Congressman Weiner reminds us to keep our info safe!
June 6th, 2011 - Posted by Sarah
Another great tip learned from Rep. Weiner: Never take compromising photos of yourself, and definitely never send them to anyone!
So it turns out that Representative Anthony Weiner's (D-New York) Twitter photo scandal wasn't a hack after all. But let it still be a reminder to keep your confidential information safe with identity theft protection services and to change your password!
Can I sign up for and pay annually for an identity theft protection membership service?
May 3rd, 2011 - Posted by Sarah
The following is an actual user-submitted question:
Q. Can I sign up for and pay annually for an identity theft protection membership service? I prefer to pay annually in lieu of monthly.
A. When you subscribe to a service such as identity theft protection, often it's more convenient or fiscally responsible to make one larger payment a year rather than a small one each month. Luckily, several of the services we review offer annual prepay options, and sometimes it even saves you more money:
TrustedID, $84.12 per year and up: This service monitors a number of different accounts for you and provides you with anti-spyware protection and one three-bureau credit report each year. We think it's the best value of the services out there, especially for families, because it offers a free 14-day trial and a 15% NextAdvisor discount.
LifeLock, $99 per year and up: This service gives you a free 30-day trial and monitors a wide variety of public records as well. NextAdvisor can offer it to you for 10% off. It's also a pretty strong value; it just doesn't have as many features as TrustedID.
Suze Orman's Identity Protector, $125.04 per year and up: Rounding out our annual prepay offers for identity theft protection services is Suze Orman's Identity Protector. When you sign up with Suze, you'll get three-bureau credit scores and reports. Plus this option bears the name of finance guru Suze Orman.
So whether an annual payment fits better into your budget or is less of a hassle, any of these three services could be great choices for you.
True Life: Stolen Identity
April 14th, 2011 - Posted by Sarah
When the university I was attending sent a mass email explaining that its employee database had been hacked, I kind of ignored it. Yes, I worked for the school as a teaching assistant, but I scoffed at the possibility that anyone would want my identity. I was a broke, full-time college student working three jobs, and I hadn't done anything financially significant in my life, so who cares?
Somebody cared. Somebody took my information and used it to apply for credit cards and go on a drugstore shopping spree. Who spends $500 at Walgreen's? A jerk, that's who.
But all was not lost. At the behest of my mother, I had taken the university up on its deal with Experian, a discount on a credit monitoring service much like ProtectMyID.com. It put a fraud alert on my accounts, sent me copies of my credit report, and sent me notices every time anyone tried to access my credit report or open a new account. I was a bit shocked to learn that many credit inquiries had been done on me, meaning that someone tried to use my information more than once.
I resolved the drugstore charge separately with my bank; when someone steals your identity, you're not liable for purchases you didn't make. But it scared me into looking after my credit religiously. If you don't have identity theft protection, get it before a stranger makes you wish you had.
What information do I need to give for identity theft protection? How quickly can it be activated?
April 5th, 2011 - Posted by Sarah
The following is an actual user-submitted question:
Q. What information do I need to give for identity theft protection? How quickly can it be activated?
A. Most identity theft protection services, including top-rated Identity Guard Total Protection, Trusted ID, and LifeLock, require similar information: first and last name, full street address (with state and ZIP code), phone number, date of birth, Social Security number, and email address. If you haven't lived at your current address for at least the past six months, you will need to provide your previous address.
You will also need to give your credit card information; even though most companies offer a free trial, they need to start billing you after that trial period has passed unless you cancel the service.
Each service takes a different amount of time to kick in. For example, both Identity Guard Total Protection and Trusted ID begin as soon as you sign up, but others, such as Protect My ID, require more time for parts of the service — the credit monitoring can begin immediately, but the account protection depends on when you enter that information for the accounts and how long it takes to verify.
Equifax offers lenders access to new FICO score
June 15th, 2009 - Posted by Joe
Equifax is making a new type of credit score available that will potentially change the way that lenders view your next loan application. Dubbed Beacon 09, the new Equifax score is based off of Fair Isaac's FICO 08 methodology.
The new score will generally penalize consumers less for one-time mistakes, such as paying a bill late. On the other hand, the new model is harsher on those people that carry very high debt to credit ratios.
Most lenders will continue to use standard FICO credit scoring methodology for now, but consumers should expect that the FICO 08 score methodology to become more frequently used over time. As such, it is a good idea to take a hard look at your current debt load and making plans to pay it down if you anticipate the need for additional credit in the near future.
Equifax is the second major credit bureau to adopt the new scoring methodology from FICO. TransUnion began offering the score back in January. It is unlikely that Experian, the remaining major bureau, will be offering FICO 08 any time soon as the two companies are currently involved in an ongoing lawsuit.
Do credit reports show the drop off dates for delinquent loans?
April 15th, 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: Do the credit reports from Equifax with Score Power show the approximate drop off dates for delinquent cards or loans?
A: The credit reports provided by Equifax do not indicate when negative information, such as negative accounts, accounts that have been turned over to a collection agency, or public record information, will eventually expire and be removed from your credit report. However, in general, you can expect missed credit card and loan payments to remain on your report for 7 years from the time of delinquency. An account that has been turned over to a collection agency could remain on your report for 7 to 10 years. Unpaid tax liens stay on your report indefinitely, but paid tax liens drop off after 7 years. Foreclosures stay on your report for 7 years. Bankruptcies stay on your report for 7 to 10 years.
You may also be interested in our in-depth guide on how to read, analyze and dispute your Equifax credit report. To learn more about credit monitoring services, see our reviews and comparison chart.
I am trying to select the best credit report monitoring service for my needs and have questions. Can I call you?
April 8th, 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 am trying to select the best credit report monitoring service for my needs and have questions. Can I call you?
A: We would love to be able to address individual questions for each person who visits our website. Unfortunately, it would literally be impossible for us to do so given the many hundreds of thousands of consumers that visit our site each month. So we try to focus on having as much detailed information as possible on our website about each service.
When it comes to selecting a credit reporting service there are a couple of things to consider depending on whether your primary goal is to:
- Monitor your credit for any changes as cheaply as possible.
- Receive specific information about your current credit health (particularly if you are going to be applying for a loan in the near future).
- Have on-going access to as much information about your credit as possible.
If you are looking for a cheap way to monitoring your credit, then FreeCreditReport.com is probably your best bet. While this service only provides access to your Experian credit reports and scores (versus all three reports and scores like some other services), it does monitor your credit file at all three bureaus (Experian, Equifax and TransUnion) and alerts you as soon as any changes are posted for just $12.00 per month. This ensures that you can address any negative changes to your credit reports at the earliest possible moment.
If you are in the process of securing a loan or credit of any sort, we would suggest signing up for Equifax with Score Power. Not only does this service provide three bureau monitoring, it also gives you access to your FICO score (based off of your Equifax credit file) which is the type of credit score that most lenders use when make lending decisions. Equifax with Score Power also offers a free three bureau credit report and free FICO score when you sign up for a 30 day free trial, as well as unlimited Equifax credit reports for paying members (the service costs $14.95 per month after the free trial period).
Finally, if you want access to credit report and score data from all three credit bureaus plus three bureau credit reporting monitoring, then we would suggest Identity Guard. This service also has some great features, like free Internet security software for your PC, that will help protect your identity online and in the real world. Identity Guard offers free credit reports and scores from all three bureaus when you sign up for a 30 day free trial, then just costs $14.99 per month thereafter. You will receive all three credit reports and credit scores each quarter as a paying member.
You can learn more about these services and others by visiting our comparison and reviews of credit report monitoring services.
Can I print my credit report?
March 19th, 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: Can the Equifax report be printed? About how many pages will it be? I have an ink jet printer and am worried about running out of ink. Can it be saved as a PDF or other printable document, and emailed to a friend for printing on another (office laser) better printer?
A: Yes, any credit report can be printed. The length will vary depending on your personal information and the format of the particular credit report, but you can probably expect it to be somewhere around 10-20 pages. The easiest way to print it from a different computer would be to go to log into the Equifax member center on that computer and access your credit report from there.
However, most credit reports, including those provided by Equifax, are designed to be viewed on screen rather than printed. Unless you have been asked to provide a paper credit report in order to secure a loan, there is no real benefit to printing one out. And if you do provide a paper credit report to a lender, you should be mindful of the risks involved in circulating a document containing so much sensitive personal information.
To learn more about Equifax and other credit report services, see our reviews and comparison chart.
How do I get my credit report and FICO score?
March 16th, 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: I just signed up for the 30 day free trial [of Equifax with Score Power]. How do I get to my credit report and FICO score?
A: Once you have signed up for a free trial with Equifax, your credit report and FICO score will be immediately available online. Just use your member name and password to log into the Equifax Member Center. Once you have signed into the Member Center, click on the product link to access your credit report and FICO score.
To learn more about Equifax with Score Power or other credit report services, see our reviews and comparison.
Equifax continues to offer FICO despite Experian dropping the popular score
February 18th, 2009 - Posted by Joe
Equifax will continue to sell FICO scores according to a statement by a senior official at the credit bureau. This affirmation comes just a few days after Experian announced it would no longer be making FICO scores available to consumers.
According to Steve Ely, president of Equifax's Personal Information Solutions subsidiary:
"We remain committed to empowering consumers to take charge of their credit by continuing to deliver innovative products — including the FICO score — that enable consumers to understand their personal credit information, protect their identity, and maximize their financial well-being".
We reported earlier this month that Experian would no longer be offering the FICO score as of last Friday February 13, 2009.
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