I understand that I am entitled to 3 free credit reports per year. How do I get this service?
January 19th, 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 understand that I am entitled to 3 free credit reports per year. How do I get this service?
A: The Fair Credit Reporting Act (FCRA) states that each and every US consumer is entitled to one free credit report from each of the three credit bureaus each year. The credit bureaus jointly set up AnnualCreditReport.com as a place where consumers can easily request these free credit reports. You can receive one report from each bureau per twelve month period, so most experts suggest staggering your requests so that you receive your three reports over the course of a year. It is important to note that the credit reports that you receive from AnnualCreditReport.com will not include a credit score.
We don't believe that checking your credit report once per year is sufficient since the information on your credit file is constantly changing. Additionally, your credit reports can vary greatly from bureau to bureau. As such, we believe that consumers should check their credit reports from each bureau at least once per quarter and even more frequently if you are actively in the market for any type of credit or loan. The most cost effective way to do this is to sign up for a credit report monitoring service that will not only give you access to your credit reports and score from all three bureaus, but also monitor your credit files for any changes with three bureau credit monitoring. You can learn more about credit report monitoring services by reading our reviews and comparison at NextAdvisor.com.
How do I backup all my existing files with an online backup service?
January 19th, 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: My reading of your advertisment for automatic backup of all my important files, is that it will back up all new files. What about backing up all present files currently on my computer? If this is possible, how would it be done. I would want it to copy all my files at once and not one at a time which would be very time consuming.
A: There is no need to worry about manually backing up each file since online backup services make automated backups of all your important files very simple. When you first sign up for an online backup service like Carbonite or Mozy you will walk through the process of selecting which files you would like to securely backup. By default, these services typically backup everything in your Documents and Settings folder which includes documents, photos, email, music and data files from applications, such as Quicken and Microsoft Money. This first backup may take several hours, but it will run in the background of your computer when it is not in use, so you can continue to use your computer as usual. Then, on an ongoing basis you new files or changes to old files will be backed up automatically at a frequency that you select. These scheduled backups take much less time because the number of files you will be backing up will be much smaller.
You can learn more about online backup services by visiting our reviews and comparisons at NextAdvisor.com.
What family members can be included in the Trusted ID family plan?
January 19th, 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 family members can be included in the same services [with Trusted ID]?
A: Trusted ID's family plan covers any family members that live at your same address. There is no limit on which family members can be included as long as they live with you. This makes Trusted ID an excellent option for people that are looking to protect their spouse, children, elderly parents or other family members in addition to themselves. Trusted ID is our top overall identity theft protection service and the Trusted ID family plan is an exceptional value at just $161.49 after the exclusive 15% discount for NextAdvisor.com readers.
You can learn more about Trusted Id and other identity theft protection services by visiting NextAdvisor.com.
Will Carbonite back up the music I downloaded from iTunes?
January 19th, 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: Will Carbonite back up the music I downloaded from I-Tunes?
A: Yes. Carbonite will backup all your music files, including those that you have downloaded from iTunes. By default, Carbonite backs up everything in your Documents and Settings folder which includes not just your music, but also documents, photos, email and data files from applications, such as Quicken and Microsoft Money. You can customize which files are backed-up and, since Carbonite provides you with an unlimited amount of file storage space for one annual fee, you don't have to worry about paying more as your music collection grows.
Carbonite is our top ranked online backup service and we highly recommend it to most consumers. You can learn more about Carbonite and other online backup services by visiting our online backup reviews and comparisons.
Do my spouse and I have one credit report?
January 19th, 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 if some of the cards/loans, etc. are listed in my name and some in my husband's name. Do we have to set up "two" separate accounts to receive the credit information or can we receive information on both of us in the same report? Thanks!
A: Yes, you and your husband will each need to request your own credit reports with each of the three credit bureaus (Equifax, Experian and TransUnion) in order to get a full picture of your current credit health. Accounts such as credit cards and loans that are in your name will show up on your credit reports and the accounts in your husband's name will show up on his report.
