15 Tips to Protect Your Credit While Traveling

It’s finally time to go on that vacation you’ve waited for all year. Whether you’re headed on a relaxing trip or a wild adventure, your credit cards will be the last thing on your mind. While you’re preparing for your big trip, figuring out how to protect credit your cards while traveling should be on your to-do list.

Thieves and credit scams are becoming a bigger threat, and travelers unknowingly open themselves up to risk, such as credit card fraud, all the time. But don’t worry. When you’re prepared, you can enjoy your travel plans stress-free. Here are a few things you can do to protect your credit—and your identity—the next time you hit the road.

Take Just What You Need

This doesn’t just apply to your suitcase—it applies to your wallet, too. There’s no need to bring all of your credit cards with you when you travel. If you do, you’re opening yourself to additional theft or loss potential. Pick two cards while you’re traveling, in case one gets compromised. While you’re out and about during your vacation, try to bring just one card. You can leave the other in a secure place in your hotel room, like the hotel safe.

Credit vs. Debit—Which One to Choose?

There are a few misconceptions about the safety of credit cards verses debit cards. While there’s a common misconception that credit is safer than debit, the reality is that both your credit and debit card offer nearly the same security.

Both credit cards and debit cards offer protection against fraudulent purchases. And if you have either a Mastercard or Visa, you’re in luck—both offer zero fraud liability. So, whether you favor your credit card or debit card, both are great options for traveling. Just make sure to keep an eye on those foreign transaction fees.

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  • Luckily I don’t have to worry about that. I have ExtraCredit, so I get $1,000,000 ID protection and dark web scans.

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  • …we live in Oklahoma.

Keep an Eye on Your Cards

This might sound like a no-brainer, but you’d be surprised how easy it is to leave your cards lying around. Make sure that you’re diligent—don’t leave your wallet unattended while you travel. Try to avoid keeping your wallet in a coat pocket, in a purse or backpack hung over a chair, etc. The last thing you want is to reach for your credit card, only to discover that it was stolen.

Don’t Take a Vacation from Monitoring Card Activity

Just because you’re on vacation, doesn’t mean you can take a break from checking your card activity. Keeping an eye on your activity will help you catch any fraudulent activity right away. Make sure to use good judgment when checking your credit card activity.

If you’re logging into your accounts via public wi-fi, make sure it’s secure, and always log out of your accounts on whatever device you’re using. You can also call your credit card company for a list of recent charges to avoid going online.

Sign Up for Text Alerts

Many credit and debit cards offer text alert options to alert you each time a charge is made, or to alert you of suspicious activity. It might be a good idea to activate this option as an extra layer of safety before you travel.

Keep Your Daily Cash Withdrawals Low

If you’re bringing along a card that has a high daily cash-out limit, consider lowering it. That way, if your card is compromised or stolen while you travel, you will have some control over the amount of cash a thief can drain from your account.

Read Your Receipts

This is a good idea whether you’re traveling or just using your card at home. Never sign a receipt before reviewing the charges. Once a receipt bears your signature it can be difficult to dispute those charges–which could potentially put you at financial risk.

Write Down Important Information

It’s always a good idea to have a plan in place for the worst-case scenario. Writing down the phone numbers and account numbers of your credit cards is a good idea in the event your cards or phone are stolen. Keep the written information in a safe place, such as a deposit box in your room, so that you can still contact your card companies and/or bank to alert them if an issue arises.

If you have a Visa or Mastercard, there’s some good news. They both offer emergency services where cardholders can get cash advances or emergency replacement cards.

Be Alert When Using an ATM

Whenever you hit the ATM on your journey, keep your eyes open. Pick an ATM in a safe, public location and take note of anyone suspicious around you before you make a withdrawal. ATMs that are in a secluded area are easy targets for theft. Savvy thieves can use a credit card skimmer in seconds to obtain your card information and commit fraud.

Ask About Security

Wherever you’re staying, whether it’s in a hotel or an Airbnb, ask the owner or manager how to secure their Wi-Fi and checkout systems are before using them. If they can’t guarantee a secure system, don’t take any chances.

