VLXVX: Vanguard Target Retirement 2065 Fund – Reviews

May 23, 2021 Posted By: growth-rapidly Tag: 401k

VLXVX refers to the Vanguard Target Retirement 2065 Fund. The VLXVX is one of the best Vanguard retirement funds. It is designed for investors who plan to retire or leave the workforce in 2065, which is the target year. Also, the fund invests more aggressively in the beginning. As it approaches the target date, i.e. 2065, it becomes more conservative. That is, it allocates its assets in more bonds and other low risk securities as opposed to stocks. The fund provides investors exposure to low-cost, broadly diversified mutual and index funds.

If you’re planning to retire in or within a few years of 2065, then you should consider the Vanguard Target Retirement 2065 Fund (VLXVX).

VLXVX: an overview

The Vanguard Target Retirement 2065 Fund (VLXVX) is designed for those investors who plan on retiring in the year of 2065. The fund invests in other Vanguard mutual funds (see below) and provides a broad diversification. Its asset allocation is more aggressive in the beginning and becomes more conservative over time. That means as the fund approaches 2065, the percentage of assets allocated to bonds and other less risky securities will increase while the percentