Know your credit standing: Along with the development of fintech providers like SmartCredit, you may effortlessly get a cost-free Credit Report to check out whenever you desire. Whether it is actually great or negative, it's better to carry out a complimentary Credit Report inspection and also understand where you fill in terms of your credit record as seen by banks. If your credit rating is reduced, you may take steps to boost it. However, if your credit score is actually good, you may focus on maintaining it and also getting a great finance bargain, when required. Ensure your Credit Report is actually exact: Inspecting your credit report can easily aid you to inspect if the information stated in your Credit Report is precise. In the event that there is actually any mistake, get in contact along with the credit bureaus, creditor financial institution or bank card company to get it corrected quickly. Where to Get Your Credit Report The top place to get your credit report is coming from credit bureaus on their own. Once a year, you can get your report apiece of them for free. If you credit or even lending document is actually declined lately, you can easily also ask for a copy of your credit report absolutely free. If you have consumed your allocation, you can easily spend a suggested expense to get your report. The expense is actually around $30 as well as undergoes modify anytime. However, the savings you will certainly take pleasure in on your lending prices when you strengthen your credit history are going to much more than pay for the price of the reports. There are also an amount of business that supply free of charge online credit reports. This suggests you may observe the information of your gained report without waiting for a bodily duplicate to be sent to you. Need help? Smart Credit will assist you. How Perform You Get Credit News Immediately? A credit rating is a record of a business's or an individual's monetary tasks. A credit report is as a result a necessary record in one's life. One is actually qualified to get a complimentary annual credit claim coming from the credit bureaus, but getting an on the web credit claim is among the fastest as well as most convenient techniques of observing your credit history. To secure a complimentary online statement, merely visit among the authorized credit firms site. You will certainly get a report that will certainly aid you monitor your credit rating over a period of time and also you will additionally get helpful details on just how you can easily strengthen your credit rating. By getting your credit statement online, you will immediately be enlisted in a free of charge credit keep track of test from all the licensed agencies. You will definitely obtain routine notices of any type of changes created to your file by e-mail. Once you create your purchase, you will receive your report immediately. Where Can I Get Credit Report Facts? Credit documents are crucial as well as every funding financial institution will require one to establish the integrity of your loaning. This will certainly help them to develop whether you are going to reside in a setting to pay all of them back. Credit history are actually the main component on whether you will get your finance approved. They also calculate the quantity of loan that you may get. So you need to have to maintain a really good credit rating. Each person's credit data is actually recorded into the credit records as well as it assists remove financing applicants that have careless credit habits. Consequently, without a credit report it is actually almost difficult to get any financial help. Identity criminals simply need your title, social security variety, as well as address to open an account in your title. These people can swipe this information from mail boxes, trash can and more. Make certain that you store you credit declarations and various other delicate relevant information thoroughly away. Obtaining a credit report will definitely permit you to identify any deceitful profiles and have them erased. Exactly How Can I Get Credit News and Credit Ratings Totally Free? Free credit scores may be get coming from the lending institutions, because in the process of lender you the cash at one time he have to check on your credit information and also determine the credit score. It is necessary to inquire, considering that they might not know if you need to learn about your credit report. The lenders could discuss the details on your credit history especially if you rate higher. Having said that this will just be provided to you when you would like to get a finance. Credit files however can be obtained coming from the organizations who provide these solutions. It should be actually noted that certainly not all this companies are free of charge. Though it is actually a need that you obtain your credit info yearly, it is important that you inspect the authenticity of the provider that is actually providing this complimentary service. They are organizations that have been actually created under the law to supply you along with a normal thorough report regarding your credit worthiness. These are actually the authentic web sites that you can get your credit information coming from. Acquiring a Duplicate of Your Credit Report The Federal Business Compensation advises making use of a type offered annualcreditreport.com. This is actually the formal website for getting a free duplicate of your credit report, additionally got in touch with a Credit Data Acknowledgment, coming from the three major non-mortgage consumer debt companies. Just enter your resident state as well as click on "Ask for Report" for an on-line function to get started. It's that simple. Equifax, Experian, as well as TransUnion are actually the 3 major consumer credit organizations that compile information about your credit tasks and also problem the varieties right into a credit report. Obtaining a duplicate of your report is easier now than it has ever been actually. These firms are actually needed to deliver you a free of charge duplicate of your report, yet normally you can simply ask for a copy once a year. Nevertheless, if you acquire a notice that a company has taken "adverse activity" including refuting a document for credit, insurance, or even employment as a result of your credit status, you may seek a free of cost report within 60 times of the notice. Dispute Credit Report? Let me help you, visit our website: https://www.smartcredit.com/dispute-credit-report.htm
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Credit reports are the most under managed organization task on the planet. There is definitely no penalty for incorrect reporting. Credit reporting bureaus maintain this info in computer system data sources and also give it to lenders when you obtain a new credit card or car loan. Credit reporting bureaus do not make lending decisions. Credit records are maintained by the credit coverage companies, often called credit bureaus. Presently, there are 3 significant credit coverage firms in the USA and Canada. Take care of firms guaranteeing to repair your credit history A typical trick for them to utilize is illegal! can might get you right into big trouble. They will speak to the Credit bureau and also disagreement a genuine section of your report - by law the bureau needs to take this information off till the conflict has actually been fixed. So from your perspective you've turned over $500 - $1000 as well as they have apparently gotten rid of that adverse information, once the disagreement has been fixed and also they have actually discovered it is legitimate it will land right back on your repot - by now, the company has duplicated the wind - good luck attempting to get your refund!
