Erika asked:


So here’s what happened:
I check my credit report, and my husbands monthly through a credit monitoring program called, “my credit keeper” I last checked my report as well as my husbands Jan 01, 2010 and my scores were good and my husbands were in the range needed for us to buy a house about a 640.
We just started doing the paper work for a home loan and of course they ran both of our credit reports and all of a sudden a “new collection account” showed up on my husbands report!
Apparently an old collection account from about 4 years ago was bought buy a new collection agency and they re-opened it as of Jan 18, 2010 showing the original reporting date as the same, Jan 18, 2010.
This action plummeted his score all the way below a 600! I am under the impression that this is illegal because they would be extending the statute where derogatory accounts can only be on your credit for 7 years. so technically this should be off in 3 but by their (collection agency) standards it will be there until 2017…
The agency is really hard to deal with (super nasty) and I am just thinking of getting a lawyer to handle it. Just was wondering what others thought and if this is truly illegal.
Thanks for the advice, fortunately we have pretty much no debt its just that this one account is so old that surprisingly it will not affect my husbands score is a positive way to even pay it so we rather just keep saving our money for a house. I just wanted to make sure this practice so that I wasn’t wasting my time with a lawyer today. Its a shame that companies can’t just act within the law and that I am driven need legal services for something like this! I just want to buy a house darn it!
Oh and please excuse my spelling and grammar errors in my “details added!” sorry.

Bessie

Debrah Maluk asked:




We often see offers for credit score monitoring on TV, in magazines, and even from our credit card companies. They offer a low monthly cost for them to alert you to various changes in your credit score. With the risk of identity theft out there though many people are considering it. Yet this is a type of expense that really isn’t necessary. That money could be saved for something else, even used towards paying off any debt that you may have.

You should be looking into your credit score though so that it is being monitored. Know what is on your credit report. At least once a year you should go through every single part of it. Make sure you look at all of the accounts, who has requested a copy of the credit report, and more. By doing so you can see red flags that may indicate that there are problems. It is unbelievable how many credit reports out there have errors on them so don’t assume yours is correct.

There is often a big misconception about what credit score monitoring offers though. Many people get it to help them with identity theft issues. Yet all that this type of monitoring really does is tell you if your credit score goes up or down. It can also tell you why it has occurred. They can inform you of balance changes too such as when big ticket items are charged on credit cards. While all of this can be useful, in the end it doesn’t stop the identity theft so there is a false sense of security circulating in regard to that element of these services.

However, for someone that has had issues with identity theft, they have lost their wallet, or they have an ex spouse that could be using their information it may be beneficial to be alerted of such changes. If you are very busy and can’t do it on your own then having a resource that takes care of it may be in your best interest. However, if you aren’t making your credit a priority in your life then you really should be doing so. The more involved you are with the process the better it is.

If you are very worried that someone could access your information for credit though, you can pay a one time fee of $15 to freeze your accounts with all three of the credit bureaus. This will mean that you can’t take out credit either so be ready for that. Still, it does give you time to find out if you lost your wallet or if it was stolen. If someone was to try to use your information it wouldn’t help them. They would just move on to someone else.

Down the road you can request to unfreeze those credit reports. It may cost you another $15 but that total of $30 is less than what you will pay with a monthly credit score monitoring service in place. If your reason for credit score monitoring is to know each time you move up a few digits, then that is going to be a waste of money for you to spend on it.

Based on this information, the average person really won’t need to have credit score monitoring in place. Why is it so popular then? It really comes down to clever advertising on the end of those entities offering it. They feed off of the emotions of people that don’t want to suffer due to their credit score not being accurate. They don’t want to be turned down for loans or get an approval that comes with a high rate of interest. Many older individuals like this type of monitoring because they worry about being scammed.

In reality though there is a very slim chance you will ever need to rely on such services to help you out. Those that provide these services are able to bring in a large amount of money for offering a service that has a perceived value. As consumers find out more about it though most of them are refusing the services or canceling what they have in place.

Now that you have all of the information you can weight the pros and cons of the use of credit score monitoring. Since each of us has different needs and different goals then it makes sense to do what fits best for us. Evaluate the benefits to you and the cost to see if it is really something you want to pursue or not. Your finances are important but there is more than one way to keep a close eye on them.

