inaccurate or negative information from your credit report. Write to the credit bureau that is distributing the bad information, and spell out exactly why the data should be deleted from your report. Perhaps you have paid off a loan that your report shows as outstanding. Always include any copies of proof you may have, such as cancelled checks showing timely payments. It never hurts to include the consequences that have resulted from the credit bureau including the inaccurate information as well.
Be sure to make a copy of all credit repair letters and any attachments for your own files. It is all good evidence that you are working to establish a good line of communication with your creditors.
The impact of your credit repair letters will not be instantaneous. But in a month or so you will likely find that your credit report will reflect the requested changes, that the identification theft has stopped, or that your lenders are negotiating in good faith with you in good faith to reduce your debt. Keep in mind that you are repairing not only your credit, but also your good name and reputation. The pen is mightier than the sword.
get your credit secrets bible now
Reduce your debt by negotiating repayment plans with your lenders, in writing. Debt negotiation letters can settle your debts, and erase bad credit, for a fraction of what you currently owe. Your lenders will always want to recoup some of their losses, as opposed to having to write all of off your bad debt. A simple letter can be very powerful in reducing the amount of money you owe, and perhaps avoid bankruptcy for you.
A well-crafted letter can also stop collection agencies and attorney debt collectors from harassing you. It is your right to not be called in the middle of the night or while you are at work. These companies sometimes "buy" your debt from the original lender, for a percent of the value. Get these annoying parasites out of your life by putting it in writing.
Stop identity theft with a fraud alert letter. If you suspect that an ID thief is using your personal identifying information to open a new credit account for their personal gain, place an "initial fraud alert" on all three of your credit reports (TransUnion, EquiFax, and Experian). This can only be done if you feel your personal information has been compromised. The initial fraud alert letter requires that lending institutions call you at the phone number listed on your credit report to confirm any new transactions, effectively stopping any new ID theft, at least for the next 90 days.
Raise your credit score by removing inaccurate or negative information from your credit report. Write to the credit bureau that is distributing the bad information, and spell out exactly why the data should be deleted from your report. Perhaps you have paid off a loan that your report shows as outstanding. Always include any copies of proof you may have, such as cancelled checks showing timely payments. It never hurts to include the consequences that have resulted from the credit bureau including the inaccurate information as well.
Be sure to make a copy of all credit repair letters and any attachments for your own files. It is all good evidence that you are working to establish a good line of communication with your creditors.
The impact of your credit repair letters will not be instantaneous. But in a month or so you will likely find that your credit report will reflect the requested changes, that the identification theft has stopped, or that your lenders are negotiating in good faith with you in good faith to reduce your debt. Keep in mind that you are repairing not only your credit, but also your good name and reputation. The pen is mightier than the sword.
get your credit secrets bible now
Saturday, December 6, 2008
What Bad Credit Lenders Don't Want You To Know
An increasing number of financial institutions are making a profitable business out of lending money to borrowers with a poor credit history. They range from the "pay-day loan" storefronts to well-known banks and mortgage lenders. They are taking advantage of an opportunity to charge interest rates that are much higher than what borrowers with good credit might pay. After all, bad credit doesn't mean you can not get credit; you just can't get credit at a reasonable cost. In this article, we will share with you some information that the "bad credit lenders" do not want you to know.
These lenders-of-last-resort want you to believe you are very lucky that they are willing to do business with you. They would love to be viewed as your financial savior; the banker on a white horse that is willing to loan you money when no one else will. The truth is quite the opposite. They are charging you such high interest rates that it may become impossible for you to ever dig yourself out of debt. You might be struggling every month just to make the minimum payments. Meanwhile the debt is piling on.
The bad credit lenders certainly do not want you to know that you could get a decent interest rate on a loan elsewhere. But can you? An honest answer is "Maybe not today, but soon." It all depends on how fast you can repair your bad credit and raise your credit score.
It is possible to fix your credit problems yourself, for free. It will take a determined effort on your part. Start by cutting back on expenses where ever you can. This should give you some extra cash that you can apply toward your loan balances. If you are stuck in an un-winnable situation, try negotiating with your lenders to forgive some of the debt.
Get copies of your credit reports, and go over them carefully to make sure there is not outdated or inaccurate information in them. Work with the credit bureaus to delete the wrong information. Maybe one of your creditors is reporting that you have an outstanding, overdue balance, but you can prove that you have paid off that loan. Contact both the credit bureau and the lender in writing, and be sure to include copies of any documents that back up your claim.
Build some good credit references that will be reported to the credit bureaus. This may mean obtaining alternative sources of credit, such as a secured credit card or sub-prime merchandise card. They help raise your high credit limit while lowering your debt to credit ratio.
These are all techniques that your current high-interest lenders do not want you to know about. If you really work at lowering your bad debt, and increasing your credit limits, your credit reports and FICO score will reflect your efforts. It won't happen over night, but in time you can start getting loans and even a mortgage at reasonable interest rates from lenders who value your business.
get your credit secrets bible now!
These lenders-of-last-resort want you to believe you are very lucky that they are willing to do business with you. They would love to be viewed as your financial savior; the banker on a white horse that is willing to loan you money when no one else will. The truth is quite the opposite. They are charging you such high interest rates that it may become impossible for you to ever dig yourself out of debt. You might be struggling every month just to make the minimum payments. Meanwhile the debt is piling on.
The bad credit lenders certainly do not want you to know that you could get a decent interest rate on a loan elsewhere. But can you? An honest answer is "Maybe not today, but soon." It all depends on how fast you can repair your bad credit and raise your credit score.
It is possible to fix your credit problems yourself, for free. It will take a determined effort on your part. Start by cutting back on expenses where ever you can. This should give you some extra cash that you can apply toward your loan balances. If you are stuck in an un-winnable situation, try negotiating with your lenders to forgive some of the debt.
Get copies of your credit reports, and go over them carefully to make sure there is not outdated or inaccurate information in them. Work with the credit bureaus to delete the wrong information. Maybe one of your creditors is reporting that you have an outstanding, overdue balance, but you can prove that you have paid off that loan. Contact both the credit bureau and the lender in writing, and be sure to include copies of any documents that back up your claim.
Build some good credit references that will be reported to the credit bureaus. This may mean obtaining alternative sources of credit, such as a secured credit card or sub-prime merchandise card. They help raise your high credit limit while lowering your debt to credit ratio.
These are all techniques that your current high-interest lenders do not want you to know about. If you really work at lowering your bad debt, and increasing your credit limits, your credit reports and FICO score will reflect your efforts. It won't happen over night, but in time you can start getting loans and even a mortgage at reasonable interest rates from lenders who value your business.
get your credit secrets bible now!
Thursday, December 4, 2008
Three Common Credit Problems And How To Fix Them
Bad credit doesn't necessarily mean you can't get credit; you just can't get credit at a reasonable cost. The interest rates you are charged are sky high because you had some financial difficulties in the past. In this article we will give you three methods for repairing your credit. The method that is best for you will depend on the severity of your financial problems.