The easiest way to access your credit reports is to sign up for a free trial of a credit report monitoring service. Our top rated credit report monitoring service, Identity Guard, will give you all three credit reports and all three credit scores for free just by signing up for a thirty day trial of the service. Identity Guard will also monitor all three of your credit reports and will alert you if any changes post to any of your credit files. If you decide that you don't want to keep the service, you can cancel within 30 days of signing up and the free credit reports and credit scores that you received are yours to keep.
You can learn more by visiting our comparison and reviews of credit report monitoring services.
I think I have been the victim of identity theft. What can I do?
January 16th, 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 got my social on January of last year and I've been trying to make credit applying for credit cards and they send letters saying that I already have bad credit, and criminal accounts something like that and they call me asking for some payments of the accounts I own, and that I have a loan mortgage. How can that be possible, can you help me to solve this situation? Or give some ideas of what can I do? Thank you I really need help.
A: Unfortunately, it sounds like there is a very good chance that you have been victimized by an identity thief who has opened financial accounts and committed other criminal acts in your name. While recovering from identity theft can be difficult and stressful, it is not impossible. Here are some immediate actions you can take:
1) Contact each of the three credit bureaus and ask them to place a credit freeze on your credit report. There is a small fee in most states for setting a credit freeze, but it will completely lock down your credit file and insure that no further financial accounts are opened fraudulently in your name. 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
Another option is to set a fraud alert instead of a credit freeze. 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. While fraud alerts can be useful in many cases, your situation seems serious enough to warrant a full credit freeze.
2) Get a copy of your credit report from all three credit bureaus. Your credit report will list all the financial accounts that have been opened and reported to the credit bureaus in your name. You can request a free copy of your credit report from each of the credit bureaus when you set a credit freeze or fraud alert. You can also get a credit report instantly by signing up for a free trial of a credit report service like Identity Guard. Once you have your credit reports in hand, review them thoroughly identify any accounts that you don't recognize. Contact the customer support department of each of these suspect accounts and let them know that you believe that the account has been opened fraudulently. Each of these companies will have a different process for dealing with the fraud, but make sure that each of these accounts is closed immediately.
3) File a report with your local police or sheriff's department. Call the non-emergency phone number for your local law enforcement agency and let them know you believe you would like to report an identity theft. You may be able to file your report over the phone or you may have to file it in person.
File an identity theft complaint with the Federal Trade Commission (FTC). While the FTC can't provide assistance with individual identity theft cases, reporting your case can help identity patterns in identity theft crimes that can help prevent others from being victimized. You can file an identity theft complaint with the FTC at this website:
https://www.ftccomplaintassistant.gov/
4) Consider an identity theft protection service such as Trusted ID or LifeLock to help you prevent being victimized in the future. Each of these services will help mitigate the risk of future identity theft and may be able to provide assistance with your current identity theft issues. You can see a list of all of the identity theft protection services we have reviewed at NextAdvisor.com.
We sincerely hope this information is helpful and wish you the best of luck in your recovery.
If I check my credit score does it affect my FICO?
January 16th, 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: If I check my credit score does it affect my FICO?
A: No. Personally checking your credit report is what is known as a "soft pull" and will not negatively impact your credit score in any way. You can check your own credit report and score as frequently as you like without consequences. We recommend that most consumers check their credit report and credit score at least once per quarter and even more frequently if you are shopping for some sort of credit like a home or auto loan.
When you authorize a lender to check your credit it is called a "hard pull". This can impact your credit score, so it is a good idea only to apply for credit cards and loans that you really need. That being said, the credit reporting agencies can see when you are shopping for a loan and will typically treat multiple credit inquires from lenders for the same type of loan as a single inquiry.
We believe the best way to keep tabs on your credit file is to sign up for a credit report service that provides three bureau credit monitoring along with access to your credit reports and credit scores. You can read our comparison and reviews of credit report services by visiting NextAdvisor.com.
What is my fico score?
January 14th, 2009 - Posted by Erik
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 my fico score?
