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Credit Card Facts
All about Credit
From the United States Federal Trade Commission.
Ads Promising Debt Relief May Offer Bankruptcy
Advance-Fee Loan Scams Campaign
Automatic Debit Scams
Avoiding Credit and Charge Card Fraud
Building a Better Credit Record
Cancellation of Private Mortgage
Insurance: Save $
Choosing and Using Credit Cards
Cosigning a Loan
Credit and ATM Cards: What to Do If Lost or Stolen
Credit and Divorce
Credit and Your Consumer Rights
Credit Card Blocking
Credit Card Loss Protection Offers: Beware!
Credit Repair
Credit Repair: Self-Help May be Best
Credit Rules Bookmark
Credit Scoring
Easy Credit? Not So Fast. Advance
Fee Scams
Equal Credit Opportunity
Fair Credit Billing
Fair Credit Reporting
Fair Debt Collection
Fiscal Fitness: Choosing a Credit Counselor
Getting Credit When You're Over 62
Gold and Platinum Cards
Guide to Online Payments
High-Rate, High-Fee Loans (Section 32 Mortgages)
Hoax Targets Elderly African Americans Alert
Home Equity Credit Lines
Home Equity Scams: Borrowers Beware!
Knee Deep in Debt
Looking for the Best Mortgage?
Mortgage Discrimination
New ID? Bad Idea: File Segregation
Exposed
Payday Loans = Costly Cash
Ready, Set... Credit
Reverse Mortgages
Secured Credit Card Marketing Scams
The Credit Practices Rule
Utility Credit
Three Major Credit Bureaus
Equifax
P.O. Box 740250, Atlanta, GA 30374
(800) 525-6285
Experian
(formerly TRW)
P.O. Box 1017, Allen, TX 75013
(888) EXPERIAN
(888) 397-3742
Fax: (800) 301-7196
Trans Union
P.O. Box 6790, Fullerton, CA 92634
(800) 680-7289
Credit card and checking account scams can cost you a bundle. Here are some quick tips that may help you prevent from being victimized from a scam:
If you are called or emailed by a company claiming to be a credit grantor, eBay, your ISP, or a utility (gas, electric, telephone), don't give them your Internet log on information, personal or financial information such as your credit card number, checking account number, social security number or drivers license number. Instead call the customer service phone number on your bill or go to the website directly to authorize a payment.
Check your credit card receipt to insure the correct amount at time of purchase.
If you are unfamiliar with a merchant keep your credit card within sight. An unscrupulous merchant could swipe your card twice or make an impression of the card in clay.
Before an
online purchase, check any websites credibility with Google. Download the
Google toolbar. Google
Toolbar The site shows a ranking that reflects the sites relevance to
it's main subject. If a site isn't ranked or has a low rank it could mean
the site is very new, or possibly has violated Google quality standards. For
an in-depth look at any websites history checkout
Alexa.
Credit Card
Scams
Check your Credit Report Regularly
In much the same way that a resume displays your work experience to a prospective employer, a credit report provides prospective creditors (and in some cases employers and insurers too) with a detailed picture of your credit history. And like a resume, your credit report can influence whether you will receive what you are applying for.
Ideally, your credit report is an accurate, up-to-date reflection of your credit history. However, since we don't live in an ideal world, there are many reasons that your credit report could contain inaccuracies that might prevent you from receiving the credit you deserve. The good news is you can take action to keep your report accurate. Here are the top five reasons why you should make a practice of regularly reviewing your credit report:
Inaccuracies - Mixed Credit Files
Many inaccuracies on a credit report can be the result of simple human error, and are therefore are not difficult to dispute. Of course, if you don't order your credit report, you might never know about it. Whether the inaccuracies relate to payments not credited, late payments, or data mixed in from the credit file of someone else with a name similar to yours, you will want to contact the credit bureau to dispute inaccurate information promptly. Free Online credit report order now!
Tracking Payments
One of the most important elements of credit is a demonstrated history of on time payments. Once you send the check though, anything can happen--a delay in the payment being received can kick you over to a 30-day delinquency. If you call your creditor and explain the situation, they might adjust the information. Of course, if you don't read your credit report, you won't necessarily know which payments are being received and reported properly.
Identity Theft
This issue alone is reason to order your credit report immediately. Identity theft is an insidious crime, involving a thief who assumes your name to open new accounts, divert your card statements to another address, and run up all sorts of bad debt without you ever knowing about it until collectors come calling. Over time, identity theft could jeopardize your ability to obtain further credit. The best way to catch a thief who is using your name is by getting a copy of your credit report, which will show you if there are accounts listed you know you haven't opened. For example, if a thief has intercepted a pre-approved credit card offer in your name and sent it in with a change of address, your credit report will include the account.
If you're
shopping around for a loan or more credit, you should know that when
creditors check your credit, it places an inquiry on your credit report.
Inquiries can add up, which is often interpreted as a negative by creditors.
For this reason, too many inquiries can actually make getting credit more
difficult. Moreover, if you didn't authorize someone to look at your credit
report and they did, they may have broken the law.
Credit Fraud--Unauthorized Charges
Credit fraud involves the theft of your credit card or account number to make unauthorized charges to your account. Though consumers are protected financially from this abuse, other creditors may take note of all this activity and decide to raise your interest rates or refuse to grant you a loan. Ordering your credit report will help you catch new activity on accounts that you haven't been using, or may have closed.
When it comes to managing your credit worthiness, your credit report is your best resource. Ordering your credit report gives you the opportunity to manage your credit wisely today, while planning your credit strategy for achieving future goals--a credit-savvy move every consumer should make! Free Online credit report
Not sure about what credit is? Visit Introduction to Credit
How Low is your Rate?
1.INTEREST BACKDATING
Most card issuers charge interest from the day a charge is posted to your
account if you don't pay in full monthly. But, some charge interest from the
date of purchase, days before they have even paid the store on your behalf!
REMEDY: Find another card issuer, or always pay your bill in full by the due
date.
2.TWO-CYCLE BILLING
Issuers which use this method of calculating interest, charge two months
worth of interest for the first month you failed to pay off your total
balance in full. This issue arises only when you switch from paying in full
to carrying a balance from month to month.
REMEDY: Switch issuers or always pay your balance in full.
3.THE RIGHT TO SETOFF
If you have money on deposit at a bank, and also have your credit card
there, you may have signed an agreement when you opened the deposit account
which permits the bank to take those funds if you become delinquent on your
credit card.
REMEDY: Bank at separate institutions, or avoid delinquencies.
Updated 06/24/08