Reader Question: How do I set a fraud alert on my credit report?

Posted by Joe on June 29th, 2008

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Q: I recently lost my wallet which contained my driver’s license, Social Security card and credit cards. How do I go about putting a fraud alert on my credit report?

A: A fraud alert is an annotation on your credit report which lets potential lenders know that you have been, or believe you may have been, victimized by identity theft. They can be an effective tool in preventing identity thieves from opening new financial accounts using your personal information. You can learn more about fraud alerts, their purpose and how to set them by reading our Fraud Alert and Credit Freeze Guide.

Losing a wallet or purse doesn’t just represent and identity theft risk. It also means the hassle of replacing all of the contents such as your driver’s license, Social Security card and credit cards. One of the reasons we recommend LifeLock’s identity theft protection service is because they offer a unique feature called WalletLock. Subscribers that lose their wallet or purse simply have to contact LifeLock and a recovery specialist will work on their behalf to replace all the important documents that were lost or stolen. Just about the only things that WalletLock can’t replace are cash and personal effects, such as family photos.

To learn more bout LifeLock or other identity theft protection service visit our guide to identity theft protection services.

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Reader Question: What should I do if I think I have been a victim of identity theft?

Posted by Joe on June 29th, 2008

Q: I received a $400 bill in my name from a company I have never done business with. I think I may have been the victim of identity theft. What should I do?

A: Receiving financial statements, bills or other correspondence in your name from companies you don’t recognize is a potential sign that you may have been victimized by an identity thief. Here are the steps we suggest you take to remedy the situation:

• Contact the company that sent you the bill. While it could be a sign of identity theft, it may also be a simple mistake by the company. Additionally, contacting the company will alert them to the fact that you are not responsible for the charges.
• Call your local police on their non-emergency number and make arrangements to file a police report. Provide a copy of this police report to the company that sent you the bill as well as to the Federal Trade Commission (se below).
• File a complaint with the Federal Trade Commission. You can file a complaint using this online form.
• Contact each of the three credit bureaus and have them set fraud alerts on your credit report. Fraud alerts are an annotation on your credit file that let potential lenders know that you may have been victimized by identity theft. They can be an effective tool in helping to prevent criminals from using your personal information to secure financial accounts in your name. Technically, you only need to contact one credit bureau and ask them to set a fraud alert and they will coordinate with the other two bureaus on your behalf. We still suggest that you contact all three bureaus because it is relatively simple to do and ensures that there are no administrative issues that may delay or your fraud alerts from being set. Here is the contact information for the three major credit bureaus:

  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

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

  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. Alternatively, identity theft protection services such as LifeLock and Trusted ID will set fraud alerts on your credit report on your behalf and will ensure that they don’t lapse by renewing them every ninety days.

Identity theft protection services like LifeLock and Trusted ID can also assist you in ensuring that you are not victimized by identity thieves in the future. Many of them also offer services for consumers that have already been victimized by identity thieves. Learn more about identity theft protection services by visiting our guide to identity theft protection services.

• NextAdvisor.com Fraud Alert and Credit Freeze Guide
• Unlimited credit reports and scores from all 3 bureaus with CreditCheck Total
• Reader Question: Are credit bureau fraud alerts still available?
• Data Breach Alert: Thousands of Dominican University students impacted in secure file breach
• Reader Question: How can LifeLock help me if I have already been a victim of identity theft?

Reader Question: Does signing up for LifeLock cover my spouse?

Posted by Joe on June 29th, 2008

Q: Does signing up for LifeLock cover my spouse? If not, does LifeLock offer a special discount for married couples?

A: Each LifeLock membership only covers the named subscriber, so your spouse would not be covered by LifeLock’s identity theft protection service unless you both subscriber. There are no special discounts offered to married couples, but NextAdvisor.com has negotiated a special discount and free trial exclusively for our readers.

If you and your spouse sign up for LifeLock through this link you will receive a special 11% discount and a free 30 day trial of the service. LifeLock makes it easy for couples and families to sign up together. You can sign up your significant other and even children for the LifeLock service on one single application form on their website.

To sign up for LifeLock, simply click here or visit our review of LifeLock to learn more about the identity theft protection service.

• Reader Question: Will my LifeLock or Equifax account also cover my spouse?
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• Reader Question: How can LifeLock help me if I have already been a victim of identity theft?
• Reader Question: Which identity theft protection service is best if I’ve already been victimized?
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Reader Question: Will Vonage work with my existing telephone wiring?

Posted by Caitlin on June 19th, 2008

Q: I am already using a VoIP service through my cable provider, which works with my existing phone wiring. If I switch to Vonage, will I still be able to use the existing wiring for multiple phones in different rooms?

A: Yes. Vonage will work with your existing wiring, and you will be able to continue using multiple phones in different rooms. But in order to do so, you will have to make some modifications to the wiring. Vonage has a step-by-step guide explaining how to make these modifications yourself.

