In several of William Shakespeare’s plays, cases of mistaken identity are a standard theme. They lead to all types of humorous mix-ups and a lot of laughs for the crowd. In real life there’s nothing funny about identity theft. It can be catastrophic to a person’s credit, which affects everything from signing up for credit cards to leasing a home or getting a job.

It’s not as straightforward to fix as it is in Shakespeare’s stories, either. Even if the burglar is caught and detained, which is often almost impossible, you will still be left holding the debt. It can take years to straighten out, and at times it’s even impossible. The answer isn’t to become afraid, to stop all online activity, or to get rid of your visa cards. It’s to be proactive about defending yourself by stopping the burglars before they can steal your life.

The first step in protecting yourself against identity theft is to be conscious of how criminals get your private info in the 1st place. Their techniques are varied and include retrieving it from your personal computer by using illegal keylogging tools, taking mail out of your mailbox or trash can, and getting you to personally give it to them. For example, somebody may call you and pretend to be a business or executive official who wishes your information, or they may take pictures of your credit cards as you use them in a store. Some of them even go so low as to steal your mail or apply for an address change in your name. All of this leads to a need to become ever more vigilant.

The very next thing you must do to avoid I.D. theft is to keep an eye fixed on your credit. It’s not enough , however , to simply get your credit report and score once in a while. Your debt position can change in a single day, negatively having an effect on your ability to make purchases or qualify for a loan. It is, positively essential that you know what has happened with your credit at every point. Look into programmes that may do this for you and give you realtime access to your credit information on a minute-to-minute basis.

Ultimately, you want something that will defend you financially if somebody does happen to gain access to your credit information and make purchases in your name. Some card firms offer insurance, but it can be tough to get them to make good on it. A far better solution is to enroll with an independent company that makes a speciality of identity theft protection and offers its members theft loss insurance.

You do not have to run scared if you take command of your personal information. It’s a straightforward idea, but one that all too many folk fail to carry out. Get online help with credit monitoring today.

Posted under Credit

Bankruptcy and Your Credit Report

If bankruptcy is unavoidable, you can file either a Chapter 7 bankruptcy, also known as a “liquidation bankruptcy,” or a Chapter 13 bankruptcy, also known as a “reorganization bankruptcy.” Chapter 7 will allow you to discharge your debt, while Chapter 13 provides a way to repay your debts using a negotiated repayment plan.

Will Bankruptcy Affect Your Credit History Adversely?

Filing for bankruptcy will stop creditors from trying to collect the debts you owe, but WILL NOT give you a clean financial slate. Bankruptcy will seriously affect your credit report and credit worthiness. Consequently, obtaining a loan or line of credit in the future will be extremely difficult.

If you do nothing to remove bankruptcy from your credit report, it will remain for 10 years. You might try rebuilding your credit score, which will instantly drop hundreds of points, but this is hard when nobody wants to offer you credit.

Any credit company will view a person with a bankruptcy as a potential financial liability. For this reason you might consider repairing your credit.

Taking immediate action to rebuild your credit can go a long way in boosting your credit score and will alleviate the worry of waiting 10 years for your bankruptcy to clear on your credit report. Choosing to rebuild your credit is a smart decision which can lead to approval of home loans and loans for other major purchases, such as home remodels or a new car, sooner.

Rebuild Your Credit Legally

It IS legal to contest inaccurate information contained on your credit report. The Fair Credit Reporting Act (FCRA) allows you to contest any information which, in your opinion, is inaccurate.

When creditors and credit bureaus receive a dispute letter from you, the FCRA requires that they investigate and verify the accuracy of the entry. If the entry cannot be verified, the negative entry must be removed.

Expert advice can be invaluable if you decide to pursue rebuilding your credit. Lexington Law’s legal professionals can guide and assist you in your attempt to remove negative entries. Consider contacting Lexington Law to get the assistance you need to clean up negative entries on your credit report.

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Posted under Credit

You might consider looking into a “second chance bank account” if you have had your bank account closed or suspended. Also known as non-ChexSystems checking accounts, these second chance bank accounts help those who are having a hard time opening a bank account.

ChexSystems is a check verification service and consumer reporting agency. You are at risk of being reported to ChexSystems if you perform any type of financial misdemeanor. Of all the banks in the United States, approximately 80% of them use ChexSystems for reporting when an overdraft limit is exceeded, a payment is not honored, or a check is bounced.

You will be reported to ChexSystems if you do any or all of these things habitually. This behavior may also lead to your bank account being closed. Because of your past banking history, most banks will be hesitant of opening an account for you, if they even consider it at all.

Second chance bank accounts allow you a chance to get things back under control. These checking accounts operate like standard bank accounts in that you can access your money and pay your bills. For people whose bank accounts have been closed, these second chance bank accounts offer a needed opportunity to start over again.

A variety of banks and finance companies offer second chance bank accounts. You can even find some of these companies on the internet. To be accepted for one of these accounts, you will need to complete an application and provide address and identification information, which will be verified.

Before you do this, it is a good idea to get a copy of your ChexSystems report. You should review the report for any inaccurate or false information. If the report contains any information which is false or inaccurate, the information can be revised or deleted. It may well be that this false information is what is keeping you from being able to obtain a checking account in the first place.

However, if all the information is accurate, then a second chance bank account is likely the next step to take. These accounts are easy to open and are recommended for people who need a second chance.

Before applying for one of these second chance bank accounts, it is wise to shop around. These bank accounts often charge monthly or annual fees and some even require a one-time payment for opening the account. Therefore, it is smart to shop around and get the best deal.

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Posted under Credit