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Free Credit Reports

Free Credit Reports

How to get Free Credit Reports
A credit report gives information on an individual’s location, how the individual pays bills, record of lawsuits and arrests, and any history of bankruptcy. Credit reports can be used by businesses, employers, creditors, insurers, as a means of evaluation for various things such as employment, credit, or housing. The credit report contains three different reports from the three major credit bureaus.
Looking at a free credit report can help improve the chances affect getting a job or a loan at a certain percent of internet. Free credit reports can show an individual what their credit score is and how it can be improved.
Under the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act, everyone is entitled to free credit reports once a year. This law was created in order to provide individuals with a free copy annually of their credit report upon request, making them more aware of their financial position. Free credit reports can be obtained by providing a name, date of birth, address, and social security number. 
There are many different companies that advertise free credit reports, but only one is authorized by the government to give you the free credit report that you are entitled to receive annually. An individual can get a credit report online which has immediate access. It is also possible to call a toll free line or fill out an Annual Credit Report Request Form to order a credit report by mail. Requesting a credit report can take up to 15 days to receive, although it can take longer when backed up.
While everyone is entitled to just one free credit report a year, others can be obtained in the situation where a company takes actions against the individual, for example denial of employment, insurance or credit. An additional free credit report is given when an individual is unemployed or on welfare. If an individual needs a credit report but does not qualify for one, it can be purchased for up to $10.50.
There are certain actions that can affect a credit report negatively and cause a lower credit score. These things can be reported seven years such as an unpaid lawsuit, unless it is bankruptcy information which can be reported for 10 years. Certain information is permanent, such as criminal convictions, reports of an annual salary above $75,000, or applications for credit or life insurance above $150,000.
Any errors in the credit report should be reported by the individual to the reporting company, who will then work to make any corrections as necessary. The company should provide a written report and a copy of the credit report. The creditor must also be made aware of the error in order to prevent future erroneous reporting.

Credit Checks

Credit Checks

How Credit Checks Work


When applying for credit, lenders can inquire for a copy of an individual’s credit report from one of the major credit bureaus. These inquiries or credit checks can be listed on a credit report. While these inquiries may cause a credit score to drop, it will not change drastically. Sometimes, looking for a new credit line can mean a higher risk, but most credit scores do not get affected by multiple inquiries from mortgage, auto, or student loan lenders.
A credit check can be useful to determine an individual’s credit score, which many businesses, employers, creditors, and insurers use. The best way to go about doing a credit check is by getting a credit report. This provides information on an individual’s location, how the individual pays bills, record of lawsuits and arrests, and any history of bankruptcy. The credit report contains three different reports from the three major credit bureaus.
 A credit check can come in two forms. There is the soft pull which is just a basic credit check to determine a credit score. It is only use for informational purposes in order to find out a score. There is also a hard pull credit check, which results in more complicated reports. Lenders will often use hard pull credit checks for new accounts. These are the credit checks that can affect credit score.
The impression from applying for credit and having a credit check done will vary on a person to person basis based on their unique credit histories. For most people, one additional credit inquiry takes less than five points off. However, inquiries can show a greater impact with less accounts or a shorter credit history.
Large amounts inquiries also imply greater risk. An individual with at least six inquiries on their credit reports statically can be up to eight times more likely to declare bankruptcy in comparison to people with no inquiries. While inquiries can help assess risk, they play a minor part in doing so. How an individual pays bills and his overall debt burden as shown on your credit report is much more influential.
Performing a credit check through a credit report can help improve the chances of getting a job or a loan. Credit reports can show an individual what their credit score is and how it can be improved as opposed to jut a number.
Under the Fair Credit Reporting Act along with the Fair & Accurate Credit Transactions Act, everyone is entitled to free credit report annually from the major credit bureaus. This law was created in order to provide individuals with a free copy annually of their credit report upon request, making them more aware of their financial position. Free credit reports can be obtained by providing a name, date of birth, address, and social security number. 