The decision to obtain credit score monitoring is completely up to you. The experts don’t feel that it is a necessity though so don’t feel pushed into getting it. Most of the time companies try to initiate scare tactics in order to get you to buy such coverage. It is a great way for them to make money for doing very little. While it is legal for most of them to operate, it doesn’t seem fair or ethical once you look at all the facts.

In fact, the Federal Trade Commission has been closely evaluating many credit score monitoring programs. Their findings is that many of them really don’t benefit the consumers at all. This has caused them to close down some of these entities and to give others a chance to modify what they offer or to comply with what they advertise.

There are offers that extend free credit score monitoring to you for a period of time. This can be something that allows you to see if you want to take part in it before you pay. What you have to be careful of though is that many of them have enrollment that is automatic at the end of the trial period. If you forget to cancel it then you will automatically be billed for those services.

Kevin

Nickolay Bokhonok asked:




Credit monitoring service reviews outline the main features of services you are available to choose from and that is the reason why they are very helpful when you are going to make your decision.

It should be started with the fact that all credit monitoring services available on the market today might seem the same for you and sometimes it might be a bit difficult to see those slight differences. In this article you will find out the main aspects that are involved in such kind of reviews and therefore it will be easier for you to find out things that services differ about.

It goes without saying that the access to reports and credit scores is a really crucial characteristic and that’s why it is always involved in the reviews. In fact, tracking the scores will provide a clear indication of when the person’s financial goal is reached.

Credit alert is the other essential aspect that should be taken into consideration. Simply speaking you will be notified concerning any changes to your credit. Also, if the case is that you are improving your credit, you will be able to check what have been already enhanced, verified or removed by creditors. It should be also pointed out that credit monitoring services provide regular updates on identity theft. This information can be received via e-mails or text messages to cell phones. As you understand, the ability to avoid the problem will save a lot of time and cash.

While looking through a review you should pay attention to “Credit Reports Monitored” section because there you will find out which of the companies offers all 3 bureaus’ reports. As a matter of fact this is one of the key features to consider while choosing a good credit monitoring service.

The other information that is typically provided by credit monitoring service reviews involves:

• Free Trial;
• Monthly Fee;
• Rating;
• Free Credit Scores;
• ID Theft Insurance/Guarantee;
• Bottom Line.

To conclude it all there is a need to underline that using credit monitoring service reviews will help you to choose a service that will deal with the headaches involved with identity theft damage and other issues.

Alma

Naveed Nawaz asked:




Having good credit is truly important for meeting crucial ends such as: buying a flat, having a car and even paying for college fee. It is imperative to strictly watch and monitor your credit score to make sure it is progressing as required. Credit monitoring could be one the finest things to protect and foster your credit score. Bear in mind that monitoring your credit can facilitate you to protect yourself against identity theft. Furthermore it monitors your credit score so that you could fix unnecessary mistakes.

It is very affordable to get credit report monitoring services; a small price has to pay as compare to a likely big trouble which comes once a blunder makes its way. These services are also attached with zero-liability fraud shield. It means that in the episode of errors, financial institution will be the only to clear up the score.

By having the credit monitoring facility, you access to your credit reports and scores each and every month. This is particularly needed when you are passing through credit fix or trying to shelter mortgage. Credit score is not made known in your annual credit report. Your credit score will give you a thought whether your loan will be approved or not. In addition it gives you an idea that what kinds of interest rate you will acquire. It makes you aware whether you are a high or low risk client.

Monitoring makes you to get alert notifications by an email regarding every modification in your credit reports. The process of repairing your credit by you tells that the accounts have been adjusted or detached by your creditors. This is very important.

Credit monitoring services address the identity theft problem. You will be informed all the way through email about any changes made to your profile. It will help you seize identity theft earlier than it is too late. A number of credit monitoring services have identity theft deterrence tools. Monitoring your credit certainly has a lot of pluses.

