PAYDAY LOAN AUSTRALIA

Looking for your Free Creditreport? there are so many scams that you need to know about and also lost of misinformation and myths regarding all other aspects of free credit reports, here is a low down of what you need to know.

First lets look at the scams: You may think that if you have signed up to a credit report and they send you an email confirming your personal detail that it would be find to again add your details and send it off, wrong! don’t ever do this. Even if you’ve not signed up to a Credit Report, don’t ever complete a form from an email with your personal details - this is a sure fire way to get your identity stolen.

Did you know that identity theft is the fastest growing crime in America? yes, one in four households are victims of identity theft. Credit Reports are a big target for criminals as there are many people getting credit reports and they are passing their personal information on the web.

Another way to prevent this is to get an alter on your credit report that will alert you when any information changes on your credit report.

There are basically two types of alerts:

An Initial Alert: Receiving a notice of a security breach is your first step. The alert remains on your credit reports for at least 90 days, and you only have to contact one of the three major credit reporting agencies to place the alert as it will notify the other two.

Extended Fraud Alert: Great for total piece of mind, while costing more it’s the best “set and forget” option - it remains on your credit file for seven years. To obtain an extended fraud alert you have to provide evidence that you’ve been victimized. This normally includes such items as a police report.

Lets look at other Myths Paying my debts will make my credit report instantly pristine. A credit report is just a history of your payments - it’s not just a snapshot of where you are at the moment.

Canceling credit cards boosts my score. The myth is that they look bad to potential lenders but in reality, paying your bills on time and not being overextended is more important.

Too many inquiries hurt my score. If a batch of mortgage or car loan inquiries arrives within 30 days, it doesn’t count at all but if you do more then this then it will damage your score - only 3 years ago this was not the case, that’s why this myth has prolonged for a while.

Checking my own credit report harms my standing. Agencies will separate your enquiries into two categories - “soft pulls” and “hard pulls” when you make an enquiry just to get your score then it’s a soft pull, but if you use an agency or a creditor checking just before you get credit then it’s a hard pull - many of these then these will damage your report.

by Justin Fox

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