Problem: Incorrect information on your credit report.
Method #1: Contact the credit bureaus.
Let's say you've requested a copy of your credit report from the three credit bureaus, and you find that there is a negative entry or two from your past lenders. It could be the negative information is just, plain wrong. The lender reported you still had an outstanding balance, when in fact, you have proof you have paid off the loan. This is an easy problem to fix. Well-written letters to the credit bureaus, with proof of your claim, should correct the problem.
Problem: Multiple overdraft fees.
Method #2: Pick your bank carefully.
As if it's not painful enough to be hit by multiple overdraft fees for your checking account, if your bank reports them to the credit bureau your credit score suffers too. Unfortunately, it's all too easy to withdraw more money from an ATM than you have in your checking account. Most banks encourage it by including "bounce protection" in their terms and conditions. After all, the bank gets another $20 to $35 overdraft fee each time.
You could stop and check your balance at the ATM before making the withdrawal, but when you're in a hurry that often doesn't happen. A fail-safe method is to just pick a bank that doesn't automatically include bounce protection with all their accounts. That way, if you're low on funds, the ATM won't dispense, and you'll avoid yet another overdraft fee.
Problem: Low ceiling on your line of credit
Method #3: Sub-prime merchandise cards.
Maybe you're having trouble getting credit because of some past financial difficulties. You want to build up your line of credit, but new lenders are keeping their distance from you.
An easy way to increase your line of credit without getting into a financial bind is to get a sub-prime merchandise card. This is nothing more than a card attached to a line of credit that allows you to buy merchandise from a specific vendor (usually the company that sold you the card). You're required to put down a deposit on whatever you purchase, and the remaining balance is financed on the card.
The advantage of the sub-prime merchandise card is that this new credit line will be reported to the major credit bureaus, and your credit report will reflect this good news. For example, if you get a $5,000 card and you finance a $500 purchase, your high credit limit will be increased by $5,000 almost overnight. And the small outstanding balance on the sub-prime merchandise card will also positively impact your credit report by showing potential lenders that you are credit worthy once again.
Pick the method that is best suited for your bad credit problem, and enjoy the financial advantages that an improved credit report will bring.
get your copy of credit secrets bible now
Problem: Incorrect information on your credit report.
Method #1: Contact the credit bureaus.
Let's say you've requested a copy of your credit report from the three credit bureaus, and you find that there is a negative entry or two from your past lenders. It could be the negative information is just, plain wrong. The lender reported you still had an outstanding balance, when in fact, you have proof you have paid off the loan. This is an easy problem to fix. Well-written letters to the credit bureaus, with proof of your claim, should correct the problem.
Problem: Multiple overdraft fees.
Method #2: Pick your bank carefully.
As if it's not painful enough to be hit by multiple overdraft fees for your checking account, if your bank reports them to the credit bureau your credit score suffers too. Unfortunately, it's all too easy to withdraw more money from an ATM than you have in your checking account. Most banks encourage it by including "bounce protection" in their terms and conditions. After all, the bank gets another $20 to $35 overdraft fee each time.
You could stop and check your balance at the ATM before making the withdrawal, but when you're in a hurry that often doesn't happen. A fail-safe method is to just pick a bank that doesn't automatically include bounce protection with all their accounts. That way, if you're low on funds, the ATM won't dispense, and you'll avoid yet another overdraft fee.
Problem: Low ceiling on your line of credit
Method #3: Sub-prime merchandise cards.
Maybe you're having trouble getting credit because of some past financial difficulties. You want to build up your line of credit, but new lenders are keeping their distance from you.
An easy way to increase your line of credit without getting into a financial bind is to get a sub-prime merchandise card. This is nothing more than a card attached to a line of credit that allows you to buy merchandise from a specific vendor (usually the company that sold you the card). You're required to put down a deposit on whatever you purchase, and the remaining balance is financed on the card.
The advantage of the sub-prime merchandise card is that this new credit line will be reported to the major credit bureaus, and your credit report will reflect this good news. For example, if you get a $5,000 card and you finance a $500 purchase, your high credit limit will be increased by $5,000 almost overnight. And the small outstanding balance on the sub-prime merchandise card will also positively impact your credit report by showing potential lenders that you are credit worthy once again.
Pick the method that is best suited for your bad credit problem, and enjoy the financial advantages that an improved credit report will bring.
get your copy of credit secrets bible now
Sunday, September 21, 2008
Insider Techniques To Raise Your Credit Score... FAST!
=======================================
Insider Techniques To Raise
Your Credit Score... FAST!
-by Terry Price
(C) Copyright Terry Price
All Rights Reserved
http://bsj0912.niesong.hop.clickbank.net
=======================================
If there is one question I'm asked by consumers more than any
other aboutcredit, it's this "What's the fastest way to raise
my credit score?". My response is always the same "How
much do you want to raise it?"
If you wish to increase your score from 580 to 650 then your
strategy will be very different from someone wanting to go from
670 to 725. Why? Because you starting point is different which
requires a different approach. Also, while the removal of
negative items from a report will almost always lead to an
increase in score, it's a basic concept at best. Therefore, within
this article, we'll discuss somewhat inside techniques known by
very few (since this is what our company specializes in publishing).
In relation to just removing negative items, these are techniques
which you can use even if you have NO derogatory information
on your credit report. We'll start with the most overlooked
strategy first and that's your...
DEBT to CREDIT RATIO: The most fraudulent belief I've been
hearing for over 15 years is "I have excellent credit, I pay all my
bills off in full every month!" This is a false belief for one to buy
into and understanding your debt to credit ratio holds the key to
getting your "credit mindset" right.
Your debt to credit ratio is your ratio of debt to total available
credit you have been extended (revolving accounts only). For
example. If you have $10,000 in total unsecured revolving credit
accounts and you're currently in debt $2500, then your debt to
credit ratio is 25%. Since the main way lenders make money is by
charging interest, one of the elements of the credit scoring model
is driven by your ability to maintain balances and pay over time.
This shows your true (long term) credit worthiness which is most
profitable to lenders since they make money primarily via interest
and not annual fees.
Over the years we've discovered without question that carrying
the proper debt to credit ratio will boost your score faster than
paying off your bills in full each month. I have argued with the
Better Business Bureau on this topic for and they still disagree
(despite my sending them proof from Fair Isaacs own website
www.MyFico.com the organization which invented the credit
scoring software used by credit bureaus).
Of course, what do you do if you're like most Americans and your
debt to credit ratio is too high? For example. You have $10,000
in unsecured revolving accounts but you owe $8500, thereby
giving you an 85% debt to credit ratio. How can you bring it down
without selling everything you own? The answer is simple and
takes us to the next technique which is...
