 |
In addition to budgeting and using credit responsibly, the most important thing you can do to protect your credit is to keep your credit card information safe.
|
 |
Be sure to notify creditors when you move or change your name. At a minimum, have your statements sent to an address where you know you will receive your mail. If you miss even one payment, it could lower your credit rating. And, you don’t want your personal financial information falling into the wrong person’s hands.
Financial institutions are making it easier to access and manage your account information online. Take advantage of these tools to monitor your information online and potentially catch problems before your receive your next account statement. Chase offers e-mail alerts for a variety of account actions – profile changes, payment due dates, even alerts to advise you when you’re close to reaching your credit limit.
Keep your personal information private when online. Look for a lock or key at the bottom left corner of your browser, a URL that begins with https://, or the words “Secure Sockets Layer (SSL).” Don’t provide your personal information to anyone calling or e-mailing you and claiming to be from your bank, lender or credit card company – respond using the contact information provided on your statement or the back of your credit card. Back to top.
|
 |
Report the loss or theft of your credit cards to the credit card issuers as soon as possible to receive a replacement credit card.
|
- Most credit card issuers do not hold the customer liable for unauthorized personal transactions made without a PIN number.
- Your maximum liability for unauthorized credit card use under federal law is $50. If you report the loss before the card is used, the Fair Credit Billing Act states that card issuers cannot hold you responsible for any unauthorized charges.
- Many companies have toll-free numbers to service customers whose cards have been lost of stolen. It’s also a good idea to follow up your phone calls with a letter including your account number, the date you noticed your card was missing, or when you first noticed unauthorized charges and the date you reported the loss.
- When a credit card company sends you a replacement credit card, it will have a new account number. Remember to update your credit card information for any recurring billing arrangements. Back to top.
|
 |
You’ll eventually build
up enough credit history so that your payment
history will show up on a credit report.
Activity on credit cards, store charge accounts,
student loans and other types of credit
will appear there. Credit reports will show
how well you manage your credit, so you
always want to make sure that the information
on your credit report is accurate. Do you
know what your credit report says about
your credit history? You should. You can
check your credit report by ordering a free
credit report once every 12 months from
each of the three nationwide consumer credit
reporting companies – Equifax, Experian
and TransUnion. For more information visit
www.annualcreditreport.com
or call 1-877-322-8228. Remember to look
out for these things when reviewing your
credit report
|
- Late payments – the number and timing of late payments
- The number of new lines of credit opened
- The number of inquiries on your credit report
- Charges you did not make (disputed accounts)
|
All of these variables can
affect your credit score – a mathematical
score that weighs elements of your credit
report to predict your level of future risk.
Lenders will use their own scoring systems
to evaluate and project customer risk.
Also
keep an eye out for anything that might
indicate identity theft:
|
- Names – Whether or not you’ve changed your name, are all names listed correctly?
- Addresses – Does a recent, unauthorized address change appear on your report?
- Accounts – Information like current balances, credit limits and account opening dates will be shown, as well as late payment or charge-off information.
- Inquiry lists – Here you’ll find out who has been given information about your credit rating.
|
Back to top.
|
 |
Don’t be afraid to dispute items that are inaccurate or incomplete – whether on your
credit report or on your billing statement. Remember, it is your responsibility to provide
a written account of the dispute, along with your account information and any supporting documentation.
|
- When disputing an item on your credit
report, ask the credit reporting agency
for a dispute form or submit your dispute
in writing.
- When disputing a billing error, the Fair Credit Billing Act requires that you state your dispute in writing within 60 days after receipt of the billing statement containing the error. Disputes must be addressed to the billing dispute address noted on your statement.
Back to top.
|
 |
Act immediately if you suspect identity theft.
|
- Report your suspicions to the fraud hotlines of all three national credit bureaus - Equifax, Experian and TransUnion. Their contact information is listed in Credit Safeguard Resources. Request that a fraud alert be placed on your credit record and that you be sent a free copy of your credit report.
- Contact all your creditors, card issuers, lenders, etc. – any financial institution you do business with. Follow up with a letter describing the problem.
- File a police report. Save copies of the report for future reference.
- Register a complaint with the Federal Trade Commission at www.consumer.gov/idtheft or call 1-877-ID-THEFT (1-877-438-4338). Back to top.
|
