Photo By: Don Hankins
The recent confidentiality breach with Target is just one indication that cyber theft is increasing. Many people are more aware of this disturbing trend, and wondering what they can do to protect their credit. There are a few ways you can ensure you are safe from experiencing this destructive crime, but first lets start by defining good credit:
What is Considered Good Credit?
Good credit is a FICO score around or above 700. Roughly 75% percent of Americans have “good credit.”When it comes to Home mortgages, anything above 740 is considered “excellent” credit.
How Does My Credit Affect Me?
On the most basic level, good credit qualifies you for better loans, lower interest rates and gives you more buying power. If you have worked hard to maintain a healthy FICO score, shouldn’t you enjoy the “fruits of your labor?” Shouldn’t you be free from the negative consequences of someone else’s illegitimate behavior? In a perfect world this would be the case, but unfortunately, millions of people have suffered unjustly for the unethical practices of cyber thieves. While some banks and credit cards offer “credit card protection” against fraudulent behavior, most of them cannot guarantee that your information is 100% safe. That being said, it is important you recognize strange behavior early on in the process to ensure things do not get out of hand, and to protect yourself from real lasting damage. Here are a few ways to determine if your account has been compromised
How Do I Recognize if My Account Has Been Compromised?
1-Sudden unexpected phone calls from creditors. If you receive calls from a creditor demanding payment for a purchase you or no one in your family knows about, have the caller give you as much information as possible and conduct a thorough investigation.
2-Strange credit card charges. These are easier to spot if you save all of your receipts and compare them with your statements every month.
3-Being denied credit unexpectedly.
4- Account usernames and passwords or ATM PINs stop working. If this happens it could mean that a identity thief has changed your access codes.
5-Missing bills. If you’re used to getting billed for services you subscribe to and the bills suddenly stop arriving, it is possible an identity thief has changed your address in order to use bank accounts without raising suspicion.
6- Strange information in your files. If information in a personal file does not match up with you, it could be a simple case of mistaken identity – or it could mean you’ve been the victim of a cyber crime! You can avoid mistaken identity problems by using your middle name or middle initial on applications to help distinguish you from others with the same name.
These are some of the common ways people discover they’ve been victimized – don’t be one of them! Subscribe to a service that provides a copy of one of your credit reports and FICO scores on a quarterly basis to closely monitor your credit!
For more information about credit or finances click here to visit my blog or to discuss more ways you can protect your credit, contact me at:
Bruce Specter:
CELL: (775)338-6915
OFFICE: (775) 824-3640 x126
nvmortgageman@gmail.com
http://www.summitfunding.net/bspecter
I have spent the past 20 years involved with real estate and finance.This after a successful career in marketing high technology, from writing guides for IBM to launching and growing a distribution channel for a Fortune 500 company.
Even in these trouble times for the banking industry, I truly enjoy what I do: work with people to develop sound real estate financial strategies, whether 1st time buyer, seasoned real estate investor or custom home builder.My best customer is one that gets involved and wants to make the best decision based on situation an requirement.
I am also very involved civicly.VP of Membership for the Nevada Center for Entrepreneurship & Technology (www.NCET.org) having been on the Northwest Neighborhood Advisory Board, EDAWN Intangible Business Advisory Committee,Reno/Sparks Association of Realtors Technology Committee,Committee Chair for several events for Rotary, Founder of the Somersett Small Business Alliance, former President-Elect of the Nevada Association Mortgage Professionals, just to name a few.
Bottom-line, I take what I do seriously, make sure family comes first and do the right thing.Life is good!
- 6 Signs of Cyber Theft - February 19, 2014
- Bruce Specter: To Sell or Not to Sell? - February 7, 2014
- Tax Benefits for Real Estate Investors - February 7, 2014
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