Identity Theft Facts

Identity Theft Knows No Boundaries

Identity Theft Facts

Identity theft is extremely difficult to prevent and has long lasting impacts. Identity thieves are able to strike at any place, any times, and leave no clues as to whom the next victim is or what the latest scam will be. However as a consumer, there are ways that you can defend yourself against identity thieves. Consumer and federal agencies have made it their mission to prevent Identity Theft and fight financial crime. Read on to learn more about what you can do to prevent yourself from identity theft.

Identity Theft Basics

The U.S. Federal Trade Commission (FTC) defines identity theft as a federal crime in which a person purposely uses another person’s personal information without permission to commit a crime. Do not be fooled, identity theft is not just an adult crime. According to government officials, child identity theft continues to be a growing concern. Anyone can be an identity thief. The FTC estimates that each year nearly 10 million Americans are victims of identity theft. It can happen to anyone so it is important to know the actions you can take to make sure that it does not happen to you.

Types Of Identity Theft

The Identity Theft Resource Center believes that there are six different types of identity theft. Identity theft crimes come in all different forms including phishing, online identity theft techniques to shoulder surfing, and data breaches. Sometimes there are no footprints when it comes to identity theft, especially online. This makes it difficult to solve because victims usually do not know how there identities were stolen, so it is harder to figure out whom the thief is. If the crime was committed online, it makes it extremely easy for these thieves to stay under the radar and cover their tracks.

Preventing Identity Theft

Identity theft prevention starts with educating and making yourself aware of the situation. Knowing the warning signs that your personal information has been stolen will minimize the risks that you will be victim to this type of crime. In addition, there are identity theft protections services that are available. They can monitor your credit reports and other databases that are susceptible to identity theft.  Their is many different services who provide this, but I prefer to have a one stop shot.  The Best Credit Repair Companies who can monitor my credit score as well and clean up credit item from my credit report.

What To Do If You Are Victimized

If you are victim of identity theft, there are many resources that you can turn to for guidance and help. The first step you should take is reporting the crime to the authorities immediately. After you have filed a report and canceled all of your credit cards, taking the necessary steps to restoring your identity and repair the damage done to your credit. The damages after identity theft include a low credit score. People who have identity theft insurance or identity theft protection services, you are usually reimbursed for the expenses related to re-establish your financial identity. To avoid this you should consider turning to a credit monitoring service or a credit repair agency such as Lexington Law. Thank you for reading our Identity Theft Facts.

Our Rating:

How Does Bad Credit Affect Me

How Bad Credit Can Affect You

Bad Credit

Credit scores are used to determine many things that will affect your life. They are used to determine if you qualify for a loan, how much interest you should pay, what your loan terms are, and whether or not you can get insurance. Surprisingly those who have bad credit are still in fact able to qualify for loans. However, they will have to pay a significantly higher interest rate and will also be affected by what type of loans they are eligible to apply for.

Everything Becomes More Difficult

If you have a low FICO score, then you may not be able to qualify for a standard vehicle loan or take out a special loan with high interest rates. Bad credit can affect you in many negative ways. If you were to take out a loan for the same car or a good line of credit, this will cost you thousands of extra dollars. Below are other ways bad credit can influence your life.

Bad Credit Could Mean Higher Financing Rates

Usually you have to take out a loan in order to buy a car, a house, or even appliances such as a television. The rate of these loads depends on your credit score. If you have excellent credit score, then you will have a greater chance of having better loan terms and lower interest rates. If you have Dispute Bad Credit then these loan lenders will be less likely to trust you and make it more difficult to take out a loan. They will probably charge you a higher interest rate and add on additional fees. The lenders might also require you to put down collateral that can be taken from you to secure your loan.

Bad Credit Could Mean Having Higher Down Payments

If you have bad credit and are planning on purchasing something like a home, you might have to put down a higher down payment then someone who has a good credit score. The lender is probably afraid that you are unable to pay your loan back, so they ask you to put down a larger down payment to give you the opportunity to gain their trust. If you do not have additional cash or savings, this would make it more difficult to get a loan.  Trusted credit repair companies like Lexington law Reviews are extremely helpful in getting all the work done for you.

Getting a Loan Down the Road

Having bad credit can make it difficult to getting a loan down the road. A person with bad credit has to pay significantly more for an item like a house, car, etc than a person who has excellent credit. This will absolutely make it more difficult to apply and be approved for future loan because all of your cash is tied to a current loan. In the future this can affect your future when it comes to buying big-ticket items. Read these reviews to learn more about which credit repair companies to choose from. Now you have answered the question, How does bad credit affect me.

Our Rating:

Avoiding Credit Repair Scams

You Want to Avoid Credit Repair Scams

Bad Credit

There is always a risk when choosing a credit repair service. Falling for credit repair scams is emotionally devastating, time consuming, and expensive. Your credit score is crucial because it determines how much you pay for things like insurance, mortgages, and affects the likelihood that you can be approved for a loan. If you have found yourself in a situation where your credit score is low and less than desirable, there are companies that can help you rebuild your score. However, be careful which one you choose. There are companies that look for innocent people looking for credit repair guidance and those are scams. Read on to learn about the four steps to take to avoid credit repair scams.

Look For Outrageous Claims

Take caution of companies that are claiming that they can erase negative information on your credit report and that they restore your credit immediately. Negative information cannot be erased quickly. If you believe that a negative error is on your credit report, there is a process that goes along with it. However if it is accurate, it has to stay on your credit report for a certain about of time. Stay away from the companies that promise you unrealistic things, this way you can avoid falling from a credit repair scam.

Look For Client Education

A legitimate credit repair company aims to educate their clients on every aspect of credit repair and their personal credit reports. It is possibly to repair your credit on your own, but it is a difficult thing to do. Credit repair companies can guide you through the process and makes it easier to achieve your goals. IF a company tells you not to contact the major credit reporting companies directly or that it is impossible for you to fix your credit on your own, it is probably a scam.  We offer companies who are very experienced, take a look at Lexington Law Reviews for more information.

Look For Unreasonable Fees

Many credit repair companies will charge you an extreme amount of money for a setup fee and also for monthly fees. Make sure you shop around to get a feel for what a fair price to pay is.

Make Sure They Want to Fix the Problem

Look For Credit Repair Companies That Encourage You To Work On Improving Your Credit Score Rather Than Attempting To Change Your Credit Identity. Many illegitimate credit repair companies try to convince their clients to create a new credit identity by applying for an employer identification number to use instead of a Social Security Number. Doing this can be considered fraudulent.

Avoiding Credit Repair Scams

If you find yourself needing to repair your credit score, do not fall for a credit report scam. Be familiar with your rights, know exactly what your credit score is, and educate yourself on the factors of lowering your credit score. Go to a professional for advice, who is knowledgeable in FTC guidelines, and works to navigate the credit repair process. Search for the organizations that provide credit repair counseling for free.

Our Rating: