Understanding your three credit scores is crucial now while identity theft is on the rise. Below are some tips to reduce your risks and lower costs.
A credit report contains information on where you work and live, how you pay your bills, debt ratio to available limit which should be under 40%, legal filings and inquiries.
All consumers are eligible to receive a free annual credit report. This is the number one way to stay to stay educated. The information in your credit report is used to calculate your credit score, a number generally between 300 and 850 that rates how risky a borrower you are. The higher your score, the less risk you pose to creditors.
When it comes to identity theft, you can’t entirely control whether you will become a victim. But there are certain steps you can take to minimize your risk.
Analyze your credit report annually for accuracy.
Place passwords on your credit cards and bank accounts that would be difficult to decipher.
Secure personal information in your home if you employ outside help or are having work done in your home.
Ask about information security procedures in your workplace or at businesses, doctor’s offices or other institutions that collect your personal information.
Don’t give out personal information on the phone, through the mail or on the Internet unless you’ve initiated the contact or are sure you know who you’re dealing with.
If you’re planning to be away from home and can’t pick up your mail, call your post office or go online to request a vacation hold.
Always shred your charge receipts, copies of credit applications, insurance forms, physician statements, checks and bank statements, expired charge cards and credit offers you get in the mail.
Contact me anytime for a complimentary credit analysis!
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