How Do I Order My Free Annual Credit Report? When buying your free annual credit report online you have to give your name, address, Social Security number and date of birth. If you have moved in the last 2 years, you might have to give your previous address. To maintain the protection of your data, each across the country customer reporting firm also might ask you for information that only you would certainly understand, like the quantity of your monthly home mortgage repayment. Each company might ask you for different information. That's since the details each company has in your documents may come from various resources. Once you have filled out particular information online, you will be directed to specific internet sites run by the three across the country customer reporting business. You may get deals to get extra products or services while on the business' websites, such as credit report or credit surveillance items, yet you are not called for to buy to obtain your cost-free yearly credit records. Need help with credit reports? visit our website: https://www.smartcredit.com/get-credit-report.htm
Why it is very important to examine your credit report? Checking your credit report often is vital for several factors. One of the most vital reason is to identify and avoid future fraudulence, specifically in cases where your identification has actually been taken without your understanding (like when it comes to an information violation). Sometimes, there may be inaccurate details on your credit report, which you can challenge with the financial institutions as well as credit coverage bureaus. If you're functioning to boost your credit report, your credit report can likewise aid you know where to concentrate your efforts. For example, you can see the equilibrium for every charge account, which finances have late repayments, how many questions you have from the last 2 years and also even more.
Evaluation Your Credit Report Over 13 million individuals a year discover inaccuracies on their credit records wrong late repayments, accounts that must have been closed, other individuals’ debt details, and even more. Report blunders right now; mistakes could decrease your credit rating, costing you money. You're the one who needs to guarantee your report is correct. If you discover an issue: - Examine the last page of your report for instructions for case disputes. - Contact the credit bureau as well as report the error promptly. - Placed it in composing if the concern remains unsolved, give a letter of explanation and also request that it become part of your report.
How Your Credit Report Can Aid You? In a data-driven world, your credit document is your online reputation, and false information can have deep repercussions. Negative credit can quit a financing cold. A proprietor can reject you a lease. An insurer can raise your costs. A prospective company can turn you away. Provided just how much your credit report can impact your daily life, a current Customer Records nationally depictive survey uses some troubling news pertaining to Americans' attitudes toward these records. Only 53 percent of the 3,000 respondents stated they had ever before gotten their credit reports from one or more of the "Big 3" credit-reporting firms or credit bureaus: Equifax, Experian, as well as TransUnion.