First, you will need to isolate your wiring from the lines that come into your house from the phone company by opening your Network Interface Device (or telephone box) and unplugging each of the short telephone wires from the corresponding jack. After confirming that the line has been successfully disconnected, just plug your modem into the Vonage phone adapter, and then plug your phone adapter into any telephone jack using a standard telephone cord. Then you can plug regular phones into the other phone jacks in your house.

If you do not feel comfortable modifying your own wiring, Vonage also offers professional installation starting at $99.95.

Whether you modify the wiring yourself or hire a professional, you should not connect more than five phones to a single Vonage line, otherwise the signal may fade, causing some of the phones not to work.

To learn more about Vonage and other VoIP providers, visit our VoIP service provider comparison and reviews.

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• Court decision will keep Vonage subscriber fees low
• Reader Question: Is Vonage better than my cable company’s phone service?
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Reader Question: Which credit score do lenders use?

Posted by Joe on June 3rd, 2008

Q: Which credit score do lenders use? Do they use an average of all of my credit scores or use some other method?

A: The short answer is that the Fair Isaac score, more commonly know as the FICO score, is the most common score used by lenders such as credit card companies, mortgage lenders, auto dealerships and landlords.

However, the answer really isn’t as simple as one dominant score. In fact, there are nearly as many different credit scores as there are lenders. The reason is that most major lenders use custom lending criteria to establish your credit score based off of the type of loan you are trying to qualify for.

These custom credit scoring criteria are essentially complex calculations that take into account various aspects of your credit history as they relate to the type of credit you are attempting to secure. For example, an auto loan company is very likely to create custom scoring criteria that weighs your history with auto loans more heavily than other items on your credit report. The same goes for credit card companies, mortgage lenders and other financial companies.

Most of the time these custom scoring criteria are based off of the FICO scoring methodology. In some cases, business may use a methodology based off of the one of the major credit bureau scores individually or as a group with what is called the Vantage score. This score was created by the the three credit bureaus to compete with the FICO score but is used far less frequently in lending decisions.

So, your FICO score, which you can receive free when you sign up for a free trial of Equifax credit monitoring service, is typically the best indicator of the score that a financial lender may use to make credit decisions about your creditworthiness.

The exception is when an individual or business is attempting to use your credit score to determine your overall financial health and character. This may occur when you are renting a house or apartment or applying for a new job. In these cases the individual pulling your credit file will likely be more interested in the negative items on your credit report rather than the actual score.

In either scenario, it is a good idea to check with the potential lender or creditor to determine which type of credit score they base their decisions on and get access to that score. You can learn more about services that will provide you with access to credit report and credit score information by visiting our credit report service comparison.

• Reader Question: Will shopping for a mortgage hurt my credit score?
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• Equifax offers free 3-in-1 credit report and 3 bureau credit report monitoring
• Experian launches new credit score system for consumers with little or no credit history
• New FICO score will help some, hurt others

Reader Question: Does my computer need to be on for VoIP services to work?

Posted by Joe on April 11th, 2008

This is a post in our “Reader Questions” series where we publish actual question from our community. Ask your own question by visiting our contact form.

Q: Does my computer have to be on and running for internet telephone service to work?

A: The simple answer is no, your computer does not need to be on in order to make calls through Internet telephone services such as voip.com or Vonage.

Internet telephone services, also called VoIP, route telephone calls through the Internet using your high-speed internet connection, such as cable, DSL or satellite. Once you sign up you will receive a package from your new VoIP service provider, even the most technology-challenged can get the service set up in just a few minutes.

All the VoIP providers we work with will provide you with any equipment you might need, which is usually just a simple phone adapter that you connect to your broadband modem or router. Then you plug your existing phone into the adapter, and you are ready to go.

To learn more visit our comparison of VoIP service providers.

• Reader Question: What kind of Internet connection do I need for VoIP?
• Reader Question: Is Vonage better than my cable company’s phone service?
• Court decision will keep Vonage subscriber fees low
• 3 tips for VoIP 911 calls
• VoIP comes to the iPhone

Reader Question: How do I get my FICO score for free?

Posted by Joe on April 11th, 2008

This is a post in our “Reader Questions” series where we publish actual question from our community. Ask your own question by visiting our contact form.

Q: What is the best way to receive a free FICO score online?

A: The easiest way to receive your FICO score is by signing up for Equifax with Score Power. Since the FICO score is the score most lenders use to make decisions, this is the best score you can get. Equifax actually gives you an entire Score Power report which not only includes your FICO score but also a FICO Score Simulator that estimates what your score would be if you took certain actions, as well as a full explanation of factors affecting your credit score.

When you sign up you will receive your Equifax FICO score and your credit report from all three credit bureaus including Equifax, Experian and TransUnion.

You will also receive a 30 day free trial to the Equifax three bureau credit monitoring service. If you choose to cancel your membership during the free trial you can still keep your FICO score and three bureau credit report free of charge. However, the credit report monitoring service is a great way to stay up-to-date with changes to your credit report and also gives you insight into how lenders view your credit history.

You can sign up for Equifax with Score Power and receive your free Equifax FICO score and three bureau credit report by clicking here.