SUB-PRIME MERCHANDISE CARDS: The single most cost
effective (and powerful) tool for consumers to increase their high
credit limit and decrease their debt to credit ratio is the use of
Sub-Prime Merchandise Cards which report to one of more of the
major credit bureaus.
Unfortunately, despite their immense benefits, these are the most
misunderstood cards in the credit industry. A large portion of the
misunderstanding is due to marketers misrepresenting the cards
and the growing number of companies promoting them. When you
learn how they work one quickly understands why they have been
the subject of much misrepresentation.
A Sub-Prime Merchandise Card is nothing more than a card
attached to a line of credit which allows you to buy merchandise
from a specific vendor (usually the company that sold you the card).
The merchandise (in most cases) will be purchased through a catalog
or online mall.
Where the problem arises is that the cards are marketed almost
exclusively to the sub prime market via email, telemarketing and
direct mail etc. The reason for this is they can advertise almost
irresistible offers like "$5,000 Credit Card... GUARANTEED! No
Credit Check! NO Cosigner! You cannot be turned down!" or
"Unsecured $10,000 Credit Line! Everyone Approved!". I'm sure
you get the idea...
While there are many companies which do this and are a "shady
at best", there are a few which do it legitimately and it's the best
kept secret to build your credit and build it fast.
Here's how it works: the company approves anyone with a pulse
(literally) and gives them a card for $2,500 to $12,500 with NO
credit check and NO cosigner. However, the card is only good for
merchandise through their website or catalogs and the consumer
is required to put down a deposit on whatever they purchase.
After the deposit is paid, the remaining balance is financed on the
card.
For example. A person buys $1,000 worth of merchandise. Their
deposit is $300 so they then finance $700 on their merchandise
card and make payments. Sound like a scam? If you say "Yes"
like most people then you're missing the point... big time.
With a legitimate Sub-Prime Merchandise Card your credit line
WILL be reported to at least one major credit bureau (or more).
This means if you get a $5,000 card and you finance $500, on
your credit report it will look like any other credit card and will
do three extremely important things for you.
1.) It will increase your current "High Credit Limit" by $5,000
almost overnight as the account "looks" like any other unsecured
revolving account.
2.) By carrying a small outstanding balance it will positively impact
your credit report by building and showing potential lenders your
credit worthiness.
3.) With a good payment history you are virtually guaranteed to
receive "legitimate" pre-approved credit offers in the future due
to other lenders renting your name from the credit bureaus.
This technique is hard to beat for both cost and effectiveness. Of
course, the whole key is knowing exactly which cards report to
the credit bureau and offer the best rates. Since this is such a
loophole, I am sad to say it could be gone at anytime. In fact, we
have set up a free 24hr teleseminar to discuss this here:
20 Minute Teleseminar:
1-801-350-3999 (Call 24hrs)
PIGGYBACKING: Despite its' virtually unlimited potential,
piggybacking is not used by nearly as many consumers as it
should be. It's easy, effective, and extremely fast.
Unfortunately, it's mostly used among parents and siblings
while those who can really benefit stay in the dark.
How it works. Almost every credit card or credit account will
allow the primary account holder to add on (at a later date)
what's known as an "Authorized User" or "Secondary Account
Holder". In most cases, when this is done, the entire account
history (retroactively) gets posted to the authorized users
credit report regardless of their current age or credit history!
For example. If it's a credit card with a $10,000 limit which
has been paid as agreed for the last 10 years, then that
complete history will be posted to the authorized users' credit
report. I once saw a clients' credit report who used this technique
with his mother. He was only 24 at the time and he had a
$15,000 Gold credit card on his report with history going back
11 years! I laughed as I thought to myself that this kid would have
had to be approved when he was 13 years old for this account to
be his!
As you can see, this strategy is usually only used by parents
and their children and in most cases with no regard to the
benefits the children are reaping credit wise! In fact, in recent
years, due to its' effectiveness, this technique has led individuals
with excellent credit scores to "rent out" authorized user accounts
on one or even multiple credit cards in return for a fee! I once
recall seeing an ad in USA TODAY for just such an opportunity.
Like most good credit loopholes, I'm sure this methods' days are
numbered much like what may be the case with...
ADVANCED CREDIT PROFILING: This is a strategy while not
complex, can be taken to very complex levels. Even in its' most
basic form, it's taken advantage of by very, very few. It involves
intentionally building your credit report in a way which creates a
"profile" that closely fits the criteria of most lenders (as well as the
overall credit scoring system). Again, this is a technique which can
be used in a myriad of complex ways, but for simplicity I will
explain it in its' most basic form.
While many consumers will boast when they have 10, 20, 30 or
even 50 thousand dollars worth of credit cards on their report,
many of these same people do NOT have even one mortgage,
automotive loan or lease, equipment loan or a even a line of credit
with a local bank or credit union. These other forms of credit
create a much more well rounded credit profile for the consumer.
This is achieved by showing greater credit account diversity and
experience with multiple types of credit due to the various
lines held.
For example. A person with $50K in credit cards does not
represent near the credit experience as a person with the same
$50K along with a mortgage, an automotive loan and an equipment
lease. We have clients who have financed vehicles not because they
had to (or even wanted to) but because they "needed to" in order
to create a credit profile that would position them in the future to
secure the lowest possible rate on a mortgage when they applied
and needed it.
More complex forms of Advance Credit Profiling involve one
subscribing to affluent or semi-affluent business and professional
publications and organizations. These would include magazines,
newsletters, trade journals and national associations. The goal is to
get ones name into the databases of these publications and
organizations. Why? To get on highly targeted lists in order to
receive select credit offers.
Marketers of credit offers have found that simply renting names
of consumers from the credit bureaus does not provide enough
information about the person as a credit risk anymore. Therefore,
it is speculated that many will rent a list from the credit bureau and
then cross-reference this list against another list they have secured
from a consumer source such as an affluent business or professional
publication, trade journal or organization.
By crossing the two lists together the marketers find the names
contained on both lists. This in turn provides them with one highly
refined and targeted list to mail their offer to. This results in
shortening the process of securing a new quality account holder thus
lower the overall account acquisition cost of new accounts.
When a consumer learns how to intentionally put themselves into
these databases to wind up on these refined lists, the credit building
process is sped up exponentially. Of course, many would call this
"highly speculative" but we have undeniable experience that it works.
DEPOSIT LOAN PROGRAMS: This is a technique so unbelievable
that I myself proclaimed it had to be a scam before researching the
facts. It allows the consumer (or business) to have a $25,000 to
$250,000 loan appear on their credit report as "Paid as Agreed" by
way of very creative financing. This method is extremely effective
and not within the budget of most ($750 to $7,500 upfront). Also,
because this technique takes advantage of certain banking laws, I have
reason to believe it could be made unavailable at any time if those
banking laws were to change. This method can be used with consumer
credit files on SSN's as well as business and corporate credit files
done on TIN's as well as Dunn and Bradstreet.