Just how Do I Read My Credit Report? There are six significant locations of info on your credit report: - Account summary: a picture of your accounts, inquiries as well as public records - Directly recognizable information: your name, address as well as Social Security number - Work background: a listing of previous companies - Charge account and financings: charge card as well as loans you have actually had in the past seven years - Collections as well as public records: any kind of accounts that have gone to collections, bankruptcies, and also judgments or liens versus you - Questions: a listing of the firms that have requested your credit report
What Does a Good Credit Report Resemble? An excellent credit report would certainly likewise be free of any kind of derogatory information, such as late payments, collections, liens or personal bankruptcies, she states. "Healthy and balanced practices are the foundation of building a healthy credit report, which can, subsequently, provide you the freedom and flexibility you need to get the economic possibilities you are entitled to." How a mistake on your credit report can affect you? Is it really required to hug tabs on your credit report? Can one error really have an impact on you? Yes. Your credit report consists of all kinds of details regarding you, such as how you pay your costs, as well as if you've ever before applied for insolvency. You could be impacted negatively by an error on your credit report in many methods. To begin, it is necessary to comprehend that credit reporting firms offer the details in your credit records to teams that include employers, insurance providers, energy firms, and lots of various other teams that want to make use of that info to verify your identity and also evaluate your credit reliability. Understanding your credit report is one of the secrets to stop identity theft and fraudulence. While loan providers, the credit bureaus as well as various other businesses may highlight your credit report, knowing exactly how to check out the file behind that number is equally essential. Comprehending the information on your credit report-- and evaluating it frequently-- is just one of the secrets to preventing crimes such as identity theft and scams. To know more about credit score, please contact us or click this link for more info: https://www.smartcredit.com/check-credit-score.htm from https://smartcredit2.blogspot.com/2020/10/what-are-credit-reports.html The US is dominated by two credit scoring companies — FICO and VantageScore. The latter was created in 2006 by Experian, Equifax and TransUnion, the three major credit reporting bureaus. FICO, created by the analytics firm Fair Isaac Corporation, has been the standard for measuring credit risk in the country since 1989. But in the VantageScore vs. FICO score battle, the former is making gains. FICO vs. VantageScore
When it comes to how credit reporting agencies receive scores, VantageScore creates one model used for a credit report from any of the agencies. FICO, however, creates models that are agency-specific. That means the latest FICO score may only have one name, but the models vary slightly depending on the credit reporting agency. For example, the Fico Score 9 is the model most often used currently, but the version sent to one major credit bureau is not identical to the other two. FICO-based scores run from 300 to 850. This is the same base scoring used by VantageScore, but the two earliest versions featured a base of 501 to 990. FICO considers a minimum of 670 a good credit score, while VantageScore uses 700. Both companies take the following considerations into account when making decisions on creditworthiness:
FICO and VantageScore weigh these factors differently, which is one reason why they do not come up with identical numbers. Both companies issue credit score models for particular industries including mortgages, auto loans and credit cards. For example, the FICO auto score range is between 250 and 900. Difference Between FICO Score and Credit ScoreWhile lenders place a great deal of weight on a FICO score, it is not the only criteria. The lender will also take into consideration how long an applicant has been at their present job, their income and the amount and nature of the loan. FICO requires that a potential borrower have at least one account open for a minimum of six months. You will also need to have one account that was sent to the credit bureaus within the past six months. VantageScore will provide credit scores for those with just one month of credit history and an account reported to the credit bureau within the past two years. All Credit Scores ChangeCredit bureaus have their own scoring systems, which are not generally used by lenders when making loan decisions. These proprietary credit scores are sometimes referred to as educational credit scores. For example, if you receive your PLUS Score educational credit score from Experian, which ranges between 330 and 830, remember that it is your FICO score that Experian will send to a lender. Keep in mind that lenders do not always keep up with the latest FICO model. FICO updates its calculation methods periodically, but lenders are under no obligation to upgrade the model they’re using. When FICO introduced its Score 9 in 2016, changes were made to how medical debt was treated, as well as more leniency given when it comes to rental history. To date, the three major credit reporting bureaus have not adopted Score 9. Contact UsWhether you want to buy a house or take out an auto or personal loan, you need the best credit score possible. SmartCredit can help you achieve your credit goals and the goals for the rest of your life. Get your three bureau credit scores, credit monitoring, and credit score tools that will allow you to track your credit scores easily and determine how to control your future score. Reviewing your credit reports regularly also protects you against identity theft and allows you to report any suspicious activity immediately. Take control of your future credit score and you will be on your way to mastering your credit. *Disclaimer – FICO® is a trademark of Fair Isaac Corporation and is unrelated to SmartCredit®. TransUnion®, Experian®, Equifax®, and VantageScore® are registered trademarks of their respective