Credit Card Watch

How ID Theft Victims Can Repair Their Credit Rating

When credit reporting agencies report detrimental and WRONG things about you, (bankruptcy, arrests, late and non-payment of debts, etc.) it can severely affect your life. You find that you suddenly:

1. Have difficulty renting an apartment and getting a job.

2. Are charged higher interest rates on your credit cards, loans and utilities.

3. Are denied a cell phone contract, financing and loans of all kinds.

4. Are charged higher and/or supplemental security deposits on utilities.

5. Are charged higher insurance rates if you can get insurance at all.

6. Start getting calls from creditors and bill collectors to name just a few.

If you then search for the cause of this sudden down-turn in your life and find that the agencies are reporting inaccuracies about you, you’ll want to correct them as soon as possible. A victim of ID theft can request the agencies to block and/or reinvestigate fraudulent items on their account. Contact them at:

Equifax fraud div, 1-888-766-0008, PO Box 740241, Atlanta, GA 30374

Experian fraud, 1-888-EXPERIAN, PO Box 2104, Allen, TX 75013

Trans Union fraud, 1-800-680-7289, PO Box 2000, Chester, PA 19022

TeleCheck Forgery, 1-800-710-9898, PO Box 4451, Houston, TX 77210

The Agency may instruct you to write a letter, use an online form or they may mail a form with your confirmation or file number. Use certified mail, return receipt requested, when you correspond with them.

You will receive one of three responses:

1) Agency notice stating that they are terminating a reinvestigation (of the information you are disputing) because they determined that the dispute is frivolous (or irrelevant) because you failed to provide sufficient information to investigate your claim. They will inform you in writing giving their reasons and identifying any information needed to Read the rest of this entry »

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Bad Credit and Normal People

People need more money every day and they need it even if they seem to have enough. They need more money and to get more money they need credits. The excitement of getting initially free money is so high that they go and spend all the money in one week. After the first month the first payments start raining in the mailbox and they suddenly realize that they didn’t really buy much at all with all the money they got and that they will have to pay a lot of money back each month. Here is where the bad credit report starts and where you start losing more money than you actually have.

People, mostly American residents, rarely get the idea that they need to start making some money and stop spending money they do not have. In my opinion bad credit is like a very gentle talk to your child when he did something wrong. You just tell him that he did bad, but no other real consequence follows. It is exactly the same with American residents and bad credit. The banks tell them that they should start paying some money back, but will give them another, reasonably smaller, credit that they can spend. That is where the crisis started and that is why it goes on to ruin the world’s economy. So, start earning the money you spend and start paying for the things you buy with the money you make.

I personally believe that you should be sent to jail if your bad credit report has lasted for more than a year. Then we shall see who has the nerve not to pay for their credits. I am certain that the financial problems of the country will stop and everything will get back to normal.

In other countries around the world you are not allowed to have more than one unpaid account or credit. You need to pay immense penalties if you don’t pay on time and you don’t get any bad credit report, you will not have access to any loans any more. Americans have a very poor econom Read the rest of this entry »

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