• Equifax offers free 3-in-1 credit report and 3 bureau credit report monitoring
• Reader Question: Am I entitled to a free credit report each year?
• Reader Question: Which credit report monitoring services provide ongoing credit report and score data?
• Reader Question: How do I order my free credit report?
• Reader Question: Which credit score do lenders use?

Reader Question: How do I order my free credit report?

Posted by Joe on April 10th, 2008

This is a post in our “Reader Questions” series where we publish actual question from our community. Ask your own question by visiting our contact form.

Q: What is the best way to receive my free credit report?

A: The Fair Credit Reporting Act (FCRA) allows you to receive one free credit report per year from AnnualCreditReport.com. Credit reports can be requested online or by phone. If you request a credit report online you will receive it immediately, but those requested by phone will take up to 15 days to be processed. Learn more more by visiting www.annualcreditreport.com.

If you would like to receive more frequent access to your credit report and credit monitoring that will alert you to any changes in your credit report as they occur, we suggest you consider a credit report monitoring service. Equifax with Score Power which offers monitoring of your credit reports with all three credit bureaus plus access to your Equifax credit reports and FICO score.

You can learn more about Equifax with Score Power and other credit report monitoring services by visiting our comparison of credit report monitoring services.

• Reader Question: How do I get my FICO score for free?
• Reader Question: Am I entitled to a free credit report each year?
• Reader Question: Which credit report monitoring services provide ongoing credit report and score data?
• Equifax offers free 3-in-1 credit report and 3 bureau credit report monitoring
• Reader Question: How much do credit report monitoring services cost?

Reader Question: How can LifeLock help me if I have already been a victim of identity theft?

Posted by Joe on April 10th, 2008

This is a post in our “Reader Questions” series where we publish actual question from our community. Ask your own question by visiting our contact form.

Q: I suspect that I may have already been the target of an identity theft. What can Lifelock do about it now, simply prevent a re-occurrance?

A:LifeLock can assist you with preventing future identity theft as well as recovery from any identity theft that may have already occurred. However, if identity theft did occur prior to you becoming a LifeLock member you will not be covered by the LifeLock $1 million guarantee so there may be some additional costs to help you recover from a pre-existing identity theft depending on your circumstances.

Our recommendation is to sign up for a free trial of the LifeLock by clicking here.

Once you have signed up call 1-800-LIFELOCK and select option two. You will be directed to a LifeLock customer support representative and can let them know you believe you have been victimized by identity theft. They will be able to advise you further as to what services may be available to you at that point.

One thing to note is that, if you have been victimized by identity theft, the best thing to help prevent any additional damage to your credit is to get a credit freeze set on your credit report with each of the three major credit bureaus, Equifax, Experian and TransUnion. The credit freeze will lock down your credit report so that no credit can be issued in your name without your explicit permission. This step will help eliminate new account fraud which is one of the most common forms of id theft. You can discuss this further with a LifeLock representative when you sign up for your free trial.

• Reader Question: Which identity theft protection service is best if I’ve already been victimized?
• Reader Question: Does signing up for LifeLock cover my spouse?
• Reader Question: Will my LifeLock or Equifax account also cover my spouse?
• Reader Question: Are credit bureau fraud alerts still available?
• Reader Question: How do I set a fraud alert on my credit report?

Reader Question: Which identity theft protection service is best if I’ve already been victimized?

Posted by Joe on April 3rd, 2008

This is a post in our “Reader Questions” series. If you have your own question about any of the services we review please let us know by using our contact form.

Q: Regarding your reviews of Identity Theft protection and detection services, which is recommended if you have already had your identity stolen and fraudulent credit cards issued?

A: First off, if you or someone you know has been impacted by identity theft I am very sorry. I know this can be a very frustrating and debilitating crime to deal with.

Most of the services we have reviewed are preventative in nature, meaning they help safeguard your identity and make it more difficult for you to be victimized. Since you have already fallen victim to ID theft, my strong suggestion is that you sign up for a free 30 day trial of LifeLock. They are our top rated provider of identity theft protection services and have 24/7 support resources available to help their customers deal with identity theft crimes.

Once you have signed up simply call 1-800-LIFELOCK and select option 2. This will connect you with a member of LifeLock’s support staff who can discuss recovery options with you. They are experts at identity theft recovery and will leverage their network of resources on your behalf.

Keep in mind that you will not be covered by LifeLock’s million dollar guarantee because your identity theft occurred before you became a customer of theirs. As such, there may be some additional costs to you beyond their standard monthly fee.

Since LifeLock has a 30 day free trial you can evaluate their service and better understand what additional costs may be involved without any financial commitment.

I hope this information is helpful. Best of luck in your identity theft recovery efforts.

• Reader Question: How can LifeLock help me if I have already been a victim of identity theft?
• Reader Question: Does signing up for LifeLock cover my spouse?
• LifeLock’s $1 Million Guarantee - Separating Fact From Fiction
• Reader Question: How much do credit report monitoring services cost?
• Identity Theft Shield from Kroll and Pre-Paid Legal Review