When you think about identity theft most people think bank
information or credit cards but never let it cross their mind
about their medical insurance card. Like me most people always
carry their medical card in their wallet.
If your wallet gets lost or stolen the first thing you do is
cancel or report it to your credit card provider and your bank.
Now that identity theft has risen we all have to be more careful
with every piece of personal information we have about ourselves
and this includes our medical card.
You may not know that someone has used your medical information
until you get that notice from a collection agency asking for
payment in full. Just stop and think about how many have access
to that information especially your family members or even close
friends.
The medical industry is different from the financial industry.
They often limit their exposure. So find out what you’re liable
for if your medical identity is stolen. Some companies cap your
liability, but others don’t.
Survey respondents claimed that on average it took about one year
and sometimes longer to resolve the theft.
Here are some useful tips to avoid being a victim of medical
identity theft:
*When the explanation of benefits arrive from your insurance
company,read them over. Make sure that the services provided
were those you actually got.
*If you see unfamiliar ones, “that’s a big red flag,”
(Call the insurance company immediately. The quicker you take
action, the quicker you can cut it off.
*Don’t share your insurance information with anyone other than
your doctor.
*Put your insurance card in a locked drawer at home, taking it
out only on the day of a doctor visit.
Be safe, Do leave home without it!
Tuesday, July 3, 2012
Saturday, May 26, 2012
About Your Credit Score
After receiving many queries about credit scores I decided to post some information about what they are and what they are based on. If you check
your credit score and see that none are the same it is because not everyone takes the time to report to them individually . They usually report to only one and hope the others pick it up. Some may have removed an entry and others may have added onto your score. Please remember you have the right to dispute anything you find on your report that you think doesn't belong.
-- What is a credit score? --
A credit score is a numerical ranking system that lenders use to determine how much of a credit risk you are. A credit score is a numeric indication of how likely you are to repay debts such as loans or lines of credit. Lenders use this number to determine how much of a credit risk you are.
Credit scores also are designed to indicate your creditworthiness in comparison with other consumers.
Credit scores are based on the data in your credit report and are generated by computers using artificial intelligence. Usually a credit score is between the numbers 300 to 900. The higher your score, the more "creditworthy" you are to lenders.
-- What is my credit score based on? --
Credit scoring is based on many factors that may include:
Amount of available credit
Payment history
Recent requests for credit
Amount of credit currently being used
Length of credit history
Under the Equal Credit Opportunity Act, credit scoring may not use gender, martial status, national origin, race, or religion as factors.
Thursday, May 17, 2012
Fact No. 1 of 8: No cap on credit card interest
So today you got an offer for another credit card through the mail.
And you are thinking...
Wow! That low rate looks good compared to what I am paying on my other credit card, maybe it's time for me to get one with a lower rate.
STOP!!!!
Think again about this before you jump in uninformed.
Even if you sign up for a new credit card at its low interest rate, here's a scary, little-known fact: Many card issuers can raise interest rates as high as they like, whenever they like.
The top 10 banks that issue credit cards are federally chartered banks and do NOT have to follow state laws limiting interest rates, says Chi Chi Wu, staff attorney at the National Consumer Law Center.
"So they are free to set the rates as high as they want," Wu says.
Your interest rate is only protected for the card's first year (or first six months, if it's a teaser rate), under the Credit Card Accountability, Responsibility and Disclosure Act, or CARD Act. If you go 60 days late on a payment, that protection disappears. A variable rate tied to an index can also increase if the index goes up.
But if you've had the card for more than one year, the issuer can hike your rate even if you've been a model customer, says John Ulzheimer, president of consumer education for SmartCredit.com.
Two caveats, courtesy of the CARD Act: That hike applies only to new charges (your current balance will be assessed the old rate). And the issuer has to give you 45-day advance notice. This notice may come in with your bill, you know the paper you throw away without even bothering to look at... maybe it's time you actually read some of those papers to stay up to date on what's happening with your interest rate.
Bankrate.com http://www.bankrate.com/finance/credit-cards/no-cap-credit-card-interest.aspx#ixzz1v8ZD1lZL
And you are thinking...
Wow! That low rate looks good compared to what I am paying on my other credit card, maybe it's time for me to get one with a lower rate.
STOP!!!!
Think again about this before you jump in uninformed.
Even if you sign up for a new credit card at its low interest rate, here's a scary, little-known fact: Many card issuers can raise interest rates as high as they like, whenever they like.
The top 10 banks that issue credit cards are federally chartered banks and do NOT have to follow state laws limiting interest rates, says Chi Chi Wu, staff attorney at the National Consumer Law Center.
"So they are free to set the rates as high as they want," Wu says.
Your interest rate is only protected for the card's first year (or first six months, if it's a teaser rate), under the Credit Card Accountability, Responsibility and Disclosure Act, or CARD Act. If you go 60 days late on a payment, that protection disappears. A variable rate tied to an index can also increase if the index goes up.
But if you've had the card for more than one year, the issuer can hike your rate even if you've been a model customer, says John Ulzheimer, president of consumer education for SmartCredit.com.
Two caveats, courtesy of the CARD Act: That hike applies only to new charges (your current balance will be assessed the old rate). And the issuer has to give you 45-day advance notice. This notice may come in with your bill, you know the paper you throw away without even bothering to look at... maybe it's time you actually read some of those papers to stay up to date on what's happening with your interest rate.
Bankrate.com http://www.bankrate.com/finance/credit-cards/no-cap-credit-card-interest.aspx#ixzz1v8ZD1lZL
Monday, March 19, 2012
Bank Debit Card PIN
Your bank debit card is one of the cards people fail to realize can be used by anyone.
Just think back and you will remember...you did not have to use your pin (Personal Identification Number) number when you went out to eat. They just swiped it through and that was all it took. Nor did they ask for any ID. It's true that at some restaurants you may have been asked to sign your name but anyone can see right there on the card what name to sign. Too many people depend on the pin number to keep them safe. Did you sign the back of your card with your name? I was told to always put in bold letters "Ask for ID". That will make your card safer to use at the places that do not ask for the pin. I suggest you also turn your card over to show the back when you do pay. This way the clerk will see the
request or do like I do and supply the ID before they ask. If you happen to lose your debit card report it ASAP. Whoever finds it could have a feast at some high priced restaurant and cause you some serious financial damage. Just because you have a PIN doesn't mean it's safe.
Wednesday, February 1, 2012
What a bill collector CAN'T do! What YOU can do...
A debt collector can NOT and should NOT:
1. Phone you an unreasonable number of times
2. Phone you at an unusual time or unusual location
3. Disclose information about you, of your debts to
third parties
4. Use profane or other abusive language when
making contact
5. Contact you after you have submitted a written
notification that you do not want to be contacted
any further
6. Falsely claim to be affiliated with any
governmental organization
7. Misrepresent the amount or legal status of any
debt
8. Threaten to take any action that cannot be
taken legally
9. Blame and/or accuse you of having committed a
crime
10. Threaten to report or communicate false credit
information
11. Use forbidden and deceptive methods to collect
debts
12. Call you before 8:00 a.m. or after 9:00 p.m.
13. Call you, but not identify who he or she is
You may be able to:
Reduce or completely zero out your interest payments
Make them stop calling you
Get money damages awarded to you
Erase the item from your credit report
May be possible to negotiate to eliminate the debt
Have your attorney fees paid by the collection agency
Collect money for you from the collection agency
Avoid or reduce late payment fees
Combine several loans into one payment plan
Get errors in your credit reports rectified
Get invalid entries on your credit report removed
Get peace of mind and stop the harassing phone calls
Get a FREE case review at: http://www.makethempayyou.org/free_case_review.html
1. Phone you an unreasonable number of times
2. Phone you at an unusual time or unusual location
3. Disclose information about you, of your debts to
third parties
4. Use profane or other abusive language when
making contact
5. Contact you after you have submitted a written
notification that you do not want to be contacted
any further
6. Falsely claim to be affiliated with any
governmental organization
7. Misrepresent the amount or legal status of any
debt
8. Threaten to take any action that cannot be
taken legally
9. Blame and/or accuse you of having committed a
crime
10. Threaten to report or communicate false credit
information
11. Use forbidden and deceptive methods to collect
debts
12. Call you before 8:00 a.m. or after 9:00 p.m.
13. Call you, but not identify who he or she is
You may be able to:
Reduce or completely zero out your interest payments
Make them stop calling you
Get money damages awarded to you
Erase the item from your credit report
May be possible to negotiate to eliminate the debt
Have your attorney fees paid by the collection agency
Collect money for you from the collection agency
Avoid or reduce late payment fees
Combine several loans into one payment plan
Get errors in your credit reports rectified
Get invalid entries on your credit report removed
Get peace of mind and stop the harassing phone calls
Get a FREE case review at: http://www.makethempayyou.org/free_case_review.html
Friday, November 12, 2010
Answers to Inquiries....
