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Wednesday, July 22nd, 2009

Ben Stein and Not-So-Free Credit Scores

The blogosphere has been all over Ben Stein, a financial guru, spokesperson and New York Times columnist, over his involvement with what appears to be a slightly shady "credit-score" site, FreeScore.com.

In advertisements, Stein shills for the group which claim to offer you a free credit score. As several blogs point out:

  1. Your credit score doesn't tell the full story. While your credit score is important, you'll need more information if you want to take action to improve. In order to see what's bringing your credit score down, you'll need to see your credit report, which includes any claims against you.
  2. FreeScore.com isn't actually free. After giving you a "score" for free, they begin charging you monthly fees.

While some people may want to check their credit score monthly, in most cases you don't need this kind of scrutiny. In fact, simply requesting your credit score or credit report can affect your credit score.

You are entitled to a free annual credit report from the government. And the government makes one available at exactly one - and only one! - Web site: Annualcreditreport.com.

Don't be fooled by similar or imitator sites.

If you're in debt and trying to get out, you may become a target of predatory merchants. These groups are looking to make a quick buck off your troubles.

Avoid this by informing yourself, reading the fine print and sticking to reputable, trustworthy sites and sources.

Trying to repair your credit but can't keep up with the bills? Consider filing bankruptcy.

Filing bankruptcy doesn't have to ruin your credit for life. Learn more: Credit After Bankruptcy.

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Posted in Bankruptcy and Predatory Lending | 3 Comments »

Monday, March 9th, 2009

Protect Your Credit Identity - Monitor Your Credit Report

The crime of identity theft occurs when someone uses another person’s identifying information (including Social Security Number, account numbers and credit card information) to make fraudulent transactions.

Unfortunately, the same technological advances that allow us to pay bills, shop and bank over the Internet also offer identity thieves opportunities to steal our data.

What Happens if My Identity is Stolen?

If you’re victimized by an identity thief, you may find your finances thrown into turmoil – and, depending on how quickly you realize the problem, you may have quite a headache in store.

Identity thieves can do many things, including:

  • make purchases with your credit cards
  • pose as you during a criminal arrest
  • use your SSN to pose as you during everyday life
  • obtain lines of credit using your information

Preventing Identity Theft

There’s no surefire way to prevent identity theft, but you can take steps to make sure you protect yourself as much as possible, including the following.

  1. Check your credit report! This is the single most important preventive measure you can take. Visit www.annualcreditreport.com for a truly free credit report from major reporting bureaus. This report will include information about action on all of your accounts. You’ll be able to see any suspicious activity – and take care of it immediately.
  2. Avoid phishing scams. Be cautious about e-mails. Many scammers pose as legitimate banks or lenders and request personal information for “verification” purposes. Never send sensitive information unless you are SURE you know where it’s going and that it’s secure.
  3. Treat your SSN like gold. Some people, like lenders and employers, actually need your Social Security Number; but most do not. If you’re uncomfortable about giving out your Social Security Number, ask how it will be used and why it’s needed. If you still feel uncomfortable, withhold that information. It is generally considered best practice to never give it out over the internet.
  4. Shred your important mail. Once you’re finished with credit card offers, bank statements, medical reports and other important mail, shred them. Shredding is an easy and effective way to prevent identity thieves from getting their hands on your information.

If you've been a victim of identity theft, a bankruptcy lawyer may be able to help you sort things out.

Learn more about how filing for bankruptcy may help you.

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Posted in Find a Bankruptcy Lawyer, Identity Theft | 1 Comment »