Bonnie

Hector Milla asked:




We all know that a good credit report really is an important part of life. If you do not have one you’re often judged badly, denied further credit you might really need for a house or car in the future or you may not even be able to get a store charge card. We all also know that identity theft is on the rise. Sometimes we do not realize this has even happened to us until it is too late. We all really need to keep track, and close track at that of our credit report.

Luckily, today there are credit monitoring services that keep track of any activity on your reports from the three major credit bureau. These agencies charge a monthly fee to constantly keep tract of any activity on your report.

There are several credit monitoring services available and you have to do your own research to find out which one will be the best for you. Do some research and check them out with the Better Business Bureau. The fees usually range from free for the first 30 days to anywhere from $10 to $13 a month. A very reasonable price for what you are going to get for the money.

These services provide excellent, through service. They will immediately send you an email alert if any activity on your account happens. This includes things like inquiries, updates or the opening and closing of accounts. These services also allow you to check your actually numerical credit score. Something the free reports do not give you. This is very useful if you are trying to maintain or improve your credit scores.

These services are great and well worth the money. You are able to fully look over your credit report whenever you want, you can resolve any issues as soon as they happen. If you are considering taking out a large loan for a car or home you will be able to go over your credit report carefully before you apply and make any necessary adjustments so you get approved for that new loan immediately.

Henry

Thomas E Johns asked:




In the harsh economic times that we face it is vitally important that we focus our attentions on many things. From maintaining our employment, to maybe getting ahead on some bills, building an emergency fund, etc., one area that we must maintain due diligence and vigilance is in the area of our credit reports. Now is not the time to be surprised by finding out too late that your identity has been stolen or you can’t get that mortgage because of negative marks that will affect your FICO scores.

One thing that I have found to be true over the years is that credit reports are like eating healthy or flossing our teeth. We all know we should do it but we just don’t for one reason or another. My wake-up call was around fifteen years ago when I went to get a loan and found out that someone who I had sold a car to, who was going to pay off the last four months of the loan didn’t. It didn’t go on his credit report it landed on mine and I had to pay the car off too. Surprised and screwed… lesson learned. The other surprise was I couldn’t get the loan. If I had what I have today, a credit monitoring system monthly, I would have been aware of the missed car payment quickly and could have done something about it then rather than after I had applied for a loan and was turned down.

Each month I receive a report from my credit monitoring system that will inform me if anything had been added to my credit report that month. It keeps the surprises small and dealing with small surprises is much more manageable than dealing with your identity stolen three months after the fact or going for your first mortgage and finding out you can’t buy your home because of things on your credit report you were unaware of.

Hey, the reality is there is no excuse in today’s world of being unaware of your credit information. It is readily available at the click of the mouse on your computer. Yet, a good friend of mine in the mortgage industry tells me that even today more people come into his office seeking a mortgage who have no clue as to what is in their credit reports than come in prepared. That is the KEY word of the day, “Prepared”. Being prepared makes the surprises, at least the not-so-good-ones, easier to deal with.

The monitoring system that I was talking about above? You can Google Search and find many such offers on the internet dealing with monitoring your credit. Hey until next time I leave you with something that Tony Robbins once said that I thought was powerful; paraphrased version — It is the moments of decision where our destinies are shaped. Your destiny is shaped more than you know it through your credit. Think about it.

Brent

Suck it asked:


1. Registering for Direct Deposit requires paying for an application fee.
       True
       False

2. Credit monitoring companies will do everything EXCEPT?
       Notify you when your credit report has changed
       Dispute charges
       Provide you with periodic credit reports
       Provide you with an online reporting tool

3. By using the Internet effectively to manage your finances you’re:
       Preventing yourself from being charged overdraft fees
       Preventing yourself from being charged over limit fees
       Avoiding the chance of payments being late due to mail delays
       Accomplishing all of the above

4. What is NOT an advantage of Direct Deposit?
       Funds are available immediately
       More money will be deposited than through a standard check
       Some banks offer incentives if you open an account with Direct Deposit
       You’ll get the same record of payment via a pay-stub

5. Online credit card registration allows you to see everything you would on a statement, anytime/anywhere.
       True
       False

Anne

Kristy Annely asked:




The three major credit bureaus in the United States are Equifax (based in Atlanta), Experian (based in Costa Mesa, California), and TransUnion (based in Chicago). There are many credit monitoring services which help you to escape from being a victim of fraud by alerting you about the slight changes in your credit daily or weekly by referring to credit bureau reports.