A: We don't keep track of your FICO score, but we can tell you how to get it. (If you're looking for the definition of a FICO score, check out our "What is a credit score?" FAQ.) Typically, you must pay to get your FICO score (the FICO score is the most widely used type of credit score), but you can get it for free when you sign up for a 30-day free trial of Equifax's credit monitoring service. You get your Equifax FICO score as well as all three bureaus' credit reports plus 3-bureau credit monitoring and some other goodies. It's a great service so you may want to keep it and pay the $14.95 per month, but if not you can just cancel during the trial period and you'll have received your FICO score and 3 credit reports for free.
If you don't want to sign up for a service or want to purchase all three of your FICO scores, you can buy FICO Credit Complete for $47.85. This includes not just all three FICO scores, but also all three credit reports, an explanation of each credit score, and the FICO Simulator, which estimates what your FICO score would be if you took different actions such as paying down credit card debt.
If you only want to buy one credit score, you can get FICO Standard instead for $15.95. You can pick the bureau you want the score and report from and get all the other features of FICO Credit Complete, but just for the one bureau. Remember, though, you would get all this for free with the free trial of Equifax's credit monitoring service.
What is the FICO number that is considered PRIME?
January 14th, 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 FICO number that is considered PRIME?
A: Before we get into what FICO score may be considered prime, it is probably a good idea to briefly cover what a FICO score is and what the term prime means as it relates to credit scoring and lending. A FICO score is a three digit number that is determined by calculating various factors in your credit report. FICO scores range between 300 on the low end and 850 at the high end. Since most consumers have three different credit reports (one from each of the three credit bureaus including Equifax, Experian and TransUnion) and each of those credit reports probably contain slightly different information, then it is likely that most adults have three different FICO scores. According to Fair Isaac, the company that created the FICO scoring methodology, about 90% of all lenders use a FICO score to make decisions about a consumers creditworthiness.
A FICO score takes into account a number of factors including your payment history, the number, type and age of your credit accounts and how much available credit you have. Consumers with higher FICO scores will generally qualify for better financial terms when they borrow money, whether you are applying for a mortgage loan, an auto loan or signing up for a new credit card. These types of loans are usually called prime or 'A' loans. On the other hand, consumers with lower credit scores will usually get less favorable financial terms. These are called sub-prime loans.
So, now to answer the original question of what FICO score range is considered prime. According to the Federal Citizen Information Center (FCIC), a government organization that publishes information for American consumers, a FICO score in the 700+ range will be viewed as a good credit risk for most lenders.
In the eyes of most lenders, FICO credit scores above 700 are very good and a sign of good financial health. FICO scores below 600 indicate high risk to lenders and could lead lenders to charge you much higher rates or turn down your credit application.
It is important to note that many lenders may take factors beyond just your FICO or other credit score into account when making lending decisions. But, generally speaking, those consumers with FICO scores above 700 should be able to qualify for the best financial terms when applying for any type of credit or loan.
The best way we know of to get access to your FICO score is to sign up for Equifax's credit monitoring service. Equifax provides a free Equifax FICO score at sign up along with a free three bureau credit report. The service also includes three bureau credit report monitoring which will alert you if any changes post to your credit file. You can learn more about Equifax and other credit report monitoring services at NextAdvisor.com
What is my credit score?
January 13th, 2009 - Posted by Erik
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 my credit score?
A: NextAdvisor.com doesn't know your credit score, but we can help you find it! (If you're looking for the definition of credit score, check out our "What is a credit score?" FAQ.) Our recommended way to get your credit score is to sign up for a credit monitoring service that offers them for free. When you sign up for a free 30-day trial of our top pick, Identity Guard Total Protection, you get your credit scores and reports for all 3 bureaus. We also recommend you stay subscribed to this service (it costs $14.95 monthly after the free trial), as they will give you updates of your scores and reports every quarter, as well as monitoring of your credit report at all 3 bureaus, comprehensive identity theft protection and free internet security software. However, if you decide you don't need all that, just cancel in the first 30 days and you'll have received your credit scores and reports for free, not to mention other things like a free public records report.
If you don't want to sign up for a free trial and just want to buy your credit scores, read our post answering the question "Can I get my credit score without signing up for any other services?"
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