Why Credit Monitoring Is So IMPORTANT!!!
By
Easy Tips
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Friday, 27 July 2018
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Credit Tips
’t use a 24/7 Credit Monitoring Service. This is the first thing I advise ALL of my clients to have, but I must WARN you, they are NOT all the same. In addition, some services make a profit by selling your information to companies which results in a flood of prescreened credit or warranty offers we all know as ‘junk mail’. Credit Monitoring will keep you informed by providing you with 24/7 alerts and an updated Tri-merge Report and ALL 3 Scores every 30 days. This will show you what creditors are reporting both Positive & Negative to the 3 credit reporting agencies - Equifax, Experian, and TransUnion.
Always try to protect your personal files from persons involved in illegal businesses. It is also wise to avoid illegal websites, because they can also release malware in your system, so that your personal information can be moved to wrong hands, which can inflict damages on you. Credit report monitoring services can be obtained from a number of service providers, and credit fraud protection is the best one.
SAN FRANCISCO, Sept. 14, 2017 /PRNewswire/ -- Credit Karma, the top venture-backed personal finance company in the world, today announced it is adding Equifax to its flagship free credit monitoring service. For the first time, Americans will be able to have two major credit reports monitored proactively for free, which can help them manage their credit health or stay alert of possible signs of identity theft. Credit Karma's credit monitoring service can track the credit reports of as many as 75 million Americans, or more than one in three Americans with a credit score, on a daily basis.
Credit Karma Founder and CEO Kenneth Lin. Launched in 2012, Credit Karma's credit monitoring service was the first and only way Americans could receive free credit scores and free credit monitoring through a mobile app. 215 each year — and often, much more — to monitor their credit reports with more than one credit bureau. A consumer's credit reports may not always match because credit bureaus gather information from different sources at varying times.
Credit Karma began its partnership with Equifax in 2014, when it became the first company to provide free credit scores and credit reports on an ongoing basis from two major credit bureaus in the U.S. Founded in 2007, Credit Karma is a personal finance company that's focused on helping everyone make financial progress. Whether they're interested in getting a better deal on a loan, looking for ways to save, or simply monitoring their credit, we offer a range of tools and personalized recommendations designed to help them make the most of their money. Our business model is unique in that no matter what new products or services we introduce, we're committed to providing a service that's always free. With more than 75 million members, we help people gain insight into their finances and credit information - and ultimately, improve their financial standing.
Approximately 360,000 notices are being sent out to current and retired teachers and others alerting them that their personal information including Social Security number may have been compromised from a data breach involving a state Department of Education database. The letters advise that the state is offering them the opportunity to enroll in one year of free credit monitoring services from ID Experts retroactive up to one year from Feb. 22, the day the breach occurred.
The individuals affected by the breach have a year to sign up. The credit monitoring is being offered as a precaution, said Dan Egan, a spokesman for the governor's Office of Administration. The breach of the Teacher Information Management System was caused by an error made by an employee in the Office of Administration, Egan said. He has declined to say whether any disciplinary action was taken against the employee, saying the office doesn't comment on personnel matters. This particular database holds information from teachers applying and holding teaching certifications in Pennsylvania.
It is used by school and higher education officials and educators. For about 30 minutes on the day of the breach, individuals logging into the system could have accessed personal information belonging to other system users, which include teachers, school districts and state Department of Education staff. While there is no evidence thus far of fraudulent use of anyone's data, Egan said the credit monitoring is being offered out of an abundance of caution. 641,000 regardless of how many people sign up for the service, Egan said. The state won't know the final cost until all of the affected people have the opportunity to sign up, It also is unclear at this time which agency's budget would be tapped to pay for that service.
New television ads about purchasing your credit score have replaced the infamous garage band in the pirate costumes. A recent ad for a company owned by Experian teaches kids and parents the effects of cosigning for a credit card. Financial consumers have learned the hard way about the dangers of cosigning for student credit cards. Now this topic is hitting the mainstream airways. Parents and kids should begin the process of learning about money and credit at an early age.
By building strong values about money early in childhood, parents can arm their kids with the right tools and knowledge so they understand the importance of making smart financial decisions when they leave for college. Experian Consumer Direct, a division of Experian, one of the three major credit bureaus, conducted a survey on cosigning for credit cards and loans. The findings indicate that consumers are not fully knowledgable about the pros and cons of cosigning.
For example, about 30 percent of survey respondents ages 18 to 24 were not aware that both the primary borrower and the cosigner are equally responsible for paying credit card bills, mortgage payments or rent. 40 percent of survey respondents said they had cosigned for a variety of specific loans and lines of credit (i.e., car loan, mortgage, etc.) for someone. About 30 percent of survey respondents said that they had someone cosign for a variety of specific loans and lines of credit (i.e., car loan, mortgage, etc.) for them.
Nearly 20 percent of 18 to 24 year olds adults have cosigned for someone. 1 out of 3 respondents ages 45 to 64 have cosigned for someone. The new television ad portrays a reality that many students and parents face each year as a child heads off to college. The spot depicts a daughter headed into her first year of college.