Bankrate Monitor
Lock in your Identity
Imagine your shopping at your local electronics store for your favorite game. Low and behold, you find it and grab it off the shelf. You make your way to the front of the store to check out. You get to the cashier, its scanned and your price comes up. NOW, you pull out your credit/debit card (or check) and use it to checkout. You go on with your day and 3 weeks later you get a call from your bank about your card being maxed out and still being charged.
What happened?
You’ve just been a victim to identity theft. Trust me, I’m no expert at identity theft but I browsed online for a few tips to help the younger crowd from becoming a victim to this growing crime.
1. Be watchful of shoulder-surfers. At ATMs and phone booths, thieves will stand close enough to see PIN numbers punched in by users.
2. Mind those credit card receipts, especially since only a few credit card receipts have stopped listing full account numbers and expiration dates. Put the charge slip copies in a safe spot until your credit card bills arrive.
3. Buy a shredder and use it. Shred everything, including credit card receipts (after you’ve reconciled your bill), old bank statements, medical statements, everyday bills, and pre-approved credit card offers. Any document that has personal financial information on it can give an identity thief a foothold into your life.
4. Write clearly on all credit applications. Consistently and completely fill in all credit and loan applications using your full name, first, middle and last. Every bill that comes to your house should be addressed exactly the same.
5. Monitor your credit accounts carefully, so you’ll know if a bill’s missing or unauthorized purchases have been made. Close out unused credit cards. Cutting them up is not enough.
6. Limit the number of credit cards you carry. The fewer cards you have, the easier it is to track them.
7. Get a credit report at least once a year and clean up any errors. Look for personal information and credit accounts that are not yours. Credit bureaus make mistakes.
8. Never leave paid bills in your mailbox for the mail carrier to pick up. Drop them off at a post office box.
9. If you’re moving, contact all your creditors and update them of your address changes immediately. You don’t want credit information and new credit cards being delivered to the wrong address. Likewise, if your credit card expires and you don’t receive a new one, call your creditor immediately.
10. Protect your Social Security number. Only give your Social Security number when absolutely necessary. Avoid using it as your account number whenever possible. If merchants demand it, ask for an alternate number and take your business elsewhere if they insist on writing it on your check. Likewise, don’t print it on your checks.
11. Never carry your Social Security number and driver license together in your wallet.
12. Don’t provide your Social Security number, bank account number or credit card number to anyone who contacts you through telephone solicitation.
13. If you’re shopping with an online merchant for the first time, look for the Trust-e symbol or a Better Business Bureau online seal. These indicate the seller has been independently audited and deemed trustworthy.
14. Make sure any online credit card charges are handled through a secure site or in an encrypted mode. You’ll know you’re on a secure site if the Web page on which you conduct your transaction begins with https instead of the usual http.
15. Only shop on Web sites that offer a privacy policy. Know how your personal information will be handled. Print out privacy policies, warranties, price guarantees and other important information.
Source: http://www.bankrate.com/brm/news/cc/20020612a.asp
I also recommend you invest a small amount ($9.00 monthly) and signup to LifeLock, a company that strives to keep everyone from having lines of credit made out in their name. If anyone does so, you’ll be contacted immediately and the criminal will be arrested.
You can check out that site on the inline advertisement.
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About the Author
As a 19 year old entrepreneur, future husband and father, Dustin spends a majority of his time studying internet marketing. When not studying he spends his time with his fiance of 2 years.
You can find out more about him at http://www.cashtalkz.net which is his online blog dedicated to teaching youth money making and management strategies.
Insurance companies checking my credit score, will this affect my credit score?
I just logged in GEICO.com with my policy number and a screen came up asking for Credit Check Authorization and it said I could get an additional 10% discount if my credit score qualifies.
According to Bankrate.com “Every time you apply for credit it shows up as a credit inquiry on your credit report. This is called a hard inquiry because you are actually applying for credit. A hard inquiry stays on your credit report for three years.
A soft inquiry is when a lender requests your credit report either prior to sending you an offer to extend credit or to monitor an existing credit relationship. Requesting your own credit report also results in a soft inquiry. Soft inquiries don’t affect your credit score.”
So is GEICO checking my credit considered a hard inquiry or soft inquiry? Will this credit inquiry affect my credit history or my credit score?
I have 725 FICO score according to myFICO.com.
Insurance inquiries are soft inquiries, and therefore do not affect your score.
Many people think they know what affects the score, and by how much, but in truth, very few people know anything, just rumours and conjecture that spreads like bull-you-know. If you have no inquiries, there are no points “deducted” from your score, but if you have 1 inquiry, it costs a few points, 2 inquiries or more, a few more points. There is no difference between 2 inquiries and 100 inquiries as far as score is concerned, and inquiries are not a significant factor.
What matters most is payment history, balances, how long credit has been established (older accounts are better), and a good mix of types of credit, such as revolving and installment.
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