Victims of credit card fraud can tell you just how traumatic it can be. It’s not just the potential money loss, it can also leave a bad mark on your credit report that can take years to sort out.

Most people think that credit card fraud is when your wallet or purse is stolen, and the thief uses your credit cards to buy all sorts of goods and services.

However, the number of purchases made online is growing at an incredible rate and so is the theft or misappropriation of people’s credit card details. All the thief needs to cause havoc to your account is your credit card details, number, expiry date, name and security code.

Here are a few ways that a thief can get your details with appropriate prevention tips:

* You get a phone call where the person on the line tells you about a special offer usually needing a fast response and your credit card details to make the purchase.

Tip #1 - Never give out your credit card details to people who call to sell to you. Only provide it when you call a company to place a phone order and when you are sure that you are dealing with well-established reputable business.

* You find out that someone has gone through the trash bags you left outside for the trash pick-up. Several days later you get your credit card statement and there are lots of purchases you knew nothing about.

Tip #2 - Invest in a shredder! Make sure you completely destroy your credit card receipts and bank statements before throwing them out. Thieves do go through trash bags looking for your statements and other details of your identity.

* You have a meal in a restaurant and use your credit card to pay for your bill. Your next credit card statement shows unauthorized charges dating from the time you had the meal. When you paid, the waiter made an extra imprint of your card when processing your bill, and then used the details to make internet purchases.

Tip #3 - Make sure that you watch the waiter when he processes your bill and make sure that he knows you are watching. If he takes your card, insist that you go with him to the pay station to complete the transaction.

So, what other measures can you take to stop you being a victim of credit card fraud? Here are some more tips:

Tip #4 - If possible, do not carry your credit cards in your purse or wallet. If the worst happens and your wallet is stolen, you will not lose both your credit cards and your cash.

Tip #5 - Only take the credit card that you are going to use that day - leave the others at home in a safe place.

Tip #6 - Make a list of all your credit card details and issuer contact details. The sooner you can report any loss the less damage can be done and your accounts can be frozen until new cards are issued.

Tip #7 - Never ever sign a blank receipt. Cross out any blank lines for tips on the receipt so that charges cannot be added. Always check your receipt befor you sign.

Tip #8 - If you are buying goods online make sure that you do so via a secure site.

Tip #9 - If you move house, let your credit card issuer know the new address as soon as possible. Thieves make it their business to know what is happening in the neighbourhood and will check mailboxes at empty houses hoping to pick up letters with bank, credit card and identity details.

Tip #10 - Spam email is an increasing problem. You may recieve messages that appear to be from your bank, Ebay or Paypal asking for you to update your bank and credit card details. These emails look real. Never provide details when asked to by email. Always log in to the link provided by your bank or payment processor to make any amendments to your details.

So there you have it…….Follow the tips above to reduce your chances of becoming a victim of credit card fraud!

Jeff Brown is the writer of many articles on personal finance and credit card use. To read more articles like this one and for information on a range of online credit card deals, please click the link below:
http://www.creditcardsdoctor.com/articles.php

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This may be old news, or this may be information that has just come to light for you, but your credit and consumer habits are being monitored, and unless you take some action to obtain the necessary credit reports, you more than likely don’t know if you’re credit worthy or not!

Requesting your credit report does one of two things; first it keeps you on top of what’s being reported about you and your financial habits. If you have missed previous monthly payments, have creditors and financial lenders hounding you for their funds, or you have the annoying collectors calling you everyday, then the odds are you will have all this reported at specific bureaus, such as Equifax and Transunion, to name a few.

The second reason to check your personal report at these select bureau companies is because there is an increase in credit and identity fraud, and even though you have gone through most of your life with no problems, it only takes one occurrence where a credit thief steals your identity and/or credit information, and you then have to spend many months of painful damage control in trying to re-establish your credit rating and identity.

When I acquired my first credit score, I was amazed on how much detail was on that report. The day you sign-up for your first credit card, or sign for your first loan, your credit history is recorded on virtually every action you take. Again, many of you may already know this, but for the individuals that are new to this information, this is the time to research further, and really understand how credit bureaus create reporting information and your identity reports.

When Is The Right Time To Obtain These Reports From The Variety Of Bureaus!

Depending on whom you talk to, whether it’s your bank or any other financial institution you’re currently dealing with, most may say that you should check your personal history periodically and in some cases once a year. Even if you make your monthly payments on time, or pay off your debt in full, you would be surprised at how many times there can be a mistake or error placed on your report, and you wouldn’t even know it until you go to qualify for a personal loan, or possibly your first mortgage.

Imagine when you decide to visit your bank as a first-time homeowner, you’re ready to sit down and negotiate a really good interest rate, and your mortgage agent turns to you and says that there are credit issues on your bureau report. Not only would this be a shock to you, but also it would probably make you feel really embarrassed finding this out through your financial institution.

