Credit

You can obtain a FREE Credit Report from Equifax, Experian, and Trans Union by completing and mailing the Annual Credit Report Request Form to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. This form can be printed from www.ftc.gov/credit There is also a toll free telephone number to call to request a copy of your free credit report: 1-877-322-8228. You will need to provide the following information to get your free credit reports: Your Social Security number, your name and address including your previous address if you have moved in the past two years, your date of birth, as well as some other information that only you would know such as the amount of your monthly mortgage payment.

If you request a copy of your free credit report online, you will be able to obtain it right away. If you call in or mail your request with the Annual Credit Report Request Form, your request will be processed and mailed to you within 15 business days after its receipt. This time period may take longer if the nationwide consumer reporting company needs more information to confirm your identity. If there happens to be an abnormally high volume of requests for free credit reports at the time you request yours, you will be notified that your report will be mailed to you sometime after 15 days of receipt.

To purchase a copy of your credit report, you may call the consumer reporting companies direct with the following telephone numbers:

Equifax: 1-800-685-1111 Experian: 1-888-EXPERIAN (1-888-397-3742) Trans Union: 1-800-916-8800

The cost to buy a copy of your credit report is generally $9.50 or less for each agency.

Each nationwide consumer reporting company gets information from different sources so the information contained in any one report may not be the same. The information may not reflect all of your credit info so requesting a free copy of your credit report from all three major agencies is the best way to get the full story of your credit.

This article was written by Kriss Standke who is an accomplished Webmaster and publisher of Free Credit Report Spot, Credit Score Resource, and Check Credit Report Online where he provides detailed and informative articles, tips, and advice on free credit reports, how to get yours, and what to do with the information once you receive it.

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Do you often feel as though you must be on the lookout at every turn, because there are people out there just waiting to rip you off?

I hate to be the bearer of bad news, but that might not be a bad idea.

Recently, the Federal Trade Commission released the results of a Consumer Fraud Survey. Astoundingly, it estimated that nearly 25 million Americans were victims of fraud in 2002.

The study indicated individuals with high levels of debt are more likely to be victims of fraud. Three of the top categories of fraud reported to the FTC related to credit, including credit-repair scams aimed at those carrying high debt loads or having bad credit. The most frequently reported type of consumer fraud: advance-fee loan scams, in which consumers pay a fee for a “guaranteed” loan or credit card.

One example of a “pay first guarantee” is what’s called a catalog card. Aimed at those with no credit or poor credit, catalog cards are advertised as a sure-fire way to get a credit card that can be used to purchase all types of merchandise. What many consumers don’t know is that they’re paying an inflated fee for a card that they can only use in specific catalogs. They cannot be used at stores, online, or anywhere else. While the catalogs do have ‘all types of merchandise,’ the merchandise is greatly overpriced.

Credit-repair scams can vary, but most charge their customers a fee to ‘erase’ bad credit when in fact the credit bureau or the creditor are the only ones who can remove negative entries from your credit report. Other so-called repair schemes encourage consumers to apply for an IRS Employee Identification Number, and to use this number (which has the same number of digits as a Social Security Number) to apply for credit and loans. The companies promising such things are dishonest and illegal.

In another ruse, consumers are encouraged to buy protection in case their credit card(s) are stolen and used to run up a big bill. Federal law already protects credit card users with consumer liability capped at $50. In addition, many credit card issuers offer free “zero liability protection policies” that offer full liability protection (i.e. you liability for fraud is $0).

“If it sounds too good to be true”

It probably is. According to Gerri Detweiler, founder of DebtConsolidationRX.com and author of “The Ultimate Credit Guide”, those with debt problems are often easy prey because they’re looking for a quick fix. She says, “People avoid dealing with debt problems because they face unpleasant decisions, and they’re searching for a perfect solution. The problem is there usually isn’t one perfect solution for debt troubles.”

By the time some get around to dealing with debt problems, they can be overwhelming. Detweiler continues, “Many people are so desperate for a solution at that point, they try things that don’t sound or look right to them.”

“In order to steer clear of scams, you have to go with your gut,” continues Detweiler. “You have to make some tough decisions that may have an impact on your credit card, such as whether to undergo credit counseling, bankruptcy, or debt consolidation. There is no quick and easy solution, only time and effort on your part will bring debt under control.”

“There are no new scams”

Yes, they’re the same old scams out there. Unfortunately, it’s a whole new bunch of technology that’s being used to the scammers’ advantage, making fraud more sophisticated and harder to detect than ever before. Scammers do everything they can to imitate real offers or situations, and it is truly difficult to distinguish between what is real and what is false.

Phishing is one of the latest methods of identify theft. Emails are sent to unsuspecting consumers from individuals or groups claiming to be major credit card companies, banks, retail companies, etc. The emails seem legitimate enough: “…they’re updating their system and need to verify your account number, password, social security number, or credit card number. It will just take a moment of your time.”

Ira Stoller, Senior Member on the CardRatings.com Message Board, was recently hit with a phish in the form of a fake email doing a pretty good impression of an Ebay consumer alert.

“The message relayed that EBay was updating their database and needed to verify my credit card information,” says Stoller. While the email looked credible, Stoller knew that EBay doesn’t utilize or house credit card informationEbayers who use credit cards to pay or receive payment utilize a third party. Someone was “phishing” for his credit card information. The email conveniently included a link to a form in which he could fill in the “needed” information.

Stoller next did something that not enough consumers do. He checked the EBay website for a consumer complaint page and reported the fake email. Companies emulated by these types of scams want to know about fraudulent activity that illegally uses their name and trademark because it will help them to protect the consumers who use their services.

other ways to report fraud:

Finally, how do you keep up with what’s real and what’s not without being completely paranoid? There are lots of resources to help you distinguish fraudulent activities from the real thing. Consolidated Credit Counseling Service, Inc. offers “Watch Out For Credit Scams,” which covers many types of fraudulent activities in detail. It is also a good idea to review our free credit card ratings, including our popular credit card consumer reviews, before you apply for any credit card offer.

Finally, the FTC shares the following tips:

Rebecca Lindsey is a Senior Staff Writer for http://www.CardRatings.com. She began writing articles about consumer credit issues for CardRatings.com in September 2000. Her articles have been republished and/or referenced by leading publications throughout the country, including Live Well on Less Than You Think: The New York Times Guide to Achieving Your Financial Freedom by Fred Brock.

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As of September first 2005, all Americans became able to request and obtain a free credit report from each credit bureau once each year. Checking your credit report regularly is vital to ensure accuracy and protect against possible identity theft. The sooner you check your credit report, the more time you will have to dispute inaccuracies and improve your credit information. This is important because the information contained in your credit report is used to determine your credit score which in turn is used by financial institutions to calculate the rates you will pay on loans, by insurance companies to figure the amount you will pay on your policies as well by employers to decide if you will make a good employee when applying for a job.

We all need to check our credit reports from each of the three major credit reporting agencies (Experian, Equifax, and Trans Union). This means that we must go through the process three separate times.

Spreading our requests out over a 12 month time period, is a good way to keep a constant eye on accuracy. Remember, we are all eligible for one free credit report from each agency each and every year, so be diligent and keep a close eye on yours.

This article was written by Kriss Standke who is an accomplished Webmaster and publisher of Free Credit Report Spot, Credit Score Recource, and Check Credit Report Online.

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