Fix Credit Scores

Fix Credit Scores

How to Fix Credit Scores


There is no way to quickly fix credit scores since the process takes time to be successful. The best way to fix credit scores is to take care of it in a responsible way steadily over time in order or to repair credit history. Here are some tips for accomplishing that.
Fix Credit Scores: First Steps
• Check a credit report: Free copies can be requested and will provide information used to calculate a credit score. There can be potential errors such as incorrect late payments or amounts owed. Any errors should be disputed and corrected through the credit bureau as well as the reporting agency.
• Setting up payment reminders in order to prevent late payments, which can have a very harmful effect to a credit score. Banks will often provide this service through the online banking sections of their websites. Automatic payments are another possible way to avoid late payments.
• Reduce owed debt by reducing credit card use, and having more effective payment plans.

Fix Credit Scores: Long Term Solutions
• If there are no credit cards associated to an individual, a credit card can help to help show regular payments.
• Showing payments to installment loans such as auto loans, personal loans, mortgages, or student loans can help fix credit scores.
• Paying off credit cards and other revolving credit lines is also an extremely effective way to fix credit scores. It is best to show large gaps credit available and credit used. Typically it is ideal to stay below 30%. Two effective ways of paying off or down credit cards are by either paying the cards with the highest interest rates or those that are closest to their limits.
• Instead of accumulating large balances on credit cards, using less than 30% or especially less than 10%. Balances are reported to credit unions so they should be kept as low as possible.
• Verify limits to be sure the lender is not showing a lower limit. If a lender is doing this, the lender can update this information quickly upon request.
• Keep older cards to maintain an older credit history, but make sure to use them occasionally otherwise the issuer may stop sending updates to credit bureaus, lessening its weight on a credit report.
• If there is just one late payment, a lender may be willing to overlook and erase it from the record. Any requests must be made in writing.
Fix Credit Scores: Avoid these Mistakes
• Don’t lower credit limits because it will lower the gap between available credit and balances, which can lower a credit score.
• Avoid any late payments since they hurt good scores even harder than bad ones. They are not as damaging to an already bad score, but they should still be avoided.
• Consolidating accounts may lead to a big balance on one account as opposed to smaller balances on multiple accounts, which can hurt credit scores.

Credit Fixes

Credit Fixes

Helpful Credit Fixes


In order to do a credit fix, it is important to know how to avoid some scams and claims. Many companies will claim to be able to remove judgments, bankruptcies, bad loans, or liens from a credit file. Some companies may even claim to remove bad credit or make a new credit identity. 
According to the Federal trade Commissions, most of these are just scams. Even attorneys from the country’s consumer protection agency have yet to find a legitimate credit fix operation that has followed through on such claims.
Legally, no one is allowed to do a credit fix by removing timely and accurate negative information from a credit report, so it is important not to believe that these credit fixes will really work. The only thing that is allowed is removing negative information that is incomplete or inaccurate.
Here are some credit fixes that will help improve a credit score:
• If the bad information on a credit report is the result from an outstanding debt, work to repay these debts as rapidly as possible. It is ideal to pay off debts that have the highest interest rates before those with lower interest rates.
• If the debts are too overwhelming, a nonprofit credit-counseling organization may be helpful in making a plan to repay debts. A counselor can help consolidate debts and can talk to debtors to try to eliminate or reduce extra finance charges.
• Attempt to maintain a lifestyle that can help with the credit fix. Make sure to make all payments for rent, mortgages, and utilities before they become late, maintain the same job and residence, and keep a savings and checking account. Furthermore, create and follow a budget.
• Punctually paying off monthly credit card balances in order to avoid late fees is an effective credit fix to follow.
• Cut off credit card use to avoid even more debt.
• Setting up payment reminders in order to prevent late payments, which can have a very harmful effect to a credit score. Banks will often provide this service through the online banking sections of their websites. Automatic payments are another possible way to avoid late payments.
• Pay more than just the minimum on the monthly payments.
• Ask for a copy of a credit report and check for any errors. If there are, they should be corrected.
• Avoid large purchases until paying off all the credit card debt.
• Transfer the debt to a lower interest credit card.
• Pay half the minimum twice the month to reduce the monthly average, which will reduce the finance charges that are assessed.
• Close the newest accounts to make the average age of credit history older.

What Does My Credit Card Numbers Mean

What Does My Credit Card Numbers Mean

What is a
Credit Card?

A credit card is a plastic card that enables an
individual to purchase goods, products or services by way of a credit line. The
available credit and the card itself are offered by a financial institution,
such as a bank or credit card company. 

These institutions will offer an
individual (with a satisfactory credit score) a credit card that is accompanied
by various terms and interest rates. The interest rates are based off the
individual’s credit score. Those with higher scores, meaning they are more
likely to meet the terms and repayment schedules in the agreement, will be
awarded with a lower interest rate and vice versa. 

Credit Card Numbers

Credit card numbers are found on the front of the
credit card. These numbers represent the account number of the individual’s
line of credit. Credit card numbers are processed during a transaction, when
the buyer swipes his or her card through a reading machine (the seller can also
process the transaction by copying the credit card numbers and manually
relaying the information). 

The credit card numbers are then passed through an
interchange where a merchant will look up the individual’s credit account. As a
result, the credit card numbers act as the primary indicator to look up an
individual’s credit line. When processed, the credit card numbers will reveal
if the prospective buyer has enough available credit to make the purchase.

Credit card numbers possess an internal structure
and share a common number scheme. Credit card numbers are types of ISO/IEC 7812
bank numbers. They are typically 16 digits in length and consist of a
single-digit Major Industry Identifier. In addition to these codes, credit card
numbers also contain a variable length individual account identifier and a
single check digit that is calculated using an advanced algorithm. 

The first digit of a credit card number is the
Major Industry Identifier. This number represents the category of entity which
issued the card. Different majority industry identifiers represent the
following issuer categories:

0-ISO/TC 68 and various future assignments

1-Signifies an Airline Company

2-Future industry assignments and Airline
companies

3-Travel and entertainment or banking/financial
companies

4-Banking and financial

5-Banking and financial companies

6-Merchandising and banking or financial companies

7-Petroleum and other future industry companies

8-Telecommunications, healthcare and other future
industry assignments

9-National assignment

How to Protect your Credit Card Numbers

Through the advent of the Internet and online
purchasing, the likelihood of fraud and other criminal activity generated from
the unauthorized obtainment of credit card numbers has, unfortunately, risen.
It is the responsibility of each cardholder to ensure that his or her credit
card numbers are kept private and protected.

The first step to protecting your credit card numbers
is signing the back of your credit card. This step, although simple, is an
authentication process that may prevent an individual from using your card. The
signature acts as a security check. 

When the card is used for purchases the
individual must sign the receipt to affirm the transaction. A responsible
seller will check the signature on the receipt with the back of the credit card
to ensure that the individual purchasing the goods is indeed the cardholder. 

Never leave your credit card unattended. An
individual may purchase items (primarily online) solely by entering credit card
numbers, the CV2 code found on the back of the card and the expiration date of
the card. 

When purchasing items online, make sure the
website you are using is secure. Those websites that are not secure may record
or even share your credit card numbers with third parties. Furthermore, never
respond to unsolicited e-mails that ask for your credit card numbers.

If you lose or have your card stolen, you must
immediately report the incident to your issuing financial institution. 