You can avoid that embarrassment as you check bureaus regularly and have them provide you a written personal report on you to check for any inaccuracies. If you know that you have a less than accurate history, then these credit reports will give you a guideline where you can start to repair the damage that’s already done, and this way you can give your bank the head’s up and give yourself better negotiation leverage.

Now if you’re thinking that you don’t need to check for errors or discrepancies, because you don’t ever plan on getting a loan or mortgage in the future, then you should consider the other side of contacting Equifax and Transunion to obtain information to make sure you’re protected from credit theft.

This would apply to everyone, however, for individuals that do purchases in a variety of avenues including over the Internet, I would recommend that you verify and check frequently to make sure no one has obtained your identity. I know you may say that this could never happen to you, but if it did, wouldn’t you feel better that you caught it quickly to avoid major damage to your reputation and good credit that took you so many years to establish. In a matter of days, you can have your excellent rating damaged due to some thief that is currently using your identity!

I Would Like To Get My Hands On My Report History, How Can I Do This?

If you’re currently searching ways to obtain your report’s score, you can easily get a free credit bureau copy by either contacting the online bureaus, or checking locally to see if you have agencies that will do this service for free.

You should not have to pay money for your reports, and when you contact the bureaus directly, they will instruct you on what information is required to have your free reports sent to you in the mail. However, there are services online and in your local area that provide reporting and identity protection services, but I will go into more detail on those types of services in another article. In conclusion, if you’re so new at obtaining this necessary information, or you just don’t have the time, a paid service may be an option for you to consider, and we can touch on these topics another time.

About the author: William is the Author and owner of “Free Credit Repair Information” available at http://www.free-credit-repair-information.com Your source for Free Credit Reports and Repair Information! We offer free information to help you find the right debt assistance for your financial needs. Also view our informative articles and our personal Review Page listing select online debt and credit service companies offering consolidation services and online bad credit loans for quick and easy comparisons.

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So you ordered a copy of your credit report to check for inaccuracies and get the most from your credit score. Now how do you read it? Your credit report is read and used by any number of people you deal with on a daily basis, from your landlord to your employer to a potential lender. Fortunately, it has gotten easier to order a copy of your report, but it’s not so easy to understand what all those abbreviations and numbers mean once you’ve got it.

If you haven’t ordered your credit report yet, you will soon be entitled to a free copy from each of the three major credit bureaus, Equifax, Experian, and TransUnion. Some states can already take advantage of this new policy, but people living in eastern states will have to wait until September of 2005. Order your free yearly copies from all three agencies and check for the availability of the annual reporting program in your area at the same website: www.annualcreditreport.com. Each report will contain different information because retailers and creditors only report to the agency in their area or with whom they have an agreement.

Once you have your credit report in your hands, you will see that it is divided into four main sections:

Consumer information

Account histories

Public records

Inquiries

Double check the accuracy of your identifying information. This will include your name, address, phone number, previous addresses, date of birth, and Social Security number (SSN).

Next, for each account history, or trade line, you will see the following information:

Date you opened the account

Type of credit account (either installment, such as a car loan or mortgage, or revolving, such as a credit card)

Name(s) on the account

Total loan amount, credit limit, or highest card balance

Amount you currently owe

Amount of your monthly payment

Account status (either open, closed, inactive, paid, or other)

How promptly you have paid on the account

Credit agencies vary as to how they word various sections of the report and should provide you with a guide to reading their versions. One agency might report in the last column of an account history that you paid “on time” or “30 days late.” Another agency might use a numeric code to rate how well you paid off a debt. R1 is the code used for an excellent repayment history on a revolving charge account. I1 is the code used for an excellent repayment history on an installment account. Obviously, the higher the number next to either the R or I, the lower your repayment history is rated. So an R4 would indicate a history of late payments.

The public records section will include any tax liens, bankruptcies, judgments, or other financial-related legal matters. Depending on the type of action taken, these damaging records may stay on your credit report for up to 7 to 10 years.

The last section lists the inquiries made on your credit. Hard inquiries are those requests to pull your credit when you apply for such things as loans or lines of credit for services. Soft inquiries result when companies sending out promotional items to pre-qualified individuals check your history or when your current creditors check your payment status. The soft inquiries only show up on the report that you order, not on reports pulled by lenders.

While too many inquiries in a short period of time can signal a red flag to a lender, most credit scoring models are least affected by this portion of your report.

Don’t forget that the credit agency providing your report is also a great source of information on not only reading your credit report, but raising your credit score.

Cathy Taylor is a marketing consultant with over 25 years experience. She specializes in internet marketing, strategy and plan development, as well as management of communications and public relations programs for small business sectors. She can be reached at Creative Communications: creative-com@cox.net or by visiting http://www.apscreen.com

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