New "FICO 08" score debuts

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January 29th, 2009 - Posted by Joe

Fair Isaac, the maker of the popular FICO score, announced that one of the major credit bureaus will begin offering a new version of the score called FICO 08. The new scoring methodology is expected to decrease some scores while improving others.

The new FICO 08 score was created provide more accurate scoring for those consumers with limited or damaged credit histories who may represent a larger risk to lenders than those consumers with more established credit. According to Fair Isaac, the net result of the evolving score is that consumers with more established credit histories should see slight increases in their credit score when calculated using this new methodology.

The catch is that it will likely be a very long time until this scoring system is widely in use. Lenders typically test any score changes extensively before they begin using them for important lending decisions. Additionally, TransUnion is the only one of the three credit bureaus that is offering the FICO 08 score as an option for lenders. Equifax is expected to begin offering the FICO 08 laster this year. It is unlikely that Experian will be offering this new score anytime soon as the company is currently engaged in litigation with Fair Isaac.

The original FICO score will continue to be the score that lenders use most for the foreseeable future. Equifax offers a free FICO score when you sign up for a free trial of credit monitoring service. You can learn more about Equifax and other credit report monitoring services at NextAdvisor.com.

Equifax ID Patrol review launches on NextAdvisor.com

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January 29th, 2009 - Posted by Joe

NextAdvisor.com has launched a new review of Equifax's brand new identity theft protection service, ID Patrol. The service, which received our highest possible five star rating, combines many of the features of Equifax's credit report monitoring service with a few unique features that are specifically designed to help protect subscribers from identity theft.

ID Patrol includes a free 3-in-1 credit report and score at sign up, 3-bureau credit monitoring, unlimited Equifax credit reports, the ability to set a credit freeze on your Equifax credit report, internet scanning for suspicious use of your personal information (including social security numbers and up to 10 credit card numbers) and $20,000 in identity theft insurance. Just about the only thing that ID Patrol doesn't include is free access to your credit scores, although you can purchase your FICO score from Equifax for an additional fee.

Overall, we believe that ID Patrol is a great product for those consumers that are concerned about protecting their credit and their identity, but are OK with purchasing their credit scores separately. You can read our full ID Patrol review and compare other identity theft protection services on NextAdvisor.com.

Does TrustedID protect my children from identity theft and if so, how is it done?

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January 29th, 2009 - Posted by Joe

The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.

Q: Does TrustedID protect my children from identity theft and if so, how is it done?

A: Yes, Trusted ID does provide identity theft protection services specifically tailored towards children.

Upon sign-up, Trusted ID will request credit reports in your child's name to determine whether there are any financial accounts, collections activity, judgments or other activity in your child's name. This is really a check to make sure that your child hasn't already been victimized since most individuals under the age of 18 will not have a legitimate credit file with any of the major credit bureaus. Trusted ID will also check Social Security and medical benefits statements to make sure that these accounts have not been breached. On an ongoing basis, Trusted ID will scan the Internet's black markets where personal information is bought and sold by criminals and alert you of any suspicious activity related to your child's personal name has been detected.

The simplest way to begin protecting your children with Trusted ID is to sign up for the family plan. At just $161.49 per year after the exclusive 15% discount for NextAdvisor readers, we believe that this is the best value in identity theft protection for families. In addition to providing protection for your children, the Trusted ID family plan will also provide protection for you, your spouse and any other relatives in your household

To learn more about Trusted ID and other identity theft protection services, see our reviews and comparison chart. You may also be interested in our Child Identity Theft Prevention Guide.

Should I sign up for identity theft protection right away?

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January 28th, 2009 - Posted by Caitlin

The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.

Q: My car was broken into tonight and my purse stolen. I have my driver license, passport, employee ID card and a check book. We canceled our two credit cards. Should I sign up for your [identity theft protection] services right away?

A: Yes, we would strongly encourage you to sign up for an identity theft protection service as soon as possible. Canceling your credit cards was a good start, but a thief could easily use your checkbook to write fraudulent checks. Different banks have different liability policies, so you may or may not be protected in the event that this occurs. If you have not already notified your bank of the theft, you should do so immediately.

With so many of your personal and financial documents, a criminal could also open new accounts in your name. This is one of the most serious risks associated with identity theft. In order to prevent this from occurring, you should contact each of the three credit bureaus and ask them to place a fraud alert or a credit freeze on your credit report.

A fraud alert is an annotation on your credit report that lets potential lenders know that you have reason to believe that you are an identity theft victim. Fraud alerts expire every ninety days and do not automatically renew. You will need to reset fraud alerts every ninety days by contacting each of the credit bureaus directly.

A credit freeze is a more serious measure. It will completely lock down your credit file and ensure that no financial accounts are opened in your name. However, this will also prevent you from opening legitimate financial accounts. There is a small fee in most states for setting a credit freeze.

Here is the contact information for each of the three credit bureaus:

TransUnion: 1-800-680-7289; www.transunion.com; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790

Equifax: 1-800-525-6285; www.equifax.com; P.O. Box 740241, Atlanta, GA 30374-0241

Experian: 1-888-EXPERIAN (397-3742); www.experian.com; P.O. Box 9532, Allen, TX 75013

Since you are at an elevated risk for identity theft, you should probably consider an identity theft prevention service such as TrustedID or LifeLock. These services will automatically renew your fraud alerts before they expire, and employ various other monitoring techniques to help prevent identity theft. If you do become a victim, they will help you recover your identity. To learn more about identity theft protection services, see our reviews and comparison chart.