Getting A Good Credit Score

Getting A Good Credit Score

A credit score is a three digit number that symbolizes a consumer’s ability to repay or satisfy loan/credit payments. The credit score is the figure used by lenders to gauge a consumer or prospective borrower’s risk. 
An individual’s credit score is calculated based on their credit history, amount of available credit, amount of hard inquiries (consumer’s attempts to open lines of credit), the types of accounts open and a debt to credit ratio. 
A consumer who satisfies their loan agreements (pays bills on time and has a low debt to credit ratio) will have higher credit scores than those consumers who are habitually late with their payments, have high debt to credit ratios or have a history of defaults. 
A credit score is the fundamental calculation used by a lender (bank, Credit Card Company, Mortgage Company, auto seller etc.) to gauge a consumer’s ability and willingness to repay their loans. As a result, an individual’s credit score will serve as the qualifying test to secure a line of credit; a lender will not offer financing to an individual with a poor credit score, or will do so with unfavorable variables (interest rates, repayment timeframe etc.) attached. 
In the United States, average credit score is 678. This figure is derived from the three credit reporting agencies (Experian, TransUnion and Equifax) in the country. To calculate a credit score, these agencies will take payment reports—sent by lenders—to elucidate a consumer’s specific repayment plan. The table below will list credit scores and the generic characteristics attached to each:
A Credit Score Above 800 is an excellent score; these individual will qualify for the interest rate and loan terms
A Credit Score between 730-799 suggests solid credit management; the individual will likely be approved of loans or lines of credit with favorable interest rates
A Credit Score between 680-729 is regarded as a good credit score; these individuals will qualify for most loans/lines of credit with good interest rates.
A Credit Score between 620-679 is regarded as an average credit score; these individuals may qualify for loans or lines of credit, but the interest attached will be high
A Credit Score between 500-619 is considered a bad credit score; these individuals will have a tough time securing a loan or line of credit. If credit is extended, the terms attached will be unfavorable.
A Credit Score below 499 represents severe risk; these individuals will be rejected for lines of credit or loans—if accepted the attached interest rates will be exorbitant. 

The Future of Credit Cards

The Future of Credit Cards

If you have recently traveled abroad, specifically to Europe, you may have noticed a new kind of credit card terminal at checkout counters. These innovations combine the traditional magnetic strip reader with two sensors: a pad for “tap and go payments” and a slot for cards with uncovered EMV chips. 
Since the early 90’s EMV (acronym is derived from the trio (Visa, MasterCard and EuroPay) of processing networks that vaulted the technology’s development) has transformed into the global standard for the majority of credit card and debit card transactions—the United States remains the chief holdout. 
The traditional credit card used in the United States utilizes a magnetic strip on the back that contains an encoded version of the cardholder’s account number. The cards are read by swiping the magnetic strip through a reader. By contrast, the EMV technology reads the information from the card’s micro-chip, which is embedded inside of the card. Instead of raw account numbers, the microchip provides validation codes. 
With EMV standards, it is not necessary to physically swipe the card; instead, the purchaser will simply tap or wave their card near a payment pad. The payment pad will then transmit a radio signal that activates the chip. 

Merchant Services Lawyer

Merchant Services Lawyer

Merchant Services Lawyer


The need for merchant services lawyers has increased dramatically with the growth of consumer credit cards and ecommerce arrangements.  Merchant services process payments made to the merchant and facilitate the payment of the merchant.  In serving as the medium between the parties, fraud by the merchant services processing payment can cause significant damages to the merchant, both in terms of reputation as well as operating costs.  In the event of extraordinarily high service fees or withholding of payments to the merchant, merchant services lawyers can assist merchants in seeking damages against fraudulent or exploitive merchant services companies.

In what ways can merchant services companies defraud clients?
If the merchant services company begins to charge nonconsensual fees or misuses your personal information, you will be able to recover those fees as damages.  The worst merchant services companies involve other third parties that charge their own fees.  Small businesses that have developed relationships with merchant services companies to accept credit cards at their establishment, only to be defrauded through breach of contract can use the merchant service lawyer to force the merchant services to cancel its fees and repay the client the money withdrawn through misuse of personal information or exploitive billing.  Misuse of personal information can be as severe as forging the signature of clients or taking money from the client’s bank account without notice.  These violations may include a criminal component, if the merchant services company can be brought into an American courtroom.  Application fraud is the use of personal information to open up an account.  Some fraudulent merchant services will also do this for the purposes of billing, usually without the knowledge of the client.

Preparing to meet with the lawyer
When meeting with a merchant services lawyer, bring all agreements, electronic or otherwise, made with the merchant service companies.  Breach of these agreements is the easiest way to win damages against these companies.  These breaches may include raising fees above the agreement threshold without proper notice, processing payments slowly or failing to pay the business the money owed to them in its entirety.  