In the end, all of us need to remember that today our credit
score is more important than it has ever been in the history
of the credit reporting system. While credit miracles don't
happen overnight, you can create your own credit miracles by
applying simple insider strategies consistently over time. Before
you know it, you're a proud member of the 700 Club. The "700
Plus Credit Score" club that is!
In the next segment we'll talk about...
"Facts Consumers Should Know BEFORE
Using A Credit Counseling Service!"
=======================================
The "CREDIT SECRETS BIBLE" has been in
print since 1994 and is published by
Consumer Publishing Group.
For more information on the "CREDIT
SECRETS BIBLE" you may visit:
http://bsj0912.niesong.hop.clickbank.net
=======================================
Insider Techniques To Raise
Your Credit Score... FAST!
-by Terry Price
(C) Copyright Terry Price
All Rights Reserved
http://bsj0912.niesong.hop.clickbank.net
=======================================
If there is one question I'm asked by consumers more than any
other aboutcredit, it's this "What's the fastest way to raise
my credit score?". My response is always the same "How
much do you want to raise it?"
If you wish to increase your score from 580 to 650 then your
strategy will be very different from someone wanting to go from
670 to 725. Why? Because you starting point is different which
requires a different approach. Also, while the removal of
negative items from a report will almost always lead to an
increase in score, it's a basic concept at best. Therefore, within
this article, we'll discuss somewhat inside techniques known by
very few (since this is what our company specializes in publishing).
In relation to just removing negative items, these are techniques
which you can use even if you have NO derogatory information
on your credit report. We'll start with the most overlooked
strategy first and that's your...
DEBT to CREDIT RATIO: The most fraudulent belief I've been
hearing for over 15 years is "I have excellent credit, I pay all my
bills off in full every month!" This is a false belief for one to buy
into and understanding your debt to credit ratio holds the key to
getting your "credit mindset" right.
Your debt to credit ratio is your ratio of debt to total available
credit you have been extended (revolving accounts only). For
example. If you have $10,000 in total unsecured revolving credit
accounts and you're currently in debt $2500, then your debt to
credit ratio is 25%. Since the main way lenders make money is by
charging interest, one of the elements of the credit scoring model
is driven by your ability to maintain balances and pay over time.
This shows your true (long term) credit worthiness which is most
profitable to lenders since they make money primarily via interest
and not annual fees.
Over the years we've discovered without question that carrying
the proper debt to credit ratio will boost your score faster than
paying off your bills in full each month. I have argued with the
Better Business Bureau on this topic for and they still disagree
(despite my sending them proof from Fair Isaacs own website
www.MyFico.com the organization which invented the credit
scoring software used by credit bureaus).
Of course, what do you do if you're like most Americans and your
debt to credit ratio is too high? For example. You have $10,000
in unsecured revolving accounts but you owe $8500, thereby
giving you an 85% debt to credit ratio. How can you bring it down
without selling everything you own? The answer is simple and
takes us to the next technique which is...
SUB-PRIME MERCHANDISE CARDS: The single most cost
effective (and powerful) tool for consumers to increase their high
credit limit and decrease their debt to credit ratio is the use of
Sub-Prime Merchandise Cards which report to one of more of the
major credit bureaus.
Unfortunately, despite their immense benefits, these are the most
misunderstood cards in the credit industry. A large portion of the
misunderstanding is due to marketers misrepresenting the cards
and the growing number of companies promoting them. When you
learn how they work one quickly understands why they have been
the subject of much misrepresentation.
A Sub-Prime Merchandise Card is nothing more than a card
attached to a line of credit which allows you to buy merchandise
from a specific vendor (usually the company that sold you the card).
The merchandise (in most cases) will be purchased through a catalog
or online mall.
Where the problem arises is that the cards are marketed almost
exclusively to the sub prime market via email, telemarketing and
direct mail etc. The reason for this is they can advertise almost
irresistible offers like "$5,000 Credit Card... GUARANTEED! No
Credit Check! NO Cosigner! You cannot be turned down!" or
"Unsecured $10,000 Credit Line! Everyone Approved!". I'm sure
you get the idea...
While there are many companies which do this and are a "shady
at best", there are a few which do it legitimately and it's the best
kept secret to build your credit and build it fast.
Here's how it works: the company approves anyone with a pulse
(literally) and gives them a card for $2,500 to $12,500 with NO
credit check and NO cosigner. However, the card is only good for
merchandise through their website or catalogs and the consumer
is required to put down a deposit on whatever they purchase.
After the deposit is paid, the remaining balance is financed on the
card.
For example. A person buys $1,000 worth of merchandise. Their
deposit is $300 so they then finance $700 on their merchandise
card and make payments. Sound like a scam? If you say "Yes"
like most people then you're missing the point... big time.
With a legitimate Sub-Prime Merchandise Card your credit line
WILL be reported to at least one major credit bureau (or more).
This means if you get a $5,000 card and you finance $500, on
your credit report it will look like any other credit card and will
do three extremely important things for you.
1.) It will increase your current "High Credit Limit" by $5,000
almost overnight as the account "looks" like any other unsecured
revolving account.
2.) By carrying a small outstanding balance it will positively impact
your credit report by building and showing potential lenders your
credit worthiness.
3.) With a good payment history you are virtually guaranteed to
receive "legitimate" pre-approved credit offers in the future due
to other lenders renting your name from the credit bureaus.
This technique is hard to beat for both cost and effectiveness. Of
course, the whole key is knowing exactly which cards report to
the credit bureau and offer the best rates. Since this is such a
loophole, I am sad to say it could be gone at anytime. In fact, we
have set up a free 24hr teleseminar to discuss this here:
20 Minute Teleseminar:
1-801-350-3999 (Call 24hrs)
PIGGYBACKING: Despite its' virtually unlimited potential,
piggybacking is not used by nearly as many consumers as it
should be. It's easy, effective, and extremely fast.
Unfortunately, it's mostly used among parents and siblings
while those who can really benefit stay in the dark.
How it works. Almost every credit card or credit account will
allow the primary account holder to add on (at a later date)
what's known as an "Authorized User" or "Secondary Account
Holder". In most cases, when this is done, the entire account
history (retroactively) gets posted to the authorized users
credit report regardless of their current age or credit history!
For example. If it's a credit card with a $10,000 limit which
has been paid as agreed for the last 10 years, then that
complete history will be posted to the authorized users' credit
report. I once saw a clients' credit report who used this technique
with his mother. He was only 24 at the time and he had a
$15,000 Gold credit card on his report with history going back
11 years! I laughed as I thought to myself that this kid would have
had to be approved when he was 13 years old for this account to
be his!
