With the advent of technology, consumerism has greatly increased in terms of buying and selling merchandise, goods, or information, including education (i.e. student loans).
With this in mind, credit can be uppermost in some people minds. Of course, we, as consumers, take the primary responsibility for paying our debts. However, in some situations, credit is warranted. For example, buying a home over an extended period of time, perhaps 30 years, then credit is a viable solution.
In researching material for this article, I reviewed several websites, some alleging a “free” credit report. Many have ulterior motives for driving traffic to their sites and their reports are not free. In fact, some have hidden motives.
It bears caution that we consumers should be careful where we release our financial information and some people fall victim to identify theft.
The one site that provides accurate, concise, and practical information regarding protecting your credit is the Federal Trade Commission. They are this nation’s bureau on consumer protection. They oversee the enforcement of the Fair Credit Reporting Act. The commission publishes your rights on credit reporting, outlines a process for identity theft protection, warn consumers about exposing imposter sites who require hidden fees, and also your rights on requesting a free annual credit report (with no hidden motives).
A consumer reporting agency compiles and maintains files on consumers relating to:
- medical records or payments;
- residential or tenant history;
- check writing history;
- employment history; or insurance claims
If you exercise your rights to receive a free credit report, then:
- educate yourself in defense against fraud and deception;
- use the National Do Not Call Registry to block unwanted, unsolicited telemarketing calls
Fighting and processing for identity theft. Various ways are used by thieves to steal your identity:
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dumpster diving (going through your personal and public trash searching for bills or other paperwork that carry your identify;
-
skimming (stealing your credit/debit card number, using a special storage device when processing transactions
-
phishing (posing as companies or financial institutions by sending spam or pop-up’s for the sole purpose of getting you to reveal your personal identification)
- changing your address (they divert your billing statements to another address by completing a “change of address form”)
-
“old fashion stealing” (thieves who steal wallets or purses; mail, including bank and credit card statements; pre-approved offers; new checks and tax information. They steal personnel information from employers, and/or bribe employees who have access to information.
Here are some tips for preventing and fighting theft:
- destroy documents before you throw them away;
- protect your Social Security number (do not carry your number and do not write it on a check);
- unless you know who you are dealing with, never provide information by phone, in writing, or unsolicited e-mail through the internet;
- safely secure your information at home, especially if you have outside employees working in your home
- refrain from using obvious passwords, ie. dob, family names, or the last four digits of your Social Security number
Review your financial statements carefully, periodically, and routinely monitor your bank accounts for unexpected activities for items you didn’t purchase. If you notice charges on your statement you didn’t make, contact your financial institution, file a formal complaint with your local police department, and provide any necessary information they request.
Exposing imposter sites claiming “free” credit report. They’re not free.
- they require your purchase a product (a consumer can purchase products; however, they are not required to purchase a free report)
- they may have hidden fees or charges to your credit card periodically to monitor your report
The commission has issued a consumer’s alert directing the public to only one authorized site for requesting a report.
The Fair Credit Reporting Act requires each of the three leading consumer reporting agencies – Equifax, Experian, and Transunion, to provide the consumer, with their request, of one free copy of their credit report, once every 12 months. The three companies have consolidated one central website, toll free number, and mailing address through which the consumer can request their report:
Annual Credit Report
Request Service
P. O. Box 105281
Atlanta, GA 30348-5281
If you order your report online, you must provide your identity: name, address, Social Security number, and date of birth. You may need to provide your previous known address if you have moved in the last two years.
Note: You will only receive one credit report. You will not receive three reports (ie. one from each reporting agency).
In typing the website, please be sure to type it carefully. If any pop-ups occur redirecting you to a separate website, please do not reply or click on any link in the message, — it may be a scam. Annualcreditreport.com will NEVER send you an email solicitation for your free credit report. Should you receive any unsolicited emails, claiming them to be from annualcreditreport.com, report them to:spam@uce.gov.
Summary of Fair Credit Act
Enacted in 1970, the Fair Credit Act promotes the privacy of consumer information, by limiting accessibility to credit history and payment information found in credit reporting agencies:
- You must be told if information has been used against you;
- You have the right to know what is in your file;
- You have the right to ask for your credit score;
- You have the right to dispute incomplete or inaccurate information;
- Consumer reporting agencies may not report outdated negative information;
- Access to your file is limited;
- You must give your consent for reports to be provided to employers;
- You may limit “prescreened” offers of credit and insurance you get based on information in your credit report;
- You may seek damages from violators;
- Identify theft victims and military personnel have additional rights
For additional information, go to: Federal Trade Commission or write to: Consumer’s Response Center, Rm. 130-A, Federal Trade Commission, 600 Pennsylvania Ave., N.W., Washington, DC 20580.
Ultimate Cash for Notes Network — Where Solutions Matter. Works with buyers who invest in buying promissory notes (a written document that states a promise to pay, and the terms which include the amount, the interest rate, and length of time in which to fulfill this promise). Private investors from across the country buy notes. They are interested in a steady flow of cash or income.
Just like banks buy mortgages, private buyers buy notes as an investment. Some types of notes include: Notes and real estate (residential units, homes for sale by owner (FSBO), apartment buildings and commercial property: bakeries, restaurants, gas stations, hospitals, airports, gift shops); commercial vacant land (farms, ranches, ocean front property); mobile homes, recreational vehicles, airplanes, boats, yachts, cruise ships, residential and unimproved land;
Notes and settlements and judgments, decrees, orders, annuities, liens, workman’s compensation, contract for deeds; Notes and wills, trusts, inheritance and probate. Because of the nature of the company, a credit report will be a part of the review process. For the purposes of continuing education, a Resource Shoppe has been created to provide any interested consumer on various types of the latest books on real estate, settlements, liens, annuities, wills (how to make out a will), contract for deeds, and more.
If you have a promissory note you wish to sell, and you have questions, please contact us.Thank you for your interest.
Ms. Mary Pacheco,
Creator/Founder:
http://www.Ultimatecashfornotesnetwork.com
pamary6014@gmail.com
20100612