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By Sills, June 18, 2010 10:38 AM

Build Credit History With The Public Savings Bank Secured Visa

by Anthony Sills, M.B.A.

For individuals with no credit or those who have experienced a negative credit event like divorce or foreclosure, establishing credit history can be a real challenge. Without proper credit, everything from a car loan to an apartment or even a job can be denied.

All applications are accepted!
When faced with problem credit, many people rely on prepaid cards to manage their daily expenses. However, prepaid cards simply provide access to your own money, not credit from a lender. These cards do not report to credit bureaus and do not help re-establish credit history. People need to demonstrate on-time monthly payments on a credit card in order to rebuild that important credit history.

So how can someone who cannot get a credit card rebuild their credit?

The Public Savings Bank Secured Visa offers people with low credit or no credit the opportunity to re-establish their credit history and work towards improving their credit score. Individuals make a deposit into an FDIC-insured account that acts as a security deposit. They can then make purchases anywhere Visa is accepted or take cash advances up to the deposited credit line amount, currently between $300-$2000. Payments are reported to all three major credit bureaus (TransUnion, Experian and Equifax) so customers can begin to establish credit immediately.

The Public Savings Bank Secured Visa does not require a credit check or even a checking account to apply. Customers can fund their account via Western Union, ACH, wire transfer, check or money order. The card has no annual or monthly fees, and offers 0% APR for 6 months. Rush shipping is available so customers can begin using their card just days after funding their account.

Building good credit is critical at a time when credit is getting harder to obtain. This card allows the customer to build good credit while enjoying all the benefits of a Visa card at very favorable terms.

Prospective cardholders can apply at www.publicbankcard.com and be approved within a few hours.

Public Savings Bank is not offering a prepaid card!  THEY REPORT TO ALL 3 MAJOR CREDIT BUREAUS! This is a regular Visa card that can be used anywhere Visa is accepted. Unlike prepaid cards and some other secured credit cards, this card build credit history that counts!  Public Savings Bank is an FDIC insured bank located outside Philadelphia.  They also offer:

•Free 24-hour online account access and bill payment • Benefits include travel and car rental insurance • Zero liability for fraud • Free emergency card replacement

MORE BENEFITS:

•3-bureau credit reporting • 0% APR for 6 months • No annual or monthly fees • Low $300 minimum deposit • No credit check or credit inquiry • 25 day grace period This a great tool for building credit history that counts, unlike some other prepaid and secured cards.

All applications are accepted!

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By Sills, March 5, 2010 2:29 PM

Happy Birthday!

myFICO is turning 9 years old!

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Customers can save 30% on all myFICO credit products at myFICO.com now through March 31, 2010.
myFICO is the ONLY place where customers can get their FICO scores, the scores that lenders use. The details of the promo are as follows:

• Save 30% on all myFICO credit products (free trials excluded)
• Use coupon code: myFICOis9
• Promo runs now through 03/31/10

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By Sills, February 16, 2010 4:43 PM

This article was originally published on CBS Money Watch.com and was written by Bob Trebilcock.

The new federal rules for credit cards kick in February 22, preventing issuers from, among other things, jacking up interest rates as easily as in the past. Now four major credit card companies — American Express, Bank of America, Chase and Citi — are now trying to become your new BFF, with “consumer-friendly” cards.

Among the new features they’re offering: lower rates if you pay on time; the flexibility to craft your own rewards program; and the option of paying off some purchases interest-free each month. Some of the cards also have online tools and tracking systems to help you monitor spending.

Consumer-friendly offerings may seem like an about-face for an industry famous for hidden fees and encouraging customers to spend now and pay later, at stratospheric interest rates. And some banks are already finding ways to get around the new law. But with 47% of consumers saying they trust credit card companies less than they did a year ago, according to the Auriemma Consulting Group, issuers need you more than ever. “You can argue their motivation to death,” says Curtis Arnold, founder of CardRatings.com. “But we are seeing more consumer-friendly terms, new cards, and new initiatives.”

For the most part, the rates and fees for these cards are not as low as the ones MoneyWatch recently recommended in “Best Credit Cards for You,” but these new-fangled cards do offer some different features that make them worth checking out. Here’s a rundown on four new consumer-friendly credit cards to consider, with their features and downsides.