As you can see, this strategy is usually only used by parents
and their children and in most cases with no regard to the
benefits the children are reaping credit wise! In fact, in recent
years, due to its' effectiveness, this technique has led individuals
with excellent credit scores to "rent out" authorized user accounts
on one or even multiple credit cards in return for a fee! I once
recall seeing an ad in USA TODAY for just such an opportunity.
Like most good credit loopholes, I'm sure this methods' days are
numbered much like what may be the case with...
ADVANCED CREDIT PROFILING: This is a strategy while not
complex, can be taken to very complex levels. Even in its' most
basic form, it's taken advantage of by very, very few. It involves
intentionally building your credit report in a way which creates a
"profile" that closely fits the criteria of most lenders (as well as the
overall credit scoring system). Again, this is a technique which can
be used in a myriad of complex ways, but for simplicity I will
explain it in its' most basic form.
While many consumers will boast when they have 10, 20, 30 or
even 50 thousand dollars worth of credit cards on their report,
many of these same people do NOT have even one mortgage,
automotive loan or lease, equipment loan or a even a line of credit
with a local bank or credit union. These other forms of credit
create a much more well rounded credit profile for the consumer.
This is achieved by showing greater credit account diversity and
experience with multiple types of credit due to the various
lines held.
For example. A person with $50K in credit cards does not
represent near the credit experience as a person with the same
$50K along with a mortgage, an automotive loan and an equipment
lease. We have clients who have financed vehicles not because they
had to (or even wanted to) but because they "needed to" in order
to create a credit profile that would position them in the future to
secure the lowest possible rate on a mortgage when they applied
and needed it.
More complex forms of Advance Credit Profiling involve one
subscribing to affluent or semi-affluent business and professional
publications and organizations. These would include magazines,
newsletters, trade journals and national associations. The goal is to
get ones name into the databases of these publications and
organizations. Why? To get on highly targeted lists in order to
receive select credit offers.
Marketers of credit offers have found that simply renting names
of consumers from the credit bureaus does not provide enough
information about the person as a credit risk anymore. Therefore,
it is speculated that many will rent a list from the credit bureau and
then cross-reference this list against another list they have secured
from a consumer source such as an affluent business or professional
publication, trade journal or organization.
By crossing the two lists together the marketers find the names
contained on both lists. This in turn provides them with one highly
refined and targeted list to mail their offer to. This results in
shortening the process of securing a new quality account holder thus
lower the overall account acquisition cost of new accounts.
When a consumer learns how to intentionally put themselves into
these databases to wind up on these refined lists, the credit building
process is sped up exponentially. Of course, many would call this
"highly speculative" but we have undeniable experience that it works.
DEPOSIT LOAN PROGRAMS: This is a technique so unbelievable
that I myself proclaimed it had to be a scam before researching the
facts. It allows the consumer (or business) to have a $25,000 to
$250,000 loan appear on their credit report as "Paid as Agreed" by
way of very creative financing. This method is extremely effective
and not within the budget of most ($750 to $7,500 upfront). Also,
because this technique takes advantage of certain banking laws, I have
reason to believe it could be made unavailable at any time if those
banking laws were to change. This method can be used with consumer
credit files on SSN's as well as business and corporate credit files
done on TIN's as well as Dunn and Bradstreet.
In the end, all of us need to remember that today our credit
score is more important than it has ever been in the history
of the credit reporting system. While credit miracles don't
happen overnight, you can create your own credit miracles by
applying simple insider strategies consistently over time. Before
you know it, you're a proud member of the 700 Club. The "700
Plus Credit Score" club that is!
In the next segment we'll talk about...
"Facts Consumers Should Know BEFORE
Using A Credit Counseling Service!"
=======================================
The "CREDIT SECRETS BIBLE" has been in
print since 1994 and is published by
Consumer Publishing Group.
For more information on the "CREDIT
SECRETS BIBLE" you may visit:
http://bsj0912.niesong.hop.clickbank.net
=======================================
Monday, August 11, 2008
identy theft
What To Do If You Are A Victim Of Identify Theft
You were living a comfortable life. All your monthly bills were paid on time. You just bought a second home on the water. Then it hit. Your most recent credit card bill contained thousands of dollars of charges you don't remember making. You ask your wife, "Did you buy a new HDTV last month to surprise me?" No, it wasn't your wife, it was a criminal who hijacked your credit. You were just the latest victim of identity theft.
In almost half of the cases of identity theft, consumers are the ones who detect the breach. In nearly 40% of cases the criminal was someone who was in close contact with the victim; a friend, relative, neighbor, coworker, in-home employee, waiter/waitress or financial institution employee. In the end, nearly one third of all identity theft cases come from a stolen wallet or purse, checkbook or credit card. The thief might have gotten your personal financial information by stealing your mail or by dumpster diving. Now, you have to clean up this mess.
First, don't panic. Your emotional response will be similar to that of victims of violent crime. Your heart will be racing, you'll feel violated, but just remember--you are not liable for these bogus charges.
Immediately call the financial institution whose bill contained the bad charges. In most cases you need to notify the company (the bank or credit card issuer) with 30 days to be legally protected. Tell them that you believe you are a victim of identity theft, and want the fraudulent charges removed from your bill. You may have to close the account and open a new one to ensure the bad charges stop.
Stay organized. It is crucial that you keep a log of all your phone calls, including who you spoke to and what they said. Keep a file with all the written correspondence you send, and the responses you receive. All mail should be sent "certified, return receipt requested" so you can verify it got there. All this information will serve to strengthen your case.
Ask your financial institution to add a password to your account. That will keep the next ID thief from changing the billing address on your account (only you will know the password). Whenever possible, speak with the fraud investigation department, and not just customer service or bank managers. The fraud department will be investigating your case, and they should hear your story firsthand.
If the thief has used your checks, report the crime to the police, and get a copy of their report to forward to your bank and the merchant who cashed the fraudulent check.
From this point on, continue to monitor all your financial accounts. Go through each of your monthly statements with a fine tooth comb, looking for any charges that might be fraudulent. Request copies of your credit reports from the three major credit bureaus. Look for any negative information that may have been added to your report as a result of the ID theft. It is your right to request that incorrect information be removed from your credit report. You certainly don't want the actions of some criminal to impact your credit score!
It will take time to fix all the problems caused by the identity theft. The average time spent cleaning up the mess is 40 hours. That doesn't mean you can do it in a week; those hours may well be spread or a period of months before your financial affairs are back to normal.
click here to get your bible
You were living a comfortable life. All your monthly bills were paid on time. You just bought a second home on the water. Then it hit. Your most recent credit card bill contained thousands of dollars of charges you don't remember making. You ask your wife, "Did you buy a new HDTV last month to surprise me?" No, it wasn't your wife, it was a criminal who hijacked your credit. You were just the latest victim of identity theft.
