Identity Theft and Your Credit Rating
You may ask what Identity Theft and your Credit Rating has to do with reaching a goal of becoming a Millionaire? These two topics which many times are linked together can put a major road block in your financial goals which could take months and even years to correct. We don’t think too much about either of these, that is until either are jeopardized.
With everyone using the Internet to shop and bank, our personal information including credit card and bank account numbers are being sent over the Internet. And for this reason, there are many thefts of this information occurring on a regular basis. Scammers are sending out E-mails that look legitimate asking to update your information over the Internet or phone. You have to be extremely careful when giving out this information. Never give out account numbers or other personal financial information, unless you can validate the authenticity of the requestor.
A way to help stop Identity theft is to check any statements you have mailed to you as soon as they come in. If there are any discrepancies, report them immediately. Always shred personal and financial information before discarding it.
Every year, you should review your credit report. Your credit report helps credit card companies, mortgage companies and others issuing credit to you decide on the interest rate and amount of credit you will be receiving from these financial institutions. If your credit report has items that are incorrect, (and many do), you need to report it to the three main credit bureaus. It may take a long time to correct the error, but don’t give up on it until it is corrected. Errors can cost you thousand of dollars over the course of your life.
Below are the three main credit bureaus and their contact information. You should call all three once a year to get a free credit report and also to report any errors on the report.
Equifax
Phone: 800-525-6285
www.equifax.com
Experian
Phone: 888-397-3742
www.experian.com
TransUnion
Phone: 800-680-7289
www.transunion.com
Although Identity Theft and Credit Reports are not on everyone’s mind with the busy schedule we live, you should address these as often as possible to insure you do not fall into a nightmare that can block your progress. Keeping up on these can help insure your financial security.