If you want to keep things simple …

BankAmericard Basic Visa is a stripped-down card designed for one purpose: making purchases with plastic. There are no rewards, no annual fee, and just one variable interest rate (now 17.25 percent) that applies to balance transfers, cash advances, and purchases. BofA guarantees that the index used to set the rate (prime plus 14 percent) won’t change. And as long as you pay on time, your rate will only rise if the prime rate does.

• Downside: Since most economists expect rates to rise this year, the Basic Visa rate is almost sure to go up in coming months. Even today, it’s about four points higher than the 13.63 percent average rate for variable cards. This is not a good card for anyone who carries a balance; instead check out a card with a lower rate.

If you always pay on time …

Citi Forward Visa is a rewards card that gives you a lower rate and more rewards points for doing what you ought to: paying bills on time and staying under your credit limit. The card starts with a 0 percent rate on purchases and balance transfers for seven months followed by a variable rate of prime plus 10.99 percent (that’s 14.24 percent today) on subsequent purchases. Every time you go three billing periods paying on time and staying under your credit limit, Citi will lower your rate by .25 percent — up to 2 percentage points over the life of the card. Based on today’s prime rate, your Visa card rate could be down to 12.24 percent in two years. To keep you on the straight and narrow, Citi lets you use an assortment of free online credit education and spending tools.

hat same good behavior pays off in rewards points, too. Normally, Citi Forward Visa cardholders earn five points for every $1 spent on restaurants, books, music, and movies and a point for every $1 spent on other purchases. But you earn an extra 100 bonus points each month by demonstrating the wise debt management noted above. Redeem points for merchandise, gift cards, and travel through Citi’s ThankYou Network.

• Downside: This card isn’t a great deal if you’re transferring a hefty balance from another card, since the interest rate givebacks don’t apply to balance transfers.

If you just want to charge big-ticket items …

The Chase Blueprint program allows you to avoid owing interest on items you really can afford to pay in full, while letting you run up a balance on expensive purchases, such as airfare or hotels. Think of it as feature that combines a no-interest, pay-in-full charge card (think American Express) with a credit card that lets you carry a balance. Blueprint is available on all of Chase’s Visa and MasterCards: Slate, Freedom, Sapphire and Ink.

With Blueprint, you separate out the everyday items you’ll want to pay in full every month, such as gasoline, dinners out, or movies. That way, you won’t owe interest on them, even if you carry a balance on other items. Chase also lets you designate a large or unexpected purchase to pay off over two billing cycles without interest, like that winter trip to the Caribbean.

And for a sizable purchase that’ll cost you interest, Blueprint can calculate a monthly payoff plan to minimize your charges. Say your refrigerator goes on the fritz, and you want to pay off the new one within a year: Blueprint will calculate how much you need to pay each month to do it and chart your progress on your statement.

• Downside: Blueprint isn’t of much value if you pay your balance in full every month. If that describes you, sign up for this program only if you like Chase’s rewards programs.

If you want to design your own rewards …

The still-in-beta American Zync card from American Express puts you in control of the card’s rewards program. It’s a little bit hokey, but it may appeal to some: You earn one point for every dollar you spend with the card and can then sweeten the AmEx membership rewards by adding so-called Lifestyle Packs (too bad they sound like condoms), which let you double points for spending in specific categories you designate. There are now four packs, with more coming. The ECO Pack, free to cardholders, pays 2 reward points for every dollar you spend with selected merchants rated “green” by Greenopia, an environmental screener. The other three Packs — “Go” for travel purchases, “Social” for restaurant, concert, and theater spending, and “Connect” for mobile, cable, and Internet services — cost $20 per year apiece and let you get 2 points for every $1 spent in their categories plus discounts when you redeem the points.

Rewards points can be carried over from one year to the next and can be traded in for gift certificates from participating merchants or applied toward future purchases. Zync cardholders also get access to American Express’s Money Manager, a financial management tool that allows you to link and monitor all your bank accounts, credit cards, investment accounts, mortgage loans, car loans and student loans.

• Bonus: Zync’s basic annual fee is just $25. So even if you pay for an extra pack, you’ll pay a $45 total annual fee, versus $95 for an AmEx green card or $125 for a gold card.
• Downside: The rewards payout on AmEx is a little chintzy. Based on American Express’s conversion rate, where 100 points equals $1 in rewards, you won’t qualify for a $100 gift card at a participating restaurant until you’ve spent $5,000 on restaurants, concerts, or theater tickets.