In almost half of the cases of identity theft, consumers are the ones who detect the breach. In nearly 40% of cases the criminal was someone who was in close contact with the victim; a friend, relative, neighbor, coworker, in-home employee, waiter/waitress or financial institution employee. In the end, nearly one third of all identity theft cases come from a stolen wallet or purse, checkbook or credit card. The thief might have gotten your personal financial information by stealing your mail or by dumpster diving. Now, you have to clean up this mess.
First, don't panic. Your emotional response will be similar to that of victims of violent crime. Your heart will be racing, you'll feel violated, but just remember--you are not liable for these bogus charges.
Immediately call the financial institution whose bill contained the bad charges. In most cases you need to notify the company (the bank or credit card issuer) with 30 days to be legally protected. Tell them that you believe you are a victim of identity theft, and want the fraudulent charges removed from your bill. You may have to close the account and open a new one to ensure the bad charges stop.
Stay organized. It is crucial that you keep a log of all your phone calls, including who you spoke to and what they said. Keep a file with all the written correspondence you send, and the responses you receive. All mail should be sent "certified, return receipt requested" so you can verify it got there. All this information will serve to strengthen your case.
Ask your financial institution to add a password to your account. That will keep the next ID thief from changing the billing address on your account (only you will know the password). Whenever possible, speak with the fraud investigation department, and not just customer service or bank managers. The fraud department will be investigating your case, and they should hear your story firsthand.
If the thief has used your checks, report the crime to the police, and get a copy of their report to forward to your bank and the merchant who cashed the fraudulent check.
From this point on, continue to monitor all your financial accounts. Go through each of your monthly statements with a fine tooth comb, looking for any charges that might be fraudulent. Request copies of your credit reports from the three major credit bureaus. Look for any negative information that may have been added to your report as a result of the ID theft. It is your right to request that incorrect information be removed from your credit report. You certainly don't want the actions of some criminal to impact your credit score!
It will take time to fix all the problems caused by the identity theft. The average time spent cleaning up the mess is 40 hours. That doesn't mean you can do it in a week; those hours may well be spread or a period of months before your financial affairs are back to normal.
click here to get your bible
Sunday, July 20, 2008
How to Make Yourself Virtually Identity Theft PROOF in 60 Minutes or Less
=======================================
-by Terry Price
(C) Copyright Terry Price
All Rights Reserved
=======================================
The FBI has called it "The fastest growing crime in America." Close to 10 million Americans every year are victimized by it and the costs are estimated at 50 billion dollars annually. Many criminals get off easy while the victims spend years working
to restore their damaged credit reports and reputations. Worse yet, there seems
to be no end in sight.
"The popularity of the crime is simply growing faster than the solutions to stop it" many experts conclude. The task of recovery is so time consuming and tedious, multiple states have resorted to creating "Identity Theft Passports" for victims in an attempt to ease the pain for them as they endure the lengthy and frustrating clean up process.
By the end of this article I will share with you the secrets of making yourself virtually identity theft proof in 60 minutes or less (for free). I use the term "secrets" because less than 1% of the country are aware of these techniques (let alone practicing them).
If Americans took these preventative steps up to 99% of all identity theft would be eliminated. However, "why" this beneficial approach is not being made common knowledge in the mainstream media is something I will not disclose in this article (more on that another time). For the moment I believe the biggest crime one can ommit is to not share this information with their friends and family (by the end of this article you will understand why).
Unlike other authors covering this subject I will not insult your intelligence by sharing common sense tips like "Don’t carry your SSN Card or ATM PIN# in your wallet or purse" or "Keep all data sensitive documents like credit card and bank statements locked up in your home or office". This is elementary advice at best. The key to protecting yourself from identity theft is to look at what the masses are doing and then do the opposite (to say the least).
Almost 70% of Americans are now shredding all their mail and documents and many are even subscribing to credit monitoring services or buying identity theft insurance in an attempt to protect themselves from becoming victims. While this is better than doing nothing it’s a far cry from TRUE security.
Study The Past To Predict The Future
Contrary to popular belief statistics show the majority of identity theft does NOT result from the internet as most consumers have been led to believe. In fact, less than 10% of identity theft cases (where data compromise can be determined) originated online. In almost 50% of cases consumers are the ones who detect the breach. In nearly 40% of cases the criminal was someone who was in close contact with the victim (friend,relative, neighbor, coworker, in-home employee, waiter/waitress or financial
institution employee). In then end,nearly one third of identity theft cases come from a stolen wallet/purse,checkbook or credit card.
More interesting, the age of the primary victim has lowered. If you are between the age of 25 to 34 you are now the largest target for the crime (65+ has become the smallest). The bad news is that while identity theft nationwide is on the decline (8.9 million victims last year down from 9.3 million in 2005) the dollar amount per victim is going up ($6,383 last year, up from $5,885 in 2005) and so are the number of hours victims spend cleaning up the mess (40+ hours last year, up from 28 hours in 2005).
We’ve all heard the saying "An ounce of prevention is worth a pound of cure". Yet, no one is practicing it in the pandemic of identity theft. Credit monitoring is nice but only 11% of consumers ever catch identity theft through this means. Identity Theft Insurance (according to many experts) is even more of a hoax. A product marketed by playing on the fears of American consumers which does nothing more than assist them in cleaning up the mess only AFTER their identity has been stolen.
A Different Approach
The following is a completely different approach to preventing and protecting ourself from identity theft. It is based on the reality that we live in a world now where there is zero privacy of personal data. Meaning that your name, address, phone number, social security number, date of birth (even your mothers maiden name) can be obtained by ANYONE for a fee.
If you’re one who feels this is paranoid thinking let me tell you about Amy Boyer. In 1999 Miss Boyer had an old high school classmate (Liam Youens) come back into her life many years later. Mr. Youens obtained Amy’s SSN and other personal information after paying Docusearch Inc. $150. After Youens shot Miss Boyer to death he then turned the gun on himself. Today the company tells visitors to its website that "not all searches are available to the public" and some are reserved for the investigative and legal industry. How’s that for homeland security?
With this "different" approach we break down identity theft into two distinct
categories. 1.) Basic Identity Theft, and 2.) Credit Hijacking. By definition "Basic Identity Theft" is when the perpetrator steals your identity and then uses it to obtain NEW credit accounts for their personal gain. "Credit Hijacking" falls under a criminal stealing your identity in order to access and use your EXISTING credit accounts. Each type of fraud is different and therefore so is your plan of defense.
BASIC ID THEFT DEFENSE: The best proactive defense against basic identity theft is through the placing of an "Initial Fraud Alert" on all three of your credit reports. This "Initial Fraud Alert" accomplishes three important factors: 1.) Your name and personal information can no longer be sold by the credit bureaus to ANY third parties for any marketing purpose (i.e. credit card offers, loan solicitations or credit pre screenings). 2.) No one can be approved for credit with your personal information until the creditor personally calls you at the telephone number you list on your consumer credit report. And, 3.) Requesting this initial fraud alert entitles you to a free copy of all three of your credit reports (one copy from each of the three major credit reporting agencies). Please be advised that this is an "Initial Fraud
Alert" which lasts only 90 days. To extend the fraud alert and obtain the above mentioned benefits for 7 years you will need to write to each credit bureau at the address provided within your initial fraud alert confirmation letter (Note: It is likely credit bureaus will make the extended alert harder to obtain as a great deal of their revenue comes from the third party rental and sale your information).