What are issues that the merchant services lawyer may have to deal with?
Many of the most exploitive merchant services are located offshore, beyond the reach of US jurisdiction and regulations.  As a result, the merchant services lawyer may have a difficult time of finding whom to file damages against and brining the violators to court.  In these cases, the lawyer may file a petition with the Federal Trade Commission to take action against the violator and prevent them from doing further business in the United States.  The merchant services lawyer is your best chance at understanding your legal options in the event of merchant services fraud.

What are indications of fraud?
Fraud is usually easy to detect as long as the client constantly checks statements and billing from the merchant services company.  Be aware of confusing or vague fees and account for all of the money owned by the merchant services.  In case of discrepancies, contact the merchant services for resolution and failing that, contact a merchant services lawyer to files suit.

Couple Arrested For Trafficking Credit Cards

Couple Arrested For Trafficking Credit Cards

In Tarpon Spring, Florida a Port Richey couple has been accused of stealing approximately 8,000 credit card numbers. Jail records show 30-year-old Angel Toland and 23-year-old Gary Blair were being detained Thursday at Pinellas County Jail on $5,000 bonds—it is not known if either will hire an attorney for their credit card trafficking charges.
A sheriff’s office report claims the pair attempted to sell undercover officers the credit card numbers and personal information of approximately 200 people for $1,500. Subsequent investigations revleaed the couple had roughly 8,000 credit card numbers—the information was secured on lead sheets from a telemarketing agency. 
 Detectives say the suspects may have stolen the paperwork when they helped the company with an office move; once the investigation concludes, the lead sheets will be destroyed. 

Discover the Workings of Credit Card Processing

Discover the Workings of Credit Card ProcessingWhat is a Credit Card?

A credit card is an alternative payment method to
cash, which enables a consumer to purchase goods or services on credit. Credit
cards are issued by financial institutions to those individuals who they deem
as fit or credit-worthy. The ability to obtain a credit card and the subsequent
rates or fees attached to the issuance is based primarily on an individual’s
credit history and score. 



The lower the score, the lower chance to receive a
credit card. If a financial institution grants a card to an individual with a
low score, it will invariably be met with high interest rates and complicated
terms. 

The interest rates and fees attached to the
issuance are dependent on the individual’s expected ability to repay their
borrowed funds. When an individual purchases goods on a credit card they are
required to reimburse the issuing company the amount spent. If the full balance
is not paid each month the interest is applied and carried over to the
following billing period. 

How does Retail Credit Card Processing Work?

When an individual purchases a good or service
from a retail store with a credit card, they simply slide the card into a
machine. Each credit card is equipped with a magnetic strip on the back. When
sliding a credit card through the machine, the magnetic strip will relay the cardholder’s
information to the retail outlet’s point-of-sale system. This step of credit
card processing enables the cashier to integrate the individual’s information
into their transaction. 

In addition to using a machine to initiate the
credit card processing through the magnetic strip, an employee at the retailer
can also type the card information (the credit card number on the front of the
card) into their point-of-sale system. This form of credit card processing is
utilized for online purchases or for those transactions that do not involve a
card reader. 

All retailers that initiate credit card processing
must sign up for a service that is linked with a merchant provider. Seller
transaction credit card processing systems send captured credit card data,
along with the data linked to the transaction, directly to the merchant account
provider. 


The merchant account provider then routes the information to a credit
card network interchange. This intermediary then connects banks and credit card
providers together to finalize the transaction. 

Network Interchange involved in Credit Card
Processing


The merchant account must first route the
information through the network interchange to the holder’s institution. The
institution then checks the card’s balance against the transaction amount and
either authorizes or denies the payment. 



The next step in credit card
processing involves the credit card provider routing the information back to
the merchant account. When the information is relayed, the transaction will
either be rejected or finalized. In full, credit card processing takes as
little as two or three seconds. 

Once the authorization for approval or denial of
payment has been received, the merchant notifies the seller of the result, who
then will notify the buyer. If the transaction involved in the credit card
processing is authorized, the merchant account provider sends the transaction
information back through the network interchange to the seller, who then
requests the funds to be transferred from the buyer’s credit card provider. 

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