Watch a video with more information at CBS MoneyWatch!

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By Sills, February 3, 2010 6:59 PM

Although bankruptcy can be a viable option for you if you are facing financial troubles, it should always be considered as a last resort. It is important to learn about your other options before taking the plunge.

Before you do anything, be sure to request credit reports – which will identify your creditors and the amounts owed – from the three major credit bureaus in the country: Equifax, Experian, and TransUnion. One or more of these “big three” credit bureaus should have you on file. Often, once you discover how much you actually owe, your total debt situation may not seem so dire, and you can look into possible alternatives to bankruptcy. Here is a list of common bankruptcy alternatives for you to consider:

Create Payment Plans with Your Creditors
Once you have your credit report, you may want to set up your own payment plan with one or more of your creditors. While negotiating, attempt to convince the creditors to erase unfavorable marks on your credit reports. Also, you may be able to strike a better deal if you can pay in cash. If your creditors agree to a payment plan, you should validate the agreement in writing and work your hardest to stick to the plan.
Consumer Credit Counseling

If your debt is not too overwhelming and you have decent income, then Consumer Credit Counseling is a popular alternative to bankruptcy. CCCS, a nonprofit organization financed by MasterCard and Visa, can potentially create a payment plan that will allow you to pay back your debts over time. However, if you are behind on your car or house payment, or if you owe credit card companies not associated with MasterCard or Visa, then CCCS usually cannot help.
Use a Private Debt Counseling Company (Be Cautious)

Other “credit counseling services” can be found advertised in the phone book, in the mail, or posted around town. Recently, though, several of these companies have been sued by a State Attorney General for consumer fraud. These types of companies will typically rip you off, try and fool you by using terms such as “non-profit,” and it is generally recommended that they be avoided if possible. If you are considering using a private debt management company, it is very important to investigate the company through the Better Business Bureau and the State Department of Consumer Affairs to confirm their reputation.

Reduce Your Budget

If your debt is not completely out of control and you are not facing any potential lawsuits, than budget reduction plans may work. However, reducing your budget takes time and discipline to significantly change your lifestyle. For example, using public transportation rather than a private vehicle, bringing lunch to work rather than eating out, and cutting back on entertainment are all ways to reduce your budget. Many well written books on budget based debt reduction plans can be found in bookstores, and it is certainly worth trying before filing for bankruptcy if at all possible.

About the Author

*The following article about bankruptcy alternatives was contributed by bankruptcy Attorney Jonathan Ginsberg, our expert bankruptcy contributor whose website can be found at: http://www.thebklawyer.com/thebkblog/

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By Sills, February 3, 2010 6:48 PM

Newly-bankrupt consumers have many questions about how their credit score will be affected. How much harm will bankruptcy have on my credit score?  How long will it take before my credit score begins to recover?

I recommend these six strategies to minimize the impact of your bankruptcy and speed up the recovery of your credit score.

1) Check your credit reports from all 3 credit bureaus.

2) If you see errors, contest them with written letters.

3) Bring any accounts you are behind on up to speed.

4) If you do have previous delinquencies, get in touch with the creditor to ask if there is anything that can be done to get the late payment removed from your credit report.

5) It is important to keep credit accounts below a 35% use threshold. If you have an outstanding balance of over 35% of your available credit in any credit accounts, make sure they get paid down or transfer your balance to another account.

6) Pay off in-store financing accounts; this kind of credit can actually harm your score.

Today there is very little human input into the credit decision making process. Instead, decisions (such as whether you receive credit and at what interest rate) are determined by mathematical algorithms used by major credit bureaus which generate a “credit score.” Fortunately, Congress and public interest groups have pressured companies to disclose their credit scoring algorithms. While the exact formulas are not public knowledge, here are five factors that are known to be considered by credit bureaus:

1) Payment history – 35% – Late payments will rapidly cause damage.

2) Amounts owed – 30% – Your credit balance owed to any one creditor should be under 35% of available credit.

3) Length of time you have maintained accounts- 15% – Rather than closing old accounts, keep them open and use them from time to time.