CREDIT HIJACKING DEFENSE: Most online merchants now utilize a security feature known as "Address Verification Service" or "AVS". AVS is a security feature for online merchants allowing them to only authorize credit card transactions for merchandise to be shipped to the same address which appears on the consumers credit card billing statement. If the address does not match that of the credit card billing statement the transaction will automatically be declined. In other words, if someone gets your credit card number, expirations date and CVV code (the three digit code on the back of the card) the only way a transaction can be authorized online is if the merchandise if shipped to the SAME address that your credit card billing statement is currently sent to. This is what makes credit hijacking so dangerous. When a criminal hijacks your credit they call up the banks (posing as you) and change your address on your credit cards with your personal information (i.e. last for of SSN and mothers maiden name) as if you were moving. They then proceed to order thousands of dollars in merchandise (online or over the phone) to be shipped to the "new" address. Because they changed "your address" on your credit cards they will bypass the AVS security from online merchants and the charges will be approved.
The only real defense against credit hijacking is to establish a personal security code with all your bank accounts and credit cards. This is a form of security which goes beyond your SSN, Zip Code, Date of Birth or Mothers Maiden Name to give you a whole new tier of personal security. This is a unique number or group of letters and numbers which you create and give to every credit card provider you have. For example. The number could be as simple as "JACOB2801" which is a combination of your best friend as child and the numerical address of the home you lived in growing up. By establishing this auxiliary passcode with all your credit card providers no one will be granted access to your accounts without it providing it to them. Since you are the only one who knows it and it is non public it is truly secure. I have yet to find a credit card company which will not allow you to create a such a passcode and added layer of security.
Summary
So now with the initial fraud alert established on your credit reports (and later extended) as well as the personal security code set up with all your bank and credit card accounts, you are virtually identity theft proof in under 60 minutes for free. Sure, someone can always "steal" your identity but the real joke will be on them. If they try to open a new credit account anywhere in the country the creditor is going to have to call YOU at the phone number listed on your report in before it can be approved and it’s GAME OVER. If they try to hijack your credit by changing the address on your credit accounts they will be asked for not only the last four digits of your SSN and mother maiden name, but also your personal security code which they will NOT know and again it’s, GAME OVER.
Please understand that this article deals only with the topic of "financial" identity theft which is by far the most prevalent today. However, you should be aware you also have the following "5 MAJOR" identities in computers across the nation which are your: 1.) Driving Records/History (DMV Databases). 2.) Medical Records/History (Medical Information Bureau Database). 3.) Social Security Records/History (SSA Database). 4.) Insurance Claims/History (C.L.U.E. Database). 5.) Criminal, Legal and Public Record databases from birth records and real estate deeds to corporations, trusts and court cases. Yes, we are in the information age but all information is
stored in databases. I think we are now living in the database age.
10 Extra "Financial"
Identity Protection Tips
1.) Keep a list of all credit card and bank account numbers with bank phone numbers so in case of loss or theft they can be notified immediately. 2.) Use only one credit card for personal expenses and one card for business expenses and monitor accounts online weekly. 3.) Always send or receive mail only through secure and locked mail boxes. 4.) Never give out any sensitive information (SSN, Acct #, Pin #, Password Etc) via an email solicitation. Always type in and visit the website directly. 5.) Limit the information on your checks to your first initial, last name and address
(nothing more). 6.) On all credit cards instead of signing your name write "Check ID!". 7.) Never use a debit card or Visa/Master Check card as recovering fraudulently accessed funds from these accounts can be extremely difficult. 8.) Store all credit cards, bank statements and passports etc in a secure and locked place. 9.) Never give out your Social Security Number, Drivers License Number or Date Of Birth unless they have just cause and really need it. 10.) For details about establishing and initial fraud alert on your credit reports visit: www.experian.com, www.equifax.com, www.transunion.com
=======================================
The "CREDIT SECRETS BIBLE" has been in print since 1994 and is published by
Consumer Publishing Group. For more information on the "CREDIT
SECRETS BIBLE" you may visit:
click here to get your bible
=======================================
-by Terry Price
(C) Copyright Terry Price
All Rights Reserved
=======================================
The FBI has called it "The fastest growing crime in America." Close to 10 million Americans every year are victimized by it and the costs are estimated at 50 billion dollars annually. Many criminals get off easy while the victims spend years working
to restore their damaged credit reports and reputations. Worse yet, there seems
to be no end in sight.
"The popularity of the crime is simply growing faster than the solutions to stop it" many experts conclude. The task of recovery is so time consuming and tedious, multiple states have resorted to creating "Identity Theft Passports" for victims in an attempt to ease the pain for them as they endure the lengthy and frustrating clean up process.
By the end of this article I will share with you the secrets of making yourself virtually identity theft proof in 60 minutes or less (for free). I use the term "secrets" because less than 1% of the country are aware of these techniques (let alone practicing them).
If Americans took these preventative steps up to 99% of all identity theft would be eliminated. However, "why" this beneficial approach is not being made common knowledge in the mainstream media is something I will not disclose in this article (more on that another time). For the moment I believe the biggest crime one can ommit is to not share this information with their friends and family (by the end of this article you will understand why).
Unlike other authors covering this subject I will not insult your intelligence by sharing common sense tips like "Don’t carry your SSN Card or ATM PIN# in your wallet or purse" or "Keep all data sensitive documents like credit card and bank statements locked up in your home or office". This is elementary advice at best. The key to protecting yourself from identity theft is to look at what the masses are doing and then do the opposite (to say the least).
Almost 70% of Americans are now shredding all their mail and documents and many are even subscribing to credit monitoring services or buying identity theft insurance in an attempt to protect themselves from becoming victims. While this is better than doing nothing it’s a far cry from TRUE security.
Study The Past To Predict The Future
Contrary to popular belief statistics show the majority of identity theft does NOT result from the internet as most consumers have been led to believe. In fact, less than 10% of identity theft cases (where data compromise can be determined) originated online. In almost 50% of cases consumers are the ones who detect the breach. In nearly 40% of cases the criminal was someone who was in close contact with the victim (friend,relative, neighbor, coworker, in-home employee, waiter/waitress or financial
institution employee). In then end,nearly one third of identity theft cases come from a stolen wallet/purse,checkbook or credit card.
