Young Adults, College Students and Credit Reports
1-The infamous T-Shirt The first week of college is an exciting time. Students are away from home and they are exploring their independence. Imagine that when strolling the campus, there is a booth where people are giving away appealing T-Shirts. When you approach them to get one, they have you fill out a form. If you don’t read it carefully, you could inadvertently be applying for a credit card. This could inevitably be your first card, and some students are ill-prepared with this new responsibility. In a few weeks, you will receive your credit card with a minimum of $350 dollars or maybe even a bit higher. What you do with the credit is critical to your future, and it’s essential you are educated around managing your finances. 2- Rental Scams You have decided to live off-campus and are looking for a place to live. You see an ad online, the price is affordable, and the location is great. There is an application online that asks for your name, address, social security number, and date of birth. It also asks for a $25 application fee that requires a credit card. You either have your own or ask your parents to give you a credit card. Now imagine this: after the “property manager” receives your fraudulent rental application along with your credit card information, they disappear. The credit card you have given has been charged for a large amount of money and your social security number and personal information is stolen. If this happens, you need to immediately freeze your credit report. For more information on how to freeze your report, go to the following link: https://thecreditbureau.com/2019/11/how-to-freeze-your-credit-report/ 3- Scholarship Scams Be sure to get background information on scholarships and financial aid at the U.S. Department of Education. Also go to Free Application for Federal Student Aid (FAFSA) if you are trying to apply for student loans. Be weary of online scholarship applications that ask for your checking account for verification. They are most likely stealing your information and your money. 4- Identity Theft Be suspicious of all calls asking for personal information. If you think you need to keep engaging in the conversation, ask for their phone number and simply call them back. School mailboxes are not always secure, so have sensitive mail sent to a permanent address, such as a parent’s home or a post office box. Do not loan your credit or debit card to anyone, even to very close friends. Social Security cards, financial documents, and unused credit cards should not be kept in school dormitories. Locate a shredder and destroy all credit card offers as they can be activated by someone else. Use online paperless for financial statements. Review your credit report at least once a year to look for unauthorized accounts. Use this link to see your report. This website provides credit reports for TransUnion, Experian and Equifax once a year, free of charge. You can go to this link to monitor your report and get help on correcting problems: https://thecreditbureau.com/consumers-credit-reports/ Call us if you have any questions. The Credit Bureau Phone number is: 800-518-1077 Option 4
Credit Reports & Children
Should Children Have Credit Report? Children and Credit Reports: What You Need to Know Children and young adults under the age of 18 typically should not have a credit report or score. If they do, it could be a sign that their Social Security number has been used fraudulently — possibly by someone else to open accounts in their name. To check if your child has a credit report, simply visit the link below. You can view their report free of charge and take steps to protect their identity if needed. www.annualcreditreport.com If you can’t get the report from www.annualcreditreport.com, request your child’s credit report from the credit reporting agencies by writing to them. If your child has no credit, great. But if you see some activity such as credit cards and auto loans, he or she is a victim of fraud. You need to gather the information below and write a letter to the three credit reporting agencies, preferably by registered mail. A copy of your driver’s license or other government-issued identification card Proof of your address, such as a utility bill or an insurance statement A copy of your child’s birth certificate A copy of your child’s Social Security card In the event no credit report has been created for your child, bureaus will send a notice letting you know. If there is one, it will be provided to you. What if Your Child Has a Credit Repot? Notify the credit reporting agencies by mailing a letter with a completed copy of the Federal Trade Commission’s Uniform Minor’s Status Declarations Form. File a police report with your local police. Freeze your child’s credit file. Go to https://thecreditbureau.com/2019/11/how-to-freeze-your-credit-report/ Keep an eye on your child’s credit file by going into www.annualcreditreport.com every year and run the report. The site is run by the United State’s government and provides one report for each agency once a year for free. Question? Call us. The Credit Bureau Phone Number is: 800-518-1077 Option 4
How to View & Monitor Your Credit Report
Using the proper credit monitoring system can help prevent identity theft in its early stages before any serious damage has been done to your finances. A credit monitoring service can notify you of early sign of identity theft such as change of address, and hard inquiries on your credit report. Your credit report and score are be used for the following and if you are aware of what is on your report, you can make better financial decisions. Interest Rates and extra charges— Your credit reports and scores are used by lenders to decide your creditworthiness, which is basically your ability to pay back the loan. A low credit score indicates a high credit risk, which can result in higher interest rates and fees. Qualifying for Credit Lines— without a great record of repaying your debts on time and as agreed, lenders might choose to deny you for loans. Insurance, utility bills, etc.— Poor credit can have ongoing effect on all areas of your life. For example, auto insurance premiums in nearly every state. The same goes for utility deposits, rent deposits and many more. Identity Theft is growing — We are experiencing the id theft calls coming from apple support and social security. Many of us get caught. Equifax was Breached in 2017 — With so many million socials stolen, anyone us could be targeted. Live Operators are always a question! You can get on the phone with us, guaranteed Here is our recommendation: Go to this link and subscribe to the monitoring. $.80 for the first week and $29.95 thereafter https://thecreditbureau.com/consumer-credit-report/ Create a log in and password so you can get in all the time. Then review the three reports and call the help desk for more assistance on how to read your report and analyze your score. Keep this email and refer to our blog for any other questions you might have: https://thecreditbureau.com/blog/ Questions? Please call us. The Credit Bureau Phone Number is: 800-518-1077 Option 4
How to Freeze Your Credit Report
You can simply manage to freeze and un-freeze your credit report using the following links. You have to freeze with all three bureaus. htttps://www.transunion.com/credit-freeze https://www.experian.com/freeze/center.html https://www.equifax.com/personal/credit-report-services/credit-freeze/ You can also manage to freeze your reports by calling the following numbers. Equifax P.O. Box 740256 Atlanta, GA 30374-0256, 800-685-1111 Experian P.O. Box 9701 Allen, TX 75013 , 888-397-3742 Trans Union, P.O. Box 1000, Chester, PA 19022, 888-909-8872 You’ll need to supply your name, address, date of birth, Social Security number and other personal information. After receiving your freeze request, each credit bureau will provide you with log in and pass and a unique PIN (personal identification number) or password. Keep the PIN or password in a safe place. You will need it if you choose to lift the freeze. Credit freeze stops creditors from running reports on you for 12 months, therefore stopping thieves from ordering credit cards, apply for loans and buying automobiles in your name. When you choose to use your credit report to apply for credit cards or buy a home, you need to un-freeze your report. It always helps if you remember your pin when you are trying to un-freeze your report. It is recommended that you monitor your credit report. Monitoring your report helps you identify the fraud very quickly. Click below to be able to see your Equifax, Experian and Trans Union. To monitor your report click on the following link: Monitor your credit report Any questions? Please call us. The Credit Bureau Phone Number is: 800-518-1077 Option 4
Identity Theft- First Step
Identity theft first steps Place a free, one-year credit freeze by contacting the three credit bureaus. Experian.com/help 888-EXPERIAN (888-397-3742) TransUnion.com/credit-help 888-909-8872 Equifax.com/personal/credit-report-services 800-685-1111 Sign up for monitoring by going to this link. Consumer Report | The Credit Bureau provides: Experian, Equifax and TransUnion™ Reports & Scores Can Be Refreshed Every 30 Days 3 Bureau Daily Monitoring & Alerts $1 Million Identity Theft protection US Based Customer Support if anything happens Please call us: The Credit Bureau Phone Number is: 800-518-1077 Option 4
No Credit Score
Why You Might Not Have a Credit Score — And How to Start Building One A credit score is created based on your credit activity — like using credit cards, taking out car loans, bank loans, or financing purchases through stores. If you’ve never had credit or haven’t used it in a long time, your credit report may show a note like “insufficient credit”, which means there’s not enough activity to generate a score. Here’s how you can start building your credit report — and your score: 1. Open a secured credit card.Search “secured credit cards” on Google. Compare offers and choose one with low fees and a reasonable interest rate. A secured card requires a deposit, which usually becomes your credit limit. 2. Become an authorized user on someone else’s credit card.Make sure the card has a good payment history, has been open for a while, and has a balance. Only do this if you can help pay the bill — that’s when the activity is reported to the credit bureaus. Be sure the primary cardholder is financially responsible. 3. Reactivate old credit cards.If you’ve had credit cards in the past that you no longer use, call the issuers to see if they can be reactivated. Sometimes, that’s all it takes to revive old accounts and start rebuilding your history. 4. Check your credit report.Visit www.annualcreditreport.com to get your free credit report. Review it carefully and dispute any incorrect or unfamiliar information. Need help?Call The Credit Bureau at 800-518-1077 (Option 4) — we’re happy to walk you through the process.