4) New credit – 10% – Multiple new credit applications at the same time will harm you.

5) Type of credit – 10% – Installment debt with set payments is better than open ended credit card debt. For example, finance company debt like furniture loans can harm your credit score, while auto and mortgage loans can help it.

About the Author

*The following article about how to rebuild your credit after a bankruptcy was contributed by bankruptcy Attorney Jonathan Ginsberg, our expert bankruptcy contributor whose website can be found at: http://www.thebklawyer.com/thebkblog/

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By Sills, January 29, 2010 3:23 PM

As a result of pre-recession easy credit and the sobering effects of the recession, many Americans have become overextended and feel like they are in over their heads with personal debt. The mix of credit cards, medical bills, personal loans, and raising interest rates make it challenging to stay out of debt in difficult financial times.

If you are risking financial ruin, the first advice experts give is to make sure you don’t make your situation worse by making common mistakes. In particular, these are five strategies you may want to avoid:

1. Many people pay the minimum payments on their debts hoping to stay afloat. However, this will result in your overall debt actually growing, and your problems will only become worse.

2. People in financial trouble need to beware of relying financially on friends and family, as this reliance could later damage relationships with the most important people in their lives if you are unable to pay off loans.

3. Be cautious of unscrupulous credit counselors that demand cash upfront or high fees for help they promise, but do not deliver.

4. Avoid taking out a new high-interest loan in order to pay off lower interest rate loans. While it may be easier to just have one payment, it will actually increase the amount you have to pay back.

5. While declaring bankruptcy may be the correct route if you’re experiencing extreme financial hardship, debt settlement may work for you if your situation is less dismal but you are behind or falling behind on your minimum payments.

Because bankruptcy is a serious step with long term implications for you and your financial future, most experts would suggest filing bankruptcy only as a last resort. Before you take the plunge into bankruptcy, you can attempt to work through your debt issue with your creditors, and this is where debt settlement companies can help. Debt settlement is the process of negotiating with your creditors to get them to forgive a potion of your debt. Because the two common solutions people turn to when they are risking financial ruin are debt settlement and bankruptcy, it is important to understand which the better route is for you.

…………………………….

About the Author

This article was contributed by bankruptcy Attorney Jonathan Ginsberg, our expert bankruptcy contributor whose website can be found at: http://www.thebklawyer.com/thebkblog/

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By Sills, January 15, 2010 2:58 PM

This article was originally published on CBS’ Money Watch website and was written by Barbara Bedway

Don't let it hapen to you!

By the time Lynda Rodriguez saw her BMW’s smashed front window and realized her purse was gone, thieves had already rung up $4,000 in charges not far from her Scottsdale, Ariz. home. Though Rodriguez, 47, acted quickly to shut down her credit card and bank accounts, her purse’s contents — including her pay stubs, checkbook, driver’s license, and medical ID as well as assorted credit cards — still held a potential bonanza for anyone intent on identity theft. That’s because personal information can be sold and traded among criminals for years after it’s stolen, making identity theft the crime that keeps on taking.

Rodriguez, who works in commercial real estate, learned that lesson last June, two years after the break in. That’s when she discovered the reason she hadn’t received her American Express bill: Someone had called AmEx to get the address changed and order a new card. The crook used the new card to charge $4,500 at the Bellagio in Las Vegas. In a Kafkaesque twist, Rodriguez says AmEx refused to provide her with the forwarding address the thieves used, claiming a “right to privacy” issue … for the thieves.

As Rodriguez found out, identity fraud is booming, due in part to the tough economic times. There were 9.9 million victims in 2008 (the most recent figures available), up 22 percent from 2007, according to estimates by Javelin Strategy & Research, a financial-services consulting firm. Javelin president James Van Dyke predicts the numbers will stay high “until more people are fully employed and economic pressures lessen.” Because identity thieves come out in droves during the holiday season, as MoneyWatch blogger Kathy Kristof points out, you may have recently been victimized without even realizing it yet.

What exactly should you do if your identity does get stolen? You may be surprised. In general, you’ll need to multitask at warp speed to minimize the damage to your accounts and to prevent new accounts from being opened in your name. As you contact authorities and financial institutions, keep a detailed log of each conversation. Then confirm what was said in writing by sending a copy of your notes by certified mail, return receipt requested. That way, if your contact leaves or fails to follow up, you’ll have a record.

