Demand for credit management and identity theft protection solutions is growing. As the number of identity theft victims continues to rise, Intersections is poised to capture and service this emerging market. Intersections is today protecting over 5 million people from identity theft. The identity theft statistics are alarming:
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Your credit score drops each time you check your credit.
Not true. When you check your credit it is considered a "soft inquiry" and this does not affect your credit score. Only "hard inquiries" from a lender factor in to your credit score.
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Pay your bills on time. This is the single biggest thing you can do to improve your credit. Late payments will affect your score. Depending on how late and how frequently this happens will determine it's affect on your score.
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Never give out your personal financial information like your social security number or credit card number to an unsolicited telephone caller. Be suspicious of telephone callers wanting to know personal financial information to verify an account or "award a prize."
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Check the return mailing address on credit card statements every month-even if you pay on-line, since your bank may not transfer funds electronically. Issuers sometimes change billing addresses. If you use an old address and your payment doesn't reach the issuer by the due date, you will be charged a late fee.
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Web sites that tackle credit card disputes on your behalf charge hefty fees. Sites such as www.disputemycharge.com work on a contingency basis. If they succeed in getting a charge removed from your bill, you may have to pay as much as half the disputed charge.
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The most common, and the most expensive, consumer scams in the US today:
Most victims: Credit scams, according to the Federal Trade Commission.
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Trap: The IRS and Federal Trade Commission (FTC) warn that some credit counseling organizations are using their tax-exempt status to circumvent consumer protection laws and engage in questionable practices, such as excessive fees.
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Freeze your credit cards - literally - if you have been using them too much. Simply put them in a sandwich bag full of water, then put the bag in the freezer. The cards still will be available if needed, but you won't be able to use them for spontaneous purchases because you will have to wait for the ice to thaw.
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Late-payment trap: A single late payment can affect your interest rate on many credit cards- not just the one you paid late. A late payment on any account shows up in your credit report, to which all card issuers have access. All of them may raise your interest rate if you pay a single issuer late just one time.
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If you are a victim of fraud or identity theft, for example, your credit card is stolen or signature is forged on a check, your bank might try to pin the loss on you or cover only a small portion of the loss.
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