More interesting, the age of the primary victim has lowered. If you are between the age of 25 to 34 you are now the largest target for the crime (65+ has become the smallest). The bad news is that while identity theft nationwide is on the decline (8.9 million victims last year down from 9.3 million in 2005) the dollar amount per victim is going up ($6,383 last year, up from $5,885 in 2005) and so are the number of hours victims spend cleaning up the mess (40+ hours last year, up from 28 hours in 2005).
We’ve all heard the saying "An ounce of prevention is worth a pound of cure". Yet, no one is practicing it in the pandemic of identity theft. Credit monitoring is nice but only 11% of consumers ever catch identity theft through this means. Identity Theft Insurance (according to many experts) is even more of a hoax. A product marketed by playing on the fears of American consumers which does nothing more than assist them in cleaning up the mess only AFTER their identity has been stolen.
A Different Approach
The following is a completely different approach to preventing and protecting ourself from identity theft. It is based on the reality that we live in a world now where there is zero privacy of personal data. Meaning that your name, address, phone number, social security number, date of birth (even your mothers maiden name) can be obtained by ANYONE for a fee.
If you’re one who feels this is paranoid thinking let me tell you about Amy Boyer. In 1999 Miss Boyer had an old high school classmate (Liam Youens) come back into her life many years later. Mr. Youens obtained Amy’s SSN and other personal information after paying Docusearch Inc. $150. After Youens shot Miss Boyer to death he then turned the gun on himself. Today the company tells visitors to its website that "not all searches are available to the public" and some are reserved for the investigative and legal industry. How’s that for homeland security?
With this "different" approach we break down identity theft into two distinct
categories. 1.) Basic Identity Theft, and 2.) Credit Hijacking. By definition "Basic Identity Theft" is when the perpetrator steals your identity and then uses it to obtain NEW credit accounts for their personal gain. "Credit Hijacking" falls under a criminal stealing your identity in order to access and use your EXISTING credit accounts. Each type of fraud is different and therefore so is your plan of defense.
BASIC ID THEFT DEFENSE: The best proactive defense against basic identity theft is through the placing of an "Initial Fraud Alert" on all three of your credit reports. This "Initial Fraud Alert" accomplishes three important factors: 1.) Your name and personal information can no longer be sold by the credit bureaus to ANY third parties for any marketing purpose (i.e. credit card offers, loan solicitations or credit pre screenings). 2.) No one can be approved for credit with your personal information until the creditor personally calls you at the telephone number you list on your consumer credit report. And, 3.) Requesting this initial fraud alert entitles you to a free copy of all three of your credit reports (one copy from each of the three major credit reporting agencies). Please be advised that this is an "Initial Fraud
Alert" which lasts only 90 days. To extend the fraud alert and obtain the above mentioned benefits for 7 years you will need to write to each credit bureau at the address provided within your initial fraud alert confirmation letter (Note: It is likely credit bureaus will make the extended alert harder to obtain as a great deal of their revenue comes from the third party rental and sale your information).
CREDIT HIJACKING DEFENSE: Most online merchants now utilize a security feature known as "Address Verification Service" or "AVS". AVS is a security feature for online merchants allowing them to only authorize credit card transactions for merchandise to be shipped to the same address which appears on the consumers credit card billing statement. If the address does not match that of the credit card billing statement the transaction will automatically be declined. In other words, if someone gets your credit card number, expirations date and CVV code (the three digit code on the back of the card) the only way a transaction can be authorized online is if the merchandise if shipped to the SAME address that your credit card billing statement is currently sent to. This is what makes credit hijacking so dangerous. When a criminal hijacks your credit they call up the banks (posing as you) and change your address on your credit cards with your personal information (i.e. last for of SSN and mothers maiden name) as if you were moving. They then proceed to order thousands of dollars in merchandise (online or over the phone) to be shipped to the "new" address. Because they changed "your address" on your credit cards they will bypass the AVS security from online merchants and the charges will be approved.
The only real defense against credit hijacking is to establish a personal security code with all your bank accounts and credit cards. This is a form of security which goes beyond your SSN, Zip Code, Date of Birth or Mothers Maiden Name to give you a whole new tier of personal security. This is a unique number or group of letters and numbers which you create and give to every credit card provider you have. For example. The number could be as simple as "JACOB2801" which is a combination of your best friend as child and the numerical address of the home you lived in growing up. By establishing this auxiliary passcode with all your credit card providers no one will be granted access to your accounts without it providing it to them. Since you are the only one who knows it and it is non public it is truly secure. I have yet to find a credit card company which will not allow you to create a such a passcode and added layer of security.
Summary
So now with the initial fraud alert established on your credit reports (and later extended) as well as the personal security code set up with all your bank and credit card accounts, you are virtually identity theft proof in under 60 minutes for free. Sure, someone can always "steal" your identity but the real joke will be on them. If they try to open a new credit account anywhere in the country the creditor is going to have to call YOU at the phone number listed on your report in before it can be approved and it’s GAME OVER. If they try to hijack your credit by changing the address on your credit accounts they will be asked for not only the last four digits of your SSN and mother maiden name, but also your personal security code which they will NOT know and again it’s, GAME OVER.
Please understand that this article deals only with the topic of "financial" identity theft which is by far the most prevalent today. However, you should be aware you also have the following "5 MAJOR" identities in computers across the nation which are your: 1.) Driving Records/History (DMV Databases). 2.) Medical Records/History (Medical Information Bureau Database). 3.) Social Security Records/History (SSA Database). 4.) Insurance Claims/History (C.L.U.E. Database). 5.) Criminal, Legal and Public Record databases from birth records and real estate deeds to corporations, trusts and court cases. Yes, we are in the information age but all information is
stored in databases. I think we are now living in the database age.
10 Extra "Financial"
Identity Protection Tips
1.) Keep a list of all credit card and bank account numbers with bank phone numbers so in case of loss or theft they can be notified immediately. 2.) Use only one credit card for personal expenses and one card for business expenses and monitor accounts online weekly. 3.) Always send or receive mail only through secure and locked mail boxes. 4.) Never give out any sensitive information (SSN, Acct #, Pin #, Password Etc) via an email solicitation. Always type in and visit the website directly. 5.) Limit the information on your checks to your first initial, last name and address
(nothing more). 6.) On all credit cards instead of signing your name write "Check ID!". 7.) Never use a debit card or Visa/Master Check card as recovering fraudulently accessed funds from these accounts can be extremely difficult. 8.) Store all credit cards, bank statements and passports etc in a secure and locked place. 9.) Never give out your Social Security Number, Drivers License Number or Date Of Birth unless they have just cause and really need it. 10.) For details about establishing and initial fraud alert on your credit reports visit: www.experian.com, www.equifax.com, www.transunion.com
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The "CREDIT SECRETS BIBLE" has been in print since 1994 and is published by
Consumer Publishing Group. For more information on the "CREDIT
SECRETS BIBLE" you may visit:
click here to get your bible
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