Here’s a step-by-step guide to follow in case you do become an identity theft victim:

1. Put a Fraud Alert on Your Credit Reports

This is your very first step, even before you call the police, since credit bureaus are better able to shut down new attempts at fraud. Call the three major credit reporting firms (TransUnion, 800-680-7289; Experian, 888-397-3742; Equifax, 888-766-0008) and ask for the alert, requiring merchants to get your approval before granting new credit in your name. “You want to do anything you can to put up a barrier to new false credit being issued,” says Mari J. Frank, an attorney and author of the forthcoming The Complete Idiot’s Guide to Recovering from Identity Theft. Though in theory, you need to tell only one bureau to place an alert — that one is supposed to pass the word to the others — Frank recommends contacting all three to be sure the job gets done.

Fraud alerts normally can be renewed after they expire every 90 days, but once you’ve established you’re an ID theft victim, you can ask the bureaus for an extended alert lasting seven years.

2. Order Your Credit Reports

Once you get the fraud alert, you’re entitled to one free copy of your credit report from each credit bureau. Order these and scour the reports for unauthorized charges. Pay special attention to the “Inquiries” section, which lists businesses that obtained your report for the purposes of issuing you credit. “If you see a Kohl’s on there and you haven’t applied for an account, that’s an early indication someone used your name to open an account,” says Frank. If you spot charges you didn’t make, tell the credit bureaus and your credit issuers in writing and request the bureaus remove all the fraudulently-initiated inquiries.

3. Report the Crime

File a report with the fraud or economic crime unit of your police department. It helps convince lenders and credit bureaus to take you seriously. (You may be told to also contact law enforcement in the city where the fraud occurred.) Be persistent if you encounter resistance: Overburdened police departments may not want to take a crime report, because it requires an investigation. But “your local law officials have a duty to provide you with at least an informational report under most state laws,” says Frank.

If you have trouble getting a report, you may be able to obtain one from a state or federal law enforcement agency or the U.S. Postal Inspector, if the crime involved fraudulent use of the mail. The Federal Trade Commission has details.

4. Fill Out an Identity Theft Form

The Federal Trade Commission has developed an identity theft affidavitthat you can send businesses and creditors when a new account is opened in your name, to help document that a thief used your personal information to open the account. “It’s a kind of summary of what’s happened to you,” says Frank.

5. Notify Banks, Creditors, and Utilities

Ask to speak to someone in the security or fraud department to close all accounts a thief used. You can find the phone numbers on the back of your credit card and account statements. If you don’t have recent statements, Credit.com lists the ID theft contact info for many financial institutions.

Follow up by closing the accounts in writing, sending along copies of your police report, if you have one, and the FTC affidavit. The FTC and the Privacy Rights Clearinghouse have useful sample letters to help you document the fraud. Get new account numbers, PINs, and passwords for each account. If you have any recurring bills paid automatically out of your bank account, make sure you give merchants any new information they need.

6. Consider a Credit Freeze

If someone is still able to open fraudulent accounts more than a month after you’ve reported your identity theft, you may want to ask credit bureaus for a credit freeze. This drastic action prevents credit card issuers and lenders from looking at your credit report, which means they won’t grant new credit in your name while the freeze is in effect. (Because it can take several days to lift a freeze, you’ll need to plan ahead if you want to apply for a new card or loan once the freeze is in effect.) In most states, security freezes are available at no charge to identity theft victims. You can request a freeze online or in writing.

7. Keep Ordering Your Annual Credit Report

Since credit issuers aren’t always diligent about observing fraud alerts, you need to monitor your credit reports consistently to see if fraudulent accounts are opened in your name. You’re entitled to one free report each year from each of the three bureaus, in addition to the free reports you’re allowed when you place fraud alerts on your credit files. So a few months after getting your free credit reports from the fraud alert, order the free reports all consumers are entitled to receive through annualcreditreport.com; 877-322-8228. If you find a problem on the reports, contact the lender or credit issuer who provided the inaccurate data and make sure the firm has all the necessary documentation of the fraud.

Have you been hit by identity theft? Tell us your story, and what worked best for you, by signing in and adding a comment below.

