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Equifax today launched a new service called, “Equifax ID Patrol.” This service gives the company’s customers who subscribe to the service stronger control over their identity. This is significant in today’s time with credit theft and fraud rampant.

Equifax ID Patrol provides one of the most complete ID theft protection packages out there. Users need only spend about 50 cents a day to access utilities that prevent, detect, resolve issues concerning identity theft. For example, a person could lock and unlock their Equifax credit file. He’d also get notification whenever his social security number or his credit card is used on a suspicious website. The service comes with 24/7 support and credit monitoring from all three major credit bureaus.

So rather be a victim, protect yourself from what could be a credit disaster for just a handful os cents a day. Look into Equifax ID Patrol.

So you talk about your good credit but does that really matter? More and more people are turning to your credit report and history to determine your dependability and credibility. You may be surprised to know who’s doing it now a days.

Besides your typical lenders, employers are leaning more towards your credit history rather than your references. Your credit status matters; nor does it lie. Credit Scores and histories are authenticated by legitimate institutions, whereas references are becoming more and more subjective.

Insurance companies also look at your credit score to determine how risky you are under their coverage plans. Financially, they want a stable client who’ll be able to make the payments. If you pose a credit risk, you may be paying more out of your pocket with your premiums.

Your payment history is an important factor for landlords. They want tenants that can pay on time. Thus your credit history is a strong indicator of your credit worthiness.

Similarly, your utility and your cell phone providers look at your credit history as an indicator of how consistent you are with your finances. Because these services are recurring, they require you to be responsible in your credit finances.

View your credit report as a history of your identity. You are what your credit report dictates you to be. Be careful that it accurately displays who you are.

TransUnion has settled a class action lawsuit alleging they sold their list of consumer data to marketing institutions. This violates the Fair Credit Reporting Act. Anybody that opened a credit account or line of credit from any lender between the dates of January 1, 1987 to May 28, 2008 is entitled to either one of two types of payments: six months of free credit monitoring service or a cash payment.

If you believe that you might be among these victims, you can go to the website www.listclassaction.com to sign up. It is believed that more than 160 million people may be part of the preliminary lawsuit settlement. Basically it covers anybody who’s applied for a credit card, car loan, mortgage or any other loan during those 20 years.

Direct Marketing Services, which owns the old but familiar chain of Montgomery Ward stores, failed to inform its online shoppers that their credit information was stolen. Hackers had recently broke into the companies database of customers, accessing their credit files and spending exorbitant amounts of money through identity theft. Sensitive information such as credit card numbers, addresses, phone numbers, and security codes were compromised. As many as 51,000 people might be affected.

While Direct Marketing Services did inform the major financial institutions such as Visa and Mastercard of the situation, it did not report the occurrences to the consumers, as required by many states in the U.S. under law. Credit bureaus such as Experian, Transunion and Equifax issue credit reports that consumers can reference to check whether or not their credit score and history have been victims of identity theft or fraud. So if you’ve ever bought anything online through Montgomery Ward or any of their subsidiaries and affiliates, please check go and get a free credit report to verify that everything is normal.

A good credit score can help you with your financing options. A bad credit score often hurts you. Most people associate credit scores with interest rates, whether they be for mortgage payments or for credit cards. Lower credit scores are correlated with higher interest rates, resulting in higher payments. You’ll find yourself paying more than what you originally bargained for. However, did you know low credit scores can hurt you in other ways? Here are some other areas where you might want to keep an eye out.

Many car insurance companies are increasing their premiums for customers who have low credit scores. Their rationale is that if you have credit issues, you’ll probably have a lot of things on your mind, and thus you might be more prone to accidents as you’re driving. Makes some sense. Expect to pay between 205 and 50% more in car insurance premiums when compared to a driver who’s in good credit standing.

If you’re looking for a car loan, your credit score will determine what kind of financing options you’ll have. Similar to credit cards, car dealerships want somebody who’s credit worthy. They’ll want to stay away from those who might be a risk in defaulting on their car payments. To offset this risk, higher loan payments are asked of clients with low credit scores. The difference could be a couple hundred dollars.

If you’ve ever applied for a job, chances are you’re potential employer has asked to run a credit check on you before finalizing the hire. It’s a common practice today. A good credit score may be an indicator of responsibility, whether that be with finances or with personal matters. A bad credit score would signal otherwise, and may be a cause for concern as you might be distracted in your job because of other issues going on.

Many medical procedures can be financed due to their high costs. When doctors look at your credit, they want to determine whether or not you’ll be financially responsible enough to qualify for financial assistance and financing. If not, then expect to front the entire bill at the end.

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