Credit Scores, a confusing mess

What is your credit score?

You actually have more than one credit score. Credit scores are calculated based on the information in each of your credit reports. Companies that you have an account with may not report credit related information to all 3 of the credit reporting bureaus

The information that each of the 3 credit reporting bureaus is different and the formulas or algorithms used to calculate your credit scores are different. Therefore your credit score from each of the companies will be different.

Continue reading Credit Scores, a confusing mess

Your Credit Report, Had a check-up lately?

What is a Credit Report?

Your Credit Report is a combination of your personal information, such as name, address, marital status, SS ID number, current and previous home addresses and number of dependents and other financial and public records.

It doesn’t include information that is not used for financial purposes such as race, religion and political affiliation.

Continue reading Your Credit Report, Had a check-up lately?

Identity Theft, part 2, Know Your Rights

The Identity Theft Problem

According to the U.S. Department of Justice an estimated 17,600,000 Americans were victims of identity theft in 2014 alone. I hope that you were not one of them. But, how would you know.

45% of those people became aware of the identity theft when contacted by their financial institution. 18% only found out when they noticed fraudulent charges on their monthly statements. The identity theft problem is growing and by taking reasonable precautions and educating yourself it can be slowed down. You need to know your rights and liabilities.

The first post in this series dealt with detecting and reporting identity theft. You can find that at http://lowertownstpaulmn.com/2016/08/identity-theft/

Continue reading Identity Theft, part 2, Know Your Rights