After many inquiries I felt it was time to post this glossary so everyone could understand more about their credit card. If there is something you do not understand, ASK someone who does, it may keep you from getting in debt over your head and no one wants to get those annoying phone calls from debt collectors.
Don't think they have given up when the phone calls stop...they may be in the process of having your bank account frozen.
Annual Fee.....A yearly fee charged by some credit cards for use of the card. Most Discover Cards do not have an annual fee.
APR (Annual Percentage Rate)......A periodic percentage rate that determines the finance charges you pay on your account.
Balance Transfer.....Moving an unpaid balance from one open credit account to another. You will save money if you transfer balances to a credit account with a lower interest rate or for one with 0% for 6 to 12 months.
Billing Cycle.....The length of time between your statements. Discover Card billing cycles are approximately one month in length.
Card Act Agreement.....This the new rule that provides details of your agreement.
Be sure to read it carefully and ask questions about whatever you do not understand.
Cardmember Agreement.....A written document that provides details of your agreement with the credit card issuer. This is another MUST read.
Cash Advance.....Using your credit card to get cash from a bank, ATM, or by writing a convenience check. Typically, the card issuer charges a cash advance fee for the transaction and begins charging interest immediately.
Charge Card.....A specific kind of card that requires full payment of your balance with each billing cycle. Typically charge cards do not charge interest, but late fees can apply if full payment is not received by the due date.
CID (Card Identification Number).....The CID is the three-digit number at the far right on the back of your credit card and is also called a card verification (cvv) number. Merchants may ask for the CID to verify that you have the card in your possession at the time you make a transaction. When using a Secure Online Account Number, please use the three-digit CID generated for that secure account number.
Credit Line.....The maximum amount that you can charge on your credit card.
Credit Report.....A report about your credit history that lenders (credit card companies, mortgage companies, loan agents,etc.) consult to determine if and how much money they should lend to you. Your history for making timely payments, any outstanding debt and open lines of credit are all shown on your credit report. Your credit report is available from credit bureaus such as Equifax, Experian and TransUnion FREE of charge once a year.
Debit Card.....A card issued by a bank that directly accesses available funds from a bank account, typically a savings or checking account.
Default.....When a customer doesn’t make a required payment to a credit card account, or otherwise violates the terms of the agreement between the credit card company and the customer.
Interest Charges.....Certain charges that can be incurred when using a credit card. Interest charges include interest costs.
Interest Rate.....The rate at which a credit card company or other lender charges a customer for “borrowing” money. It is a percentage of the amount borrowed.
Introductory Rate.....A lower APR provided by a credit card company for a limited period of time.
Late Payment Fee.....A fee charged when a payment has not been received by the specified due date. This applies even if it is just 1 hours late. It would be in your best interest to notify them if you have to make a late payment.
Minimum Payment.....The smallest payment a customer can make each statement period to keep the account in good standing.
Penalty Rate.....A higher APR the credit card company charges after the customer has made late payments, exceeded their credit line, or otherwise did not abide by the Cardmember Agreement.
PIN (Personal Identification Number).....A security code that the customer uses with debit and credit cards to authorize transactions such as cash advances. This PIN is different from the user ID and password customers use to access account information online. Never, ever should you write this number anywhere on your card.
Pre-Approved.....A potential customer who has passed an initial credit bureau evaluation.
Prime Rate.....An index rate that determines the interest rate a bank will charge customers. It is one way that a credit card company determines APRs.
Zero Balance.....When your billing statement shows no outstanding balance and no new charges have been incurred.
Don't think they have given up when the phone calls stop...they may be in the process of having your bank account frozen.
Annual Fee.....A yearly fee charged by some credit cards for use of the card. Most Discover Cards do not have an annual fee.
APR (Annual Percentage Rate)......A periodic percentage rate that determines the finance charges you pay on your account.
Balance Transfer.....Moving an unpaid balance from one open credit account to another. You will save money if you transfer balances to a credit account with a lower interest rate or for one with 0% for 6 to 12 months.
Billing Cycle.....The length of time between your statements. Discover Card billing cycles are approximately one month in length.
Card Act Agreement.....This the new rule that provides details of your agreement.
Be sure to read it carefully and ask questions about whatever you do not understand.
Cardmember Agreement.....A written document that provides details of your agreement with the credit card issuer. This is another MUST read.
Cash Advance.....Using your credit card to get cash from a bank, ATM, or by writing a convenience check. Typically, the card issuer charges a cash advance fee for the transaction and begins charging interest immediately.
Charge Card.....A specific kind of card that requires full payment of your balance with each billing cycle. Typically charge cards do not charge interest, but late fees can apply if full payment is not received by the due date.
CID (Card Identification Number).....The CID is the three-digit number at the far right on the back of your credit card and is also called a card verification (cvv) number. Merchants may ask for the CID to verify that you have the card in your possession at the time you make a transaction. When using a Secure Online Account Number, please use the three-digit CID generated for that secure account number.
Credit Line.....The maximum amount that you can charge on your credit card.
Credit Report.....A report about your credit history that lenders (credit card companies, mortgage companies, loan agents,etc.) consult to determine if and how much money they should lend to you. Your history for making timely payments, any outstanding debt and open lines of credit are all shown on your credit report. Your credit report is available from credit bureaus such as Equifax, Experian and TransUnion FREE of charge once a year.
Debit Card.....A card issued by a bank that directly accesses available funds from a bank account, typically a savings or checking account.
Default.....When a customer doesn’t make a required payment to a credit card account, or otherwise violates the terms of the agreement between the credit card company and the customer.
Interest Charges.....Certain charges that can be incurred when using a credit card. Interest charges include interest costs.
Interest Rate.....The rate at which a credit card company or other lender charges a customer for “borrowing” money. It is a percentage of the amount borrowed.
Introductory Rate.....A lower APR provided by a credit card company for a limited period of time.
Late Payment Fee.....A fee charged when a payment has not been received by the specified due date. This applies even if it is just 1 hours late. It would be in your best interest to notify them if you have to make a late payment.
Minimum Payment.....The smallest payment a customer can make each statement period to keep the account in good standing.
Penalty Rate.....A higher APR the credit card company charges after the customer has made late payments, exceeded their credit line, or otherwise did not abide by the Cardmember Agreement.
PIN (Personal Identification Number).....A security code that the customer uses with debit and credit cards to authorize transactions such as cash advances. This PIN is different from the user ID and password customers use to access account information online. Never, ever should you write this number anywhere on your card.
Pre-Approved.....A potential customer who has passed an initial credit bureau evaluation.
Prime Rate.....An index rate that determines the interest rate a bank will charge customers. It is one way that a credit card company determines APRs.
Zero Balance.....When your billing statement shows no outstanding balance and no new charges have been incurred.
Monday, July 5, 2010
FREE Credit Report ?? SCAM, SCAM, SCAM
Please DO NOT try to get a "free" Credit report, it's not FREE!!!
Just stop and think a minute....if it was really free why do they need your credit or debit card number? Any time a person or company ask for your CC or debit card number you can bet they intend to charge you for their services even after you cancel. Just take a look at this video and then you decide if you want to pay a monthly charge for hummm, I would say nothing because that's what you will get. It takes more than a few phone calls or even getting your bank or credit card provide involved to get them to stop the charges. You may even get lucky and get a refund, but don't count on it!
Just stop and think a minute....if it was really free why do they need your credit or debit card number? Any time a person or company ask for your CC or debit card number you can bet they intend to charge you for their services even after you cancel. Just take a look at this video and then you decide if you want to pay a monthly charge for hummm, I would say nothing because that's what you will get. It takes more than a few phone calls or even getting your bank or credit card provide involved to get them to stop the charges. You may even get lucky and get a refund, but don't count on it!
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