Remember That Money is King

If you’re uncomfortable with the security of an establishment’s payment or checkout systems, using cash is always an option. While it’s not a good idea to carry large amounts of money, paying for meal or outing in cash is a surefire way to safeguard your information and protect your credit from potential identity theft and damage.

Unpack Your Wallet

Many of us keep very important information in our wallets on a daily basis, including social security cards and insurance cards. Consider leaving any card or item at home that is non-essential to your travels. An insurance card, for example, often contains enough identifying information to put you at risk if it’s stolen. And the last thing you’d want is for your Social Security number falling into the wrong hands.

Create a Dedicated Email Address

When you’re planning and booking travel, you’re probably exchanging a ton of emails. Consider creating a dedicated email that no one else knows about or has access to. If someone were to get access to an email account, with all of this information, the potential for damage to your credit could be very high.

Safeguard Your Cell Phone

Cell phones are arguably our most personal possession when it comes to financial and identifying information. We all use apps for a lot of different things, from banking to socializing. If you’re logged into all of your apps on your phone, that information is right at the fingertips of anyone that gets their hands on it. Make sure you have password protection or user ID touch set up to get into your phone and consider logging out of all of your apps.

Stay Off Social Media

Posting your whereabouts and advertising the fact that you’re away from home may open you up to risk. Consider what could happen if someone were to gain access to your home, office, or any other location where you keep personal information. Not only can property theft occur, but identity theft as well—it can take years for your credit to recover. Resist the urge to post that status update or photo, and save your social sharing for when you’re back at home.

If you’re concerned about your credit after traveling, you can check your three credit reports for free once a year. To track your credit more regularly, Credit.com’s credit report card is an easy-to-understand breakdown of your credit report information that uses letter grades—plus you get a free credit score updated every 14 days.

Source: credit.com

How to Protect Your Credit While in the Military

August 25, 2020 &• 7 min read by Credit.com Comments 0 Comments

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Disclaimer

Around a third of active military service members in 2019 said they didn’t pay all their bills on time, and close to that number of military spouses said the same. Military service can require some serious financial planning. But many service members might not realize how joining the military impacts their credit—and how their credit can impact their military career.

Find out more about the
relationship between a military career and credit below. Plus, get some
information about resources that can help military members protect their
credit.

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  • Luckily I don’t have to worry about that. I have ExtraCredit, so I get $1,000,000 ID protection and dark web scans.
  • I need that peace of mind in my life. What else do you get with ExtraCredit?
  • It’s basically everything my credit needs. I get 28 FICO® scores, rent and utility reporting, cash rewards and even a discount to one of the leaders in credit repair.
  • It’s settled; I’m getting ExtraCredit tonight. Totally unrelated, but any suggestions for my new fear of sharks? I watched that documentary too.
  • …we live in Oklahoma.

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How Your Credit Can Impact Your Ability to Join the
Military

No matter which branch of the
military you want to join, you have to meet certain eligibility requirements.
Specific requirements vary by service branch as well as the level of security
needed for the job.

The military does conduct background checks to determine factors such as whether you have a criminal background. A credit check is often included by some branches because the state of your financial situation can help provide a picture about your overall reliability. And if you’re dealing with a great deal of debt or have negative items on your credit report, it could make you vulnerable. Someone in financial distress could be at greater risk of illegal or questionable activity to generate money.

You can be denied military enlistment if you’re in financial trouble, such as if you have a number of collections in your credit history. But it’s actually more likely that poor credit will impact your ability to move up within a military career. That’s because Guideline F of the National Security Adjudicative Guidelines outlines financial considerations that may disqualify you from various levels of security clearance.

Failing to meet those requirements could result in revocation of security clearance. And that could mean losing your job with the military. Any time enlistment depends on a security clearance, the same could be true for simply joining up.

How Joining the Military Affects Your Credit

Joining the military doesn’t
have a direct impact on your credit. You won’t get points on your score because
you’re a service member, for example. However, you might want to pay attention
to your credit because you could be subject to greater financial monitoring
depending on your position and security clearance.