BetterCredit101 recommends the following books on this topic: The Wall Street Journal. Complete Identity Theft Guidebook: How to Protect Yourself from the Most Pervasive Crime in America (Wall Street Journal Identity Theft Guidebook: How to Protect) and 50 Ways to Protect Your Identity and Your Credit: Everything You Need to Know About Identity Theft, Credit Cards, Credit Repair, and Credit Reports

Additional Resources:

myFICO is the ONLY place where you can get your FICO scores, the scores that lenders use, from all three credit bureaus.

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identity theft

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By Sills, December 30, 2009 8:32 PM

It starts with a sign – a sudden drop in your checking account balance. A call from a debt collector about a cell phone service plan or credit card you never signed up for.

The first sign that you’ve been a victim of identity fraud is always unsettling. But for many people, that first sign is just the beginning. Depending on the skills and determination of the thief, and the length of time it happens, the damage could be much greater. On average, victims of identity theft spend 500 hours and more than $3,000 repairing the damage.*

The mental and emotional stress can be significant as well. The creditors and debt collectors you have to deal with aren’t concerned with the fact that your identity was stolen, they are focused on getting their money back.

Dealing with identity theft is never easy. Knowing what to expect is the first step toward being prepared.

Damaged Credit

The most common effect of identity theft is damaged credit.The thief runs up numerous charges in your name, doesn’t pay the bill, and your credit suffers. When you apply for a credit card, a mortgage, a new apartment, etc. you have a major strike against you.

Cost to Repair Damage

Erasing fraudulent charges and correcting your credit record takes time – and money. The average victim spends 500 hours and $3,000 undoing the damage from identity theft.

Financial Loss

One of the most devastating effects of financial identity theft is when the money you’ve worked hard to save suddenly goes missing — the work of thieves who got your ATM card or checking account information. Bank policies vary as to how much they will replace, but for many victims, this money is gone forever.

Medical Benefits & Health Coverage

If someone seeks treatment with your health insurance information, the thief’s treatments could show up on your record, be taken out of your benefits, and even disqualify you from new health insurance. And most dangerous of all, if the thief’s medical history is confused with yours, your own medical care could be jeopardized.

Criminal Record

If an identity thief gives your name and personal information when he or she is arrested, the crime goes on your record. Some victims of identity theft have even discovered they’re wanted in states they’ve never visited. The negative consequences range from legal fees or jail time to problems getting a job because of convictions on your record.

Social Security Benefits

If a thief gets your Social Security number, they can begin collecting your benefits or take a job using your name, leaving you liable for their taxes. Fixing this can take years of wrangling with government bureaucracy.

TrustedID has an effective proactive solution to identity theft prevention that has been recognized and praised by The Wall Street Journal, Newsweek, The Identity Theft Resource Center and The New York Times. Our subscribers enjoy our spyware protection for their computers, fraud flag placements, junk mail reduction, medical record, personal and financial data scanning, free annual credit reports and our $1,000,000 service warranty.

As Featured In:

New Years Resolution #1: Protect Yourself from Identity Theft with TrustedID!

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By Sills, December 30, 2009 8:20 PM

Jewelry, electronics, your car – in the past, if a thief wanted to rob you they stole your valuable possessions. But in today’s information-based world, there’s something even more valuable that thieves can take from you: your identity.

Armed with personal information such as your Social Security number, credit card number, name, and address, an identity thief can drain your bank accounts and commit fraud in your name. It is possible that you won’t find out you are a victim until the thief is long gone.

More than 15 million people become victims of identity theft every year. An identity is stolen every two seconds in the United States – the fastest growing crime in the U.S. for the past four years.

How Identity Theft Happens

Your identity is one of your most valuable possessions. Your Social Security number, bank account numbers, and personal information are all a thief needs to commit identity theft.

How do thieves get your personal information? They use every trick in the book – and they’re constantly coming up with new ways.

Mailbox Raiding & Dumpster Diving

Mail from banks, institutions, and even new credit card offers contain valuable personal information which identity thieves can use to drain accounts and open new credit cards in your name. They get the information by stealing mail right out of your mailbox, or as in the case of dumpster diving, out of the trash after it has been thrown out.

Phishing

If you’ve ever received an email from a “bank” or other financial institution asking for account information, thieves could have been phishing for your identity. (The word is derived from “fishing,” because the emails are like bait.) Clicking on their link will send you to a site that looks the same as the actual institution, but actually belongs to the thief. When you enter your information, the thief has won.

Vishing

A combination of the words “voice” and “phishing,” vishing is like phishing, except the thieves use the phone instead of email. They may leave a message pretending to be your bank or some other company. When you call back, they’ll take your personal information.

Medical Benefits Fraud

Increasingly, thieves have started seeking treatment using another person’s name and medical insurance information. They can get it by stealing your wallet or hacking into a doctor’s or hospital’s computer system.

Spyware

Spyware is a malicious computer program that installs itself on your PC and then allows thieves to record your personal information – like a credit card number, password, or Social Security number.

Skimming

Skimming is a way for a thief to get your ATM or credit card information by installing their own card reader on an ATM machine. When you pass your card through the skimming device, it records your card information.

Corporate Data Breach

Trusted businesses, like your employer, your local bank, and other organizations have a great deal of your personal information stored on their computers. Thieves can gain access to this information by hacking into the network, by posing as a business partner, or after an employee loses a computer, disk or box of files.

Are you on Facebook and MySpace?

Social Networking Sites

Identity thieves are using social networking sites like Facebook and MySpace® to find out your personal information. They use the information they find on the site to pretend to be someone they’re not and coax other information out of you – like your Social Security number.

Child Identity Theft

Child identity theft works the same way as it does for adults: the thief acquires a child’s personal information, and then creates fraudulent accounts in their name. But because children usually don’t have financial accounts until they are older, no one may find out about the theft for many years, allowing the problems to be greatly compounded.

Senior Identity Theft

Seniors are particularly vulnerable to identity theft, because most have significant accumulated wealth, and are often unable to monitor their accounts carefully. Many are also less knowledgeable about technology, and more trusting of strangers and marketers, increasing their vulnerability.

Student Identity Theft

College students are another high-risk group. School registration days and frequent unsolicited offers for new credit cards provide many opportunities to share personal information and Social Security numbers. Combine that with frequent address changes and unforwarded mail and it’s a group ripe for picking by identity thieves.

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By Sills, September 21, 2009 5:21 AM

We live in a world where our entire credibility is dependent on our credit score. It is scrutinized whenever we go for a loan, a job, and a home rental. People with a good credit score are seen as a good risk for credit cards, loans and so forth. Landlords may determine your ability to pay your rent by examining your credit score. There are some jobs where a good credit score is seen as important and it also means you are more likely to be able to pay your bills.

Without this good credit score, the opportunity of buying things you want or need is more difficult. Sure, there are lenders who will let you borrow but at an extremely inflated interest rate.

So, as you can see, having a good credit score is very important. However, if you have a bad credit score, there are ways to fix it. This needs to be done as soon as possible and there are a number of ways to go about it.

One of the most important things is to stop your bad credit before it gets any worse than it already is. If you pay your overdue debts, it will cut off the bad credit reports. Although it won’t make your credit score any better, it will put you on track to fix your credit history.

Open a new bank account and apply for a secured credit card. This will be at a higher interest rate but that will control your spending and raise your credit score. Pay your credit card bill on time every month and your credit score will rise significantly.

Following the above advice will eventually lead to an improvement in your credit rating but your past credit history will still remain for around five to seven years before it expires. It all takes time but, if you are patient and diligent, you will see your credit score change.

If you make positive steps, your creditors will pass that information on to credit reporting agencies. If you always pay your loan payments and credit cards on time, you will get a good credit rating. This also applies to utility bills, rent, and so forth. You will eventually have a good credit rating so it’s worth the effort. Future financial opportunities could come your way and you wouldn’t want to miss out because of a poor credit score.

Anne is the owner of two websites http://www.ebooksbargains.com which has a huge range of books on a variety of subjects and http://www.therepairables.com that is a site which can help you in times of financial problems.

Author: A. Wolski
Article Source: EzineArticles.com
Provided by: PC gaming

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By Sills, September 21, 2009 5:21 AM

There will come a time in everyone’s life that they need to borrow money for a major purchase such as a car or three-bedroom/two-bath home in the suburbs. Having a high credit score and excellent credit history will allow you get the best possible interest rate and the most advantageous loan terms on your automobile loan or home mortgage, so you should begin improving your credit score now. One of the most effective ways to raise your creditworthiness is to use a few credit cards wisely to prove your ability to manage your finances.