owners. Your results may vary and are not guaranteed. The post FICO vs. Vantage: A Look at the Different Types of Credit Scores appeared first on SmartCredit Blog. from https://blog.smartcredit.com/2020/10/27/fico-vs-vantage/ Getting your first credit card can feel like an exciting step, as well as a good way to acquire things that might otherwise have been beyond your budget. In fact, almost 47% of Americans have at least one credit card. Once you’ve figured out how to get your first credit card, you’ll want to make sure to avoid falling into any bad financial habits. Read on for four key mistakes to avoid when using your new card. Not Paying Your Balance Each MonthYour credit card provider will have a minimum amount you need to repay each month, but you should always try to repay the balance in full every month. This way, you’ll avoid accumulating a large amount of debt and you also won’t pay interest. In general, younger people are better at paying off their balances regularly: 62% of those under 34 say they clear their credit card balances each month, as opposed to just 48% of those aged over 35. Be one of the people who pays their monthly balance and you’ll get all the perks of a credit card (such as an ideal credit score and potential points or cashback) without the drawbacks. Paying Your Bills LateIf you aren’t used to paying monthly bills, it can be easy to forget to pay on time. Be aware that late payments come with charges that soon rack up — the average maximum fee for a one-time late payment is $36, or $39 if you miss two payments within six months. Late payments can also have a negative impact on your credit score if you are more than 30 days behind. If you are more than 60 days late, your card provider could also increase your interest rates to the highest bracket. You can set up your account to autopay, but make sure you have enough money in your debit account or you may incur a fee. If you prefer manual payments, set a reminder on your phone, write it on your calendar or do whatever you need to do to make sure you pay on time. Signing Up for Multiple CardsOnce you’ve figured out the best first credit card for you and have reaped a few rewards, it might be tempting to sign up for more cards. In fact, the average American has 2.4 credit cards. If you are new to credit, though, it’s important to wait a while before applying for more credit cards, store cards or loans. Applying for multiple lines of credit will temporarily have a negative effect on your credit score, which can lead to higher interest rates, loan denials, and even difficulties with future rental or mortgage applications. Having multiple credit cards and loans is also a surefire way to rack up debts that are beyond your means to pay off. Stick with one card until you get to grips with spending wisely and repaying promptly. Spending to Your Credit LimitYour first credit card is unlikely to have a large credit limit, but this doesn’t mean it’s okay to max it out. As well as getting into debt that may take time to pay back, it’s also potentially damaging for your credit score to spend above 30% of your credit limit. The amount of your available credit limit that you spend is known as your credit utilization, and it’s a key factor in determining your overall credit score. You’ll also risk fees for going over the limit, and your provider could increase your interest rate. Using a credit card well is a key part of learning how to start building credit from age 18 onward, but it’s also important to monitor your credit score. This doesn’t have to be a chore — in fact, SmartCredit can help you control your future credit score in a fun and engaging way, using a gamified dashboard to track fluctuations in your score. If you need to take action on a negative item for any reason, SmartCredit can help with a 120-day action plan* to turn things around. Avoid these mistakes when using your first credit card and you will be well on the way to a healthy future credit score. *This feature unlocks if you have negative credit data. References
The post 4 Mistakes to Avoid When Getting Your First Credit Card appeared first on SmartCredit Blog. from https://blog.smartcredit.com/2020/10/22/getting-your-first-credit-card/ Handling your monetary life is tough enough without credit coverage mistakes establishing you back. However errors happen. The Federal Trade Compensation did a 10-year research study and also discovered that 20% of credit reports included mistakes and that 25% of those reports had mistakes huge sufficient to influence their credit report. That may not look like a lot, up until you do the math. The 3 significant reporting bureaus-- Experian, TransUnion and Equifax-- each manage around 200 million data. If 20% of them have mistakes, that suggests 40 million documents are bad and 10 million are bad enough to damage your credit. If you're one of the unfavorable with errors on your credit report, you require the understand how to fix them. Where to begin Begin by being proactive. Negative points can take place when your credit report goes sour. Do not wait till you have actually been scoffed for a home loan, or a bank card, and even a work. Know where you stand in all times. Where to take your case Spot something that doesn't look quite ideal? Under the Fair Credit Coverage Act, credit reporting agencies such as Experian, Equifax as well as TransUnion are called for to investigate your credit report dispute. You also can take your problems to those in charge of filling out to the credit bureaus: financial institutions, stores, mortgage business-- simply put, anyone who remains in the business of granting credit-- plus financial obligation collection agencies. To learn more about Credit Reports error visit: https://www.smartcredit.com/check-credit-score.htm Exactly how to Dispute a Credit Report Error in 5 Easy Steps Step 1-- Recognize any credit report errors Testimonial your credit records regularly for incorrect or insufficient details. You can get one totally free credit report from each of the 3 significant credit bureaus-- Equifax, Experian, as well as TransUnion-- once a year at annualcreditreport.com. You can additionally subscribe, usually at an expense, to a credit monitoring solution and also examine your report monthly. Some typical credit report errors you may detect consist of:
Action 2-- Call the furnisher Your following action is to call the furnisher, or the company that supplied the wrong info, which could be an entity like your financial institution or an utility business. Validate their records and validate the mistake. You may be able to deal with the issue at this moment. If the concern can't be resolved, get in touch with the credit reporting bureau directly. Action 3-- Dispute Your Credit Report's Errors Under the Fair Credit Coverage Act, both the credit reporting bureau and also the business that reports the information about you to the credit bureau are needed to accept disputes from customers-- and also remedy any inaccurate or incomplete info regarding you in that report. The UNITED STATE Federal Trade Commission (FTC) recommends taking these actions:
Step 4-- Allow time for the examination Credit reporting bureaus must explore the disputed items. The process generally takes less than 30 days. They're required to send out appropriate details to the information carrier-- definition, whoever reported the challenged thing. The company has to explore the dispute as well as report back to the credit reporting bureau. If you're right-- as well as it is an error-- the details service provider needs to notify the three significant credit bureaus so they can correct the info in your credit reports. A frivolous credit report dispute The credit bureau or the business that gave the information (the furnisher) likewise can establish that your case is pointless, in which instance they can choose not to examine your claim. However they should allow you understand they've declined to explore your dispute by written notification within five days. Step 5-- Follow up after the examination Here's what to expect when the investigation is total:
What concerning celebrations who have seen your inaccurate information? You can ask the credit bureaus to inform them of the modifications, the FTC says. This consists of: Informing any person who got your report in the past six months. Sending out a dealt with copy of your report to anyone who got it in the past 2 years. Yet what happens if the investigation doesn't solve your dispute? If the furnisher remains to report the mistake, you can ask the credit bureaus to consist of a declaration in your credit data that describes your side of the dispute as well as it will be included in future credit reports. For a fee, you can typically ask the credit bureau to send out a duplicate of the statement to any individual who has just recently gotten a duplicate of your report. For more about credit report visit: Smart Credit Your credit score is essential in your day to day financial transactions. Keeping your credit score intact is vital for your financial success. Even if you have a good score, it is essential to maintain or increase it. One way to help that process is to enroll in a credit monitoring service, which will help you in the long run. Below we will examine a common question, “what is a credit monitoring service” and “how to choose the best one.” What is a Credit Monitoring Service?Investopedia.com describes a credit monitoring service as a service that tracks the creditworthiness of a borrower. Furthermore, some credit monitoring services will monitor your accounts for identity theft and potential fraud. If a borrower’s credit card is stolen, a credit monitoring service would be able to figure out the unusual buying pattern and let the credit card holder know. Depending on the service, the alerts come to the buyers by email, text message, or phone. The prices and services will vary. It is essential to do your research before signing up. A credit monitoring service will track a consumer’s credit report and credit score. Through this, consumers can be up to date about their credit score and credit report activity. Furthermore, this allows the consumer to plan for the future and repair any issues with their credit. How to Choose the Best Credit Monitoring Service?Education is critical when one is choosing the best credit monitoring service. Keep the following in mind when choosing which credit monitoring service is best for you. Credit Report Checks & ApplicationsAccording to Addition Financial, as a consumer, your goal is to keep an eye on and monitor your credit score. The first thing to consider when choosing a credit monitoring service is that they will regularly check your credit report. Furthermore, they will take the time to advise you if any changes occur. This will help you stay on top of your score in case something out of the ordinary happens. If your identity gets stolen, the first sign of theft would be a credit application. For example, a thief steals your information and applies for a credit card linked to your social security number. A lot of credit monitoring services also track applications done in your name. They will notify you immediately to protect your identity. However, some credit monitoring services do not offer this protection. When shopping for the best credit monitoring service, make sure to inquire about this. Customizable NotificationsThe second thing to look for when doing research is customizable notifications. A majority of companies do this. What works best is that you get to pick the notifications you want to be alerted about. Once the proper notification system is in place, you will know if something out of the ordinary occurs. Also, you can take the necessary measures to ensure that you are protected. As a member of SmartCredit you will receive daily updates of your credit and money transactions. We also have an Action button that allows you to verify transactions that are not yours. You will also receive alerts when payments are due. This allows you to easily plan your budget and spending. Your transactions are integrated with your Smart Credit Report for the entire picture. Here are some examples of notifications you might want to get:
CostCredit monitoring services vary in price. On the lower end, they run around $10-15 per month. Some services can be significantly higher than that and will sometimes offer additional credit tools and services. SmartCredit offers great benefits with the two membership plans offered. In both plans, you receive unlimited access to our innovative tools like ScoreTracker, ScoreBuilder, ScoreMaster, and more. Coverage LimitsSome credit monitoring companies offer reimbursements for the costs that are associated with credit card fraud or identity theft. However, this is not very common. Identity theft is a growing problem – and smart consumers know they can’t rely completely on an identity theft service to “take care” of the issue. In 2017, more than 16 million people were impacted by identity theft, accounting for nearly $17 billion in stolen money. The need for identity theft insurance and monitoring has become more critical than it ever has been before. While no product can 100% prevent identity theft from happening, with the help of SmartCredit identity theft insurance and monitoring services, you can be sure that your credit accounts are always being monitored and that you have the added benefit of recovery services at your disposal for you and your family. Limits of Credit Monitoring ServicesWhen learning about credit monitoring services, you must understand the limits and what they cannot do. Some credit monitoring services don’t have the resources to protect you from fraudulent emails, also known as phishing. As identity thieves acquire new technology to commit identity theft crimes, it is important that you also stay up to date with antivirus software on your computer. With new updates in antivirus software, you can stay better protected from attacks such as malware and keylogger software that hackers use to gain unauthorized access to your personal information. SmartCredit will help you avoid identity theft and will help you take the right steps to protect yourself. Proper research will help you in your quest to find the right credit monitoring service. Also, making cost comparisons during this process will give you a better understanding of which service will work well on your wallet. With the proper education, you will find the best credit monitoring service. The post What is a Credit Monitoring Service? appeared first on SmartCredit Blog. from https://blog.smartcredit.com/2020/10/19/what-is-a-credit-monitoring-service/ It’s evident that many people are going through financial hardships as cases continue to rise during these unprecedented times. Due to the rising cases, many aspects of our daily lives continue to be online whether it’s working, having a meeting or ordering items for our homes. With credit card transactions happening so often, it is essential to educate oneself on identity theft and how to remain protected. One of these ways is through identity theft insurance. What is Identity Theft?According to Wikipedia, identity theft is the use of someone else’s identity in a deliberate way to gain a financial advantage or obtain benefits, or other credits in their name. This then causes a disadvantageous loss to the person. The victim can be affected negatively, especially if they are made responsible for the loss. Identity theft occurs by using the victim’s name, identifying number, or credit card number without permission. The term “identity theft” was coined in 1964. The definition of identity theft is statutorily prescribed throughout the United States as the theft of personally identifiable information, generally including a person’s name, date of birth, driver’s license number, social security number, bank account or credit card numbers, PINs, electronic signatures, fingerprints, passwords, or any other information that can be used to access a person’s financial resources. It is very challenging to determine the link between data breaches and identity theft. This is because identity theft victims generally do not know how their personal information was obtained. Identity fraud is often a result of but not necessarily the consequence of identity theft. Types of Identity Theft There are five types of Identity Theft:
Criminal Identity Theft Criminal identity theft is when someone poses as another person when apprehended for a crime. Certain times, criminals will obtain state-issued identity documents using credentials stolen from others. In other instances, they present a fake ID. Financial identity theft Financial identity theft is described as using someone else’s identity to obtain credit, goods and services. This type of theft is the most common. This is when someone wants to gain economic benefits in someone else’s name. This includes getting loans, credits, goods and services, and claiming to be someone else. Identity Cloning Identity cloning is using another’s information to assume his or her identity in daily life. In this situation, the identity thief will impersonate someone else to conceal their own true identity. Examples of this include people hiding from creditors, illegal immigrants hiding their illegal status, and those who want to become “anonymous” for personal reasons. Another example of identity cloning is posers. This describes people who use someone else’s photos and information on social networking sites. Medical Identity Theft Medical identity theft is described as using someone else’s identity to obtain medical care or drugs. The term was coined by Pam Dixon, the founder of the World Privacy Forum. For the first time, she defined the crime and made the plight of the victim’s public. In the report, the definition of the crime is that medical identity theft occurs when someone gets medical care under another person’s identity. Through this means, theft is also widespread. If a thief has your insurance information and/or your insurance card, they can get medical attention posing as yourself. Child Identity Theft Child identity theft happens when another person uses a minor’s identity for the impostor’s gain. The impostor can be a friend, a family member, or even a stranger who targets children. Children’s social security numbers are valued because they do not have any information associated with them. Thieves can obtain driver’s licenses, establish lines of credit, or even buy a house using a child’s identity. Identity Fraud Insurance Identity theft happens when someone steals your personal information or uses your credit accounts without your permission. At risk information includes: Social Security Numbers, date of birth, bank account numbers, credit card numbers, login/password credentials, name and address. Identity fraud happens when this information is used to make fraudulent purchases or withdrawals, create new accounts (credit cards, bank, phone, utilities, and loans) or change existing accounts. What to consider before making the decision? According to the National Association of Insurance Commissioners the following list should be considered when researching your insurance policy:
The Importance of Identity Theft Insurance Knowing the proper details of identity theft will help you understand why fraud insurance is so crucial. The identity theft insurance plan through SmartCredit is a great tool that is offered. You can use the Action button in your alerts to quickly react to identity theft. You can use your insurance claim reimbursement, if necessary. The Action Button:
The $1 million Identity Fraud Insurance* has the following:
*Activation required after enrollment. The post What is Identity Theft Insurance? appeared first on SmartCredit Blog. from https://blog.smartcredit.com/2020/10/14/what-is-identity-theft-insurance/ With all that is happening in the world right now, financial stresses are an area of concern. In the current climate, there are financial stresses. With the right score, you can save thousands of dollars in interest. Whether you are looking to increase your score significantly or just by 10-20 points, there is a methodology that can get you there. SmartCredit has cutting edge tools that work really well in increasing your score. With our system, the average consumer can increase their score by 61 points in just 20 days*. One of our innovative tools in our platform is ScoreTracker. ScoreTracker is a unique feature in our system that lets you view all your different scores. You get an in-depth look at the different types of scores you have, and see where you stand. You also get to see how your scores change over time. This feature provides your following scores:
Credit ScoreOur easy to read graph and explanations are essential for understanding where your credit score is at and where it can be. If you get a low rating, you will see a breakdown of where you stand. You would fall into excellent, very good, average, poor, bad, or not rated. You will then see the specific score factors that are impacting your score. Based on your credit report data, this is a depiction of your creditworthiness. There are several factors taken into account that will determine your credit score. The elements making the most significant impact are listed below. Remember that these factors vary in how strongly they impact your credit score. Positive ScoresOur first feature gives you positive score factors. In essence, it explains the reasons why your score would be high. An example of a positive credit score factor would be: total of all balances on bankcard or revolving accounts is not too high. We then go into more depth about it. The next feature will talk about what you can do on your end. For example, keeping low balances on all your accounts. Education is critical in increasing your score. Other examples of reasons for positive scores include:
Negative ScoresIf your score is negative, our platform explains the factors. For example: your oldest account is too recent. A credit file containing more past accounts will positively impact your credit score because it demonstrates that you can manage credit. An example of what you can do would be to not open more accounts than you need. Research shows that new accounts indicate greater risk. Your score will benefit as your accounts get older. The great aspect of the platform is that it gives you the necessary information based on your needs. Our system is customized case by case. Other examples of why you could have a negative credit score include:
Auto ScoreThe auto score is your Auto Industry Optional Score. It is used by those looking to determine your auto loan. Over 90% of all Auto lenders require this Auto Industry Optional Score to be used instead of your standard Credit Score. It is imperative to understand this score and how to keep it high. This is a specialized score that is different from your credit score. It is used by the Auto Industry to look more closely at problems with your credit report. When you shop for your new car, most Auto dealers will ask you if you know your “credit score” when they are about to start the financing process. Auto dealers will not tell you they are making their lending and financing decisions based on a much different scoring scale. The Auto Industry Optional Score is not used on an on-going basis by your creditor to determine financial stress while your loan is still open. If your Auto lender looks at your credit while you have an open auto loan, they would most likely look at your regular credit score. They want to see the sudden credit stress and risk of you defaulting on the auto loan. Insurance Score Your Insurance Industry Risk Score is a highly specialized score used by the Insurance industry to better understand your financial stress. It is used to find any prior defaults on insurance. Furthermore, this score determines if one has a propensity to make a fraudulent insurance claim due to financial stresses. This score is unique to the Insurance industry and is used when you apply for any type of insurance. Generally, if this Insurance Industry Risk Score is low, it results in higher premiums on your insurance or a denial. This Insurance Industry Risk Score is usually not used to check on your credit status between your premium periods. Your Insurance company might only check this score once a year upon your renewal or your initial insurance application. Any time you apply for Life insurance exceeding $150,000, the Insurer will check your credit and possibly use this Insurance Industry Risk Score to evaluate your overall risk. There is a possibility to deny you coverage as a result if your score is not adequate. Certain State laws do not permit insurance companies to use your credit to evaluate you. Hiring Risk IndexThis index looks into many factors used by Employers in their hiring decisions. They could choose to look at your credit as part of their hiring or employee promoting needs. Now, this is becoming more common. Currently, over 45% of Employers in the United States use your credit. They do this to determine your resume’s validity, your stability, verify your education (via a history of student loans), and your overall creditworthiness. For most employment positions paying over $75,000 annually, future employers will check your credit. It is very unusual for an employer to check your credit during your employment unless you are up for a promotion or you are a high-security employee. The main thing to keep in mind is that an employer must get your prior permission to check your credit. Our innovative tool Scoretracker will help you with all your financial needs. *Your results may vary and are not guaranteed. The post What is ScoreTracker? appeared first on SmartCredit Blog. from https://blog.smartcredit.com/2020/10/09/what-is-scoretracker/
A lot of financial decisions revolve around your credit score no matter where your score is sitting at currently. Whether you’re in the market to buy a house, purchase your dream car, or need a loan, your credit score will be taken into account. Life has its ups and downs, and now more than ever, it’s essential to monitor your credit, see what actions you can take to increase your score, and make sure you’re not a victim of identity theft. The first step is determining the best credit monitoring company to work with. When determining what platform to choose, the platform must have all the features and functionalities you need. Gone are the days of just pulling up your score and saying, “oh well.” Platforms are intuitive, they should help you determine what actionable steps you can take to expect a score increase. Some platforms such as ours even have identity theft protection and allow you to use action buttons to report inaccuracies directly to your bank or creditor. A recent study done by ConsumerFU found that 26% of credit reports contained a mistake. In other words, 1 out of 4 people may be paying thousands of dollars in interest due to clerical errors that could have been removed. Who wants to pay more than they have to? To help you determine the best credit monitoring company, we’ve outlined a few things to consider. Free Trials
Most credit monitoring services offer a free trial period so you can see the value. This is an ideal time to test out the waters and get a free credit report, and note the differences in features across platforms. With SmartCredit you’ll get your first seven days free to try our ScoreMaster, ScoreBuilder, ScoreTracker, Money Manager, and activate your $1MM in Identity Fraud Insurance. Compare Costs
Just like anything else, it is crucial to compare prices. When comparing prices, keep in mind that most credit monitoring services range in the $10 – $30 but tend to come with hidden fees, or they are a platform that makes money off of suggesting credit cards and loans to you. Additionally, most platforms will only offer credit monitoring and do not provide additional features that allow you to take action to control your future credit score. Compare Features
It is essential to keep a benchmark of services the credit monitoring company has before signing up. Make sure the company provides credit reports from all the reporting agencies. This feature exists in our current app and is seamless to navigate through. Whenever your credit is in murky waters, having the ability to get in touch with the creditors is always needed. One great feature of SmartCredit is our customers’ ability to immediately contact creditors directly in the app. There’s no longer a need to call or write a letter. In a few clicks, you’ll be on your way. To learn more about all of our features, click here. Updated Reports
Make sure the platform you choose has the ability to view reports at any time. There needs to be an option where you receive alerts to any significant changes in your credit report. Online access to your credit report should be available 24/7. SmartCredit has you covered when it comes to keeping you up to date at all times.
Actionable Steps
Does the platform help take actionable steps to increase your score (other than trying to sell you loans and credit cards?) Our customers see an average increase by 61 points in twenty days*! It’s a win-win. Reporting Tools
In the financial world of transactions, nothing is 100% perfect. Flaws and small errors will occur inevitably. When an error occurs, you only want the best in the business to help you dispute it. Even for the best financial gurus out there, disputing a claim can be difficult. The action buttons in SmartCredit will take your communication directly to the source, goodbye long holds. There has never been an easier way to address credit report inaccuracies. This rings true for those pesky unapproved charges on your debit card as well. Identity Fraud Insurance
Fraudulent activity and identity theft are something we always think won’t happen to us, but the daily reports of fraud continue to rise. Does the app notify you of any suspicious activity? Does it include identity theft insurance? SmartCredit customers will get $1MM in identity theft insurance for themselves and their families. Learn more here. Everyone Deserves Their Best Score
No matter who you are or where you’re at with your credit, day to day transactions and how they can affect your score should be understood by everyone, not only those privileged to know how scores work.
Do your research before determining the best credit monitoring company. You want to ensure that the company has good reviews, customer service, and all the essential features that will increase your credit score and keep you protected. If you are in a financial slum, remember to stay positive. A score increase may be right around the corner for you. *Your results may vary and are not guaranteed
The post Determining the Best Credit Monitoring Company appeared first on SmartCredit Blog. from https://blog.smartcredit.com/2020/10/06/best-credit-monitoring-company/ |
About UsWe are a group of fun and creative people building unique and patented technologies for the consumer money, credit & identity space. We started in 2003 with the idea that technology should allow consumers to interact with their banks, creditors and other institutions using a simple button. So, we noodled a lot and built the SmartCredit.com® system to make better users of money & credit. Archives
October 2020
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