Google "G Drive" online backup service rumored to be launching soon

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January 27th, 2009 - Posted by Joe

Several online sources are reporting the imminent release of a new online file storage service from Google. The service, dubbed "G Drive" after the common naming system of other Google products like Gmail and G Docs, will presumably allow users to store large amounts of data online for free.

So, how will Google's G Drive stack up against services like other top rated online backup services Carbonite or Mozy? Obviously, we won't know until the product actually materializes. However, our impression is that this service will be more appropriate for remote storage for files that you may need to access from multiple location or computers rather than for scheduled backups of all your important files.

Google has not confirmed any pending release date for the G Drive (or even the existence of the G Drive) at this point. However, we will continue to follow related news and developments in an effort to keep our readers informed about key changes in the online backup space.

In the meantime, you can read our reviews and comparison of online backup services at NextAdvisor.com.

15% Mozy discount promo code for NextAdvisor.com readers

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January 27th, 2009 - Posted by Joe

Mozy, one of our top rated online backup services, has just increased the exclusive discount for NextAdvisor.com readers to 15%. Mozy had previously provided a 10% to all users that signed up for Mozy through NextAdvisor.com.

This new 15% discount on Mozy's online backup service is available by clicking on the Mozy "Go to Site" link on NextAdvisor.com and entering the promo code NEXT when prompted during the check out process.

You can read our full review of Mozy and other online backup services on NextAdvisor.com.

Does Identity Guard with ZoneAlarm have an 800 number if I need help?

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January 22nd, 2009 - Posted by Joe

The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.

Q: Does Identity Guard with ZoneAlarm have an 800 number if I need help?

A: Yes, Identity Guard with ZoneAlarm does offer toll free support for members. You can contact Identity Guard customer support at 1-800-452-2541. Identity Guard representatives are available through that toll free line between 8:00 a.m. – 11:00 p.m. EST Monday through Friday and 9:00 a.m. – 6:00 p.m. EST Saturday. Other Identity Guard contact information is available on the website.

Why haven't you reviewed Skype?

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January 22nd, 2009 - Posted by Joe

The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.

Q: I'm considering VoIP again. Went round the block with SunRocket a couple of years ago and got BURNED! I appreciate your comparison and assume that you're intrests are purely altruistic. You don't have Skyyp listed. I've heard about them a few times but don't really know much about them. Why are they not in your list to compare?

A: We have not included Skype in our current VoIP comparison simply because it is a slightly different type of Internet telephone service than the others we have reviewed. There are essentially two types of VoIP services:

1. Services like Vonage and PhonePower that allow you to make phone calls through your broadband Internet connection using a special router and standard telephone set.
2. Services like Skype that allow you to make calls directly from your PC, usually with a headset with a microphone. We call these "PC Calling" services.

We have found that services like Skype are excellent for making calls where voice quality and reliability are not as important. However, PC calling services are not a viable landline alternative in our opinion.

Services such as Vonage and PhonePower, on the other hand, are very similar to traditional phone service in both call quality, user experience and reliability. These services also offer lots of benefits that landline telephones don't, such as web based voicemail.

So, if you are looking for a cheap and easy way to make quick calls from your PC, Skype is a great option. However, if you need landline quality reception and reliability, then we would recommend a service like Vonage.

You can learn more by visiting our comparison of VoIP Services at NextAdvisor.com

What is the most recommended software?

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January 22nd, 2009 - Posted by Joe

The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.

Q: What is the most recommended software?

A: Our top rated Internet security software package is Identity Guard with ZoneAlarm. Identity Guard is different than any of of the other products we have reviewed because it includes not just a full Internet security software suite to protect your PC, but also three bureau credit report monitoring and other features to help protect your identity. Identity Guard is priced differently than other security software suites as well. After a free 30 day trial you will be charged $14.99 per month. However, the ZoneAlarm security software is yours to keep whether or not you decide to become a paying member of Identity Guard (keep in mind that you won't receive any of the updated virus definitions if you decide to cancel your Identity Guard membership).

If you are looking for a more traditional Internet security software option, we suggest McAfee. McAfee offers an excellent set of tools to protect your PC and is confident enough in its service that it offers a 30-day money back guarantee. If you are unsatisfied with the software for any reason they will refund your money, no questions asked. Additionally, McAfee is currently 50% off standard price for a limited time, so it is also a great deal at just $39.95 per year.

You can learn more about Identity Guard, McAfee and other providers by visiting our reviews and comparison of Internet security software services.

How much does Identity Guard with ZoneAlarm cost?

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January 22nd, 2009 - Posted by Joe

The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.

Q: Please tell me the cost of this service [Identity Guard ZoneAlarm] as can not find it listed in your ad.

A: Identity Guard with ZoneAlarm is priced slightly differently than the other Internet security software services we reviewed. Rather than paying an annual fee subscribers pay $14.99 per month which includes all of the features detailed above. The cost of this product is slightly higher than the other services we reviewed at about $180 per year, but it is actually quite a deal when you consider that you are essentially receiving three services- credit report monitoring, identity theft protection and Internet security software- for the same price that you would pay if you purchased Identity Guard as a standalone product. Plus, even if you choose to cancel your Identity Guard subscription within the 30 day free trial period you can keep the ZoneAlarm software (although you wouldn't receive any of the virus and spyware definitions which keep your computer safe against new threats), your 3-bureau credit report and score, and your public records report. All this alone would cost over $100 and they're willing to give it to you for free just to try the product.

You can read our full review of Identity Guard and compare it with other services by visiting our Internet security software comparison at NextAdvisor.com.