First, get one or two credit cards if you don’t already have one. Avoid getting a lot of them, though. It may seem like having several cards with little or no balance is better than having one or two, but opening too many accounts (especially over a short period of time) is not wise. Lenders view this in a negative way, and the credit bureaus decrease your overall score.

Next, use your credit cards. Some people mistakenly believe that just having the credit card is enough, but a credit card that sits in the kitchen junk drawer does not help your rating. The idea is to show that you can use credit and pay it off. That shows responsibility.

Finally, check your credit report on a regular basis to make sure the information it contains is accurate. When you work hard to keep your credit history solid, you don’t want errors to ruin your efforts.

Check Out our Blog For More Informative Articles! Credit Repair Facts is a must.

If You Can Read and Write at The 5th Grade Level I Can Show You How to Raise Your Credit Score Up to 249 Points in 90 Days! Raise Your Credit Score Now is the place to visit.

Author: George Knoechel
Article Source: EzineArticles.com
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By Sills, September 21, 2009 5:21 AM

1.
Step 1

A secured credit card is a line of credit in which you secure with a deposit in the amount of extended credit. You can start small, such as a $300 limit to start. Then, as payments are made and your finances allow, you can increase your limit to as much as needed by simply increasing your deposit. A better way would be to obtain a second secured card. This will allow for two positive accounts on your credit report.
2.
Step 2

To start building your credit with a secured card, you will first need to determine where you would like to obtain your card. There are hundreds of websites online that offer secured credit cards. Most local banks and credit unions also offer these type of cards.
3.
Step 3

Once you have obtained your card, it is very important to make every payment on time. It would be wise to mail your payments in as much as three weeks before the due date. This will ensure that your payments arrive on time and avoid any late payment strikes on your credit report.
4.
Step 4

Also, keep very close track of the use on the card to avoid going over your limit. Using it strictly for the purchase of fuel for your vehicle is a great way to use and track (with receipts) these types of cards.
By dovinea
eHow Community Member

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By Sills, September 21, 2009 5:21 AM

By: jensholz@gmail.com

When it comes to choosing a credit card, you have many options to consider as a means of achieving your goal. Ultimately you want a credit card that is the cheapest, and that gives you the most flexible terms and conditions. However, judging those two factors can be difficult for those of us that are not credit card experts. Before you decide for sure that you wish to get a credit card, why not consider the alternatives that are available?

The Alternatives

Debit Card should you want a credit card as a means of ensuring that you can pay with a card, then why not consider getting a debit card instead? This will mean that you are not borrowing any money and that they money is coming out of your bank account.

Bank overdraft you should consider using a bank overdraft if you are wanting to borrow money over a longer period of time, as you may find that it will work out cheaper than a credit card. A bank overdraft is basically like a loan of money, however all it means is that you are allowed to have a negative balance in your bank account.

Bank Loan a bank loan is often the best solution when you need a loan of money over a longer period of time, or if the amount you need to borrow is a larger amount than what a person would usually borrow using a credit card or a bank overdraft.

Friends and Family if you want to borrow money, then you could consider asking your friends and family rather than asking a financial institution. Although many people are in a position where they are not able to do this; some are, and if they can, then it can often work out to be a good solution.

Factors to Consider when Choosing a Credit Card

APR when choosing a credit card, one factor you need to look at it APR. APR is the amount of money that you will get charged for borrowing money. This amount means the interest rate that you will be charged over the course of a year, and is usually presented in percentage form.

Limit this is the amount of money that you will be allowed to borrow. When you reach the limit on your credit card, then that is you; you are back to having no money. Despite that, limits can often work well for ensuring that you keep any debt under control.

Credit Rating if you always pay your bills on time, then you will most likely have a good credit rating. If you manage to always pay your bills on time with a credit card, then this will also help to make you look like a person who is more than capable of sound financial management. Because it is important to keep a good credit rating, you should always do whatever it takes to keep your credit rating as good as possible.

About the author:
Jens Kleinholz is a president of pollera. He writes about billig Kredit and schufafreier Sofortkredit.