Being in the military can also create some challenges that relate to credit. The National Foundation for Credit Counseling notes some common financial trends and challenges experienced by military members and their families, including:

  • Struggling to pay bills on time. According to NFCC, service member households are more
    likely to pay bills late than other US households. In some cases, this might
    simply be due to challenges associated with managing daily activities, such as
    bills, when you’re deployed or moving from place to place regularly.
  • Putting major decisions on hold. More than 70% of service members or their spouses say they
    put major decisions, including buying a new home, on hold during military
    service.
  • Sticking to a budget.
    More than 50% of active military members and/or their spouses say they don’t
    manage a regular budget.

Protecting Your Credit While You Serve

That doesn’t mean it’s
impossible to maintain a strong credit score while you serve in the military.
In fact, a number of resources are available to help you do just that. Here are
just a few tips for protecting your credit while you’re in the military,
particularly when you’re deployed.

1. Place an Active Duty Alert on Your Credit Reports

An active duty alert is like a fraud alert. It’s a notice on your credit reports that encourages lenders to take extra precautions when approving credit in your name. In some cases, creditors may be required to contact you directly or otherwise verify your identity when approving credit. This makes it harder for someone to pretend to be you and apply for a loan or credit card.

Active duty alerts also remove you from insurance and credit card offers for up to two years. That means that providers can’t do a soft pull on your credit report and send you a preapproved offer in the mail. This reduces the potential for someone to take that preapproved offer and open credit in your name without you knowing about it.

Active duty alerts are free.
You can request one from any of the three major credit bureaus and ask that it
let the other two know to do the same. Active duty alerts last for one year, so
you’ll need to request them annually if desired.

2. Understand Your Rights Under the Servicemembers Civil
Relief Act

The SCRA offers some protection for military members when it comes to civil legal action, including those related to financial matters. Some of the protections under this act include:

  • Rate cap. In some cases, if military members have high-interest debt from before they joined, they may be able to get the interest rates reduced to no more than 6%.
  • Default judgment protection. In civil cases, a default judgment occurs when one person doesn’t show up to a scheduled hearing. If default judgments are allowed, the judge decides in favor of the party that showed up. Due to the nature of their occupation, military members may be protected from default judgments if they aren’t able to make a hearing due to their military service.
  • Repossession and foreclosure. In certain cases, creditors must get court orders to repossess or foreclose on property of an active service member. This typically requires that the military service person took out the loan on the property before enlisting or otherwise going into active duty status.

3. Understand Your Rights Under the Military Lending
Act

The Military Lending Act provides a number of protections for active military members who are seeking credit during their service. Some provisions of the act include:

  • Capping interest, including
    finance charges and fees, on loans to 36% regardless of credit score and other
    factors.
  • Limiting what creditors can ask you to agree to, such as mandatory arbitration clauses and mandatory
    payments from your paycheck.
  • Protection against prepay penalties if you pay the loan back early.

For any
questions about your individual circumstance regarding FCRA or the MLA contact
your military branch’s legal office for guidance.

Credit-Related Perks for Military Members

As a current or former
military service member, you may also have access to perks that help you build
and manage your credit and personal finances. Here are just a few.

NOTE: The CARES Act specifically provides some protections to military personnel and veterans during the COVID-19 coronavirus pandemic. This includes protections for VA-guaranteed loans for those experiencing financial hardships.

Check Your Credit After Deployment

Understanding your rights and
what resources you have available—as well as taking proactive approaches—can
help protect your credit while you’re in the military. But no plan is
foolproof, and mistakes can happen. So, it’s important to check your credit
reports whenever you return from deployment and regularly even when you’re not
deployed.

If you find anything on your credit that isn’t correct, you have a right to challenge it. DIY credit disputing is possible, but it takes more time than active duty military members might have. Consider working with a credit repair firm such as Lexington Law, which has tools to focus verification and challenges for military personnel. Working to challenge inaccurate negative items can help you protect your credit so you can protect your security clearance and your financial future as well.

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Disclosure: Credit.com is owned by Progrexion Holdings Inc. John C Heath, Attorney at Law, PC, d/b/a Lexington Law Firm is an independent law firm that uses Progrexion as a provider of business and administrative services.



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Source: credit.com