The three credit bureaus differ in their processes of determining the credit score according to the retrieval of information, and report of information. The three major credit reporting agencies determine their own FICO (Fair Isaac & Co. Credit scoring) scores. But each of the agencies gives the scores a different name ? Equifax calls it the Beacon credit score, Experian making it as Experian/Fair, Isaac Risk Model and TransUnion calling as Empirica.

Experion credit report includes the financial behavior and identification information of a consumer. These reports can be obtained through your creditors, public records and other reliable sources. TransUnion credit reporting contains identifying information, items that may affect your creditworthiness, credit history or trade lines and inquiries. But it does not contain the details regarding medical histories, business accounts, and the major purchases that are paid in full.

Till the recent past, these three major credit bureaus had their own strategies and methodologies for making the credit report and rank consumers’ creditworthiness. But, now they have jointly adopted a new method called VantageScore system – a standardized formula. By this method, even though the credit scores remain different it will be easy for the consumers to understand the differences more readily than before. This will provide the consumers and businesses to have a highly predictive, consistent score. In general, apart from preventing identity theft, a credit reporting system can greatly reduce its impact by its service efforts.

Colleen

Julia Kabaki asked:




With all the credit monitoring services available in the market these days, it can be a difficult decision to choose the one that best suits your needs. In order for you to be able to choose wisely, you need to know the three essential things in monitoring your credit.

First of all, a good credit monitoring company should be able to tell you your credit score. Although the government gives you a free annual credit report, this does not show your credit score which is important for you to know. Your credit score is the basis that your potential lenders use in determining whether you are a good risk or a bad risk for their company. If you have a low credit score, expect that your lenders will probably not grant you a loan. The great thing in knowing your actual score is that you can quickly find ways to fix it, if it does not suit the standards of your lenders. If your credit score is high, well that is nice to know, and with most scores there is always room for improvement.

Another thing you should look for in companies that monitor your credit is its security measures. Your service should be able to prevent identity theft. There are companies that are able to track down unauthorized attempts in viewing your credit reports and accessing your accounts. They do this by sending you a notification through email or text messages. Once you know that you are at risk for identity theft, you can already start measures to prevent this from happening.

Finally, most credit monitoring services these days come with a simulation showing different situations that could have possible effects on your credit rating. Using the simulation, you will know how to increase your credit scores, as well as avoid the things that could actually lower your credit rating. These services come with monthly fees, but at least you know that your financial future is secure.

Elsie

Jeff Glasser asked:




Credit monitoring is a hands-on way to find out what is going on regarding your credit. It allows you a window into your credit report 24 hours a day to find out if there is any activity by someone trying to compromise your identity. It is useful if you have been a victim of identity theft or if you feel at-risk for identity theft.

This type of monitoring will continuously check your credit reports for you and alert you whenever any changes or additions appear. If a lender or creditor checks your credit files, you’ll receive an alert. Credit monitoring does indeed offer you value, in that you will be alerted to changes in your credit report. If an identity thief is opening new accounts in your name, changing your address or otherwise causing changes in your credit file, then you will be notified of those changes. These services can be costly and can charge up to a $150.00 per year, depending upon the provider.

Monitoring typically allows you unlimited access to your credit report so you can keep track of your credit standing. Monitoring is considered one of the best ways to catch identity theft early. Credit monitoring or freezing your credit are measures that will help you keep your credit report free of errors or fraudulent reports. This type of monitoring tracks changes in your credit on a daily basis, so that you are immediately notified of any adjustments. It is the quickest way to discover potential identity theft and to find out instantly who has been viewing your credit report. Monitoring is your protection as identity theft can seriously hurt you financially.

Credit monitoring is used by consumers for one crucial reason, identity protection. These services are designed to immediately inform you of any changes to your credit report. It is a service that helps you restore and protect your credit from deceitful activity. Monitoring typically includes some type of credit repair, whereby any questionable negative items on your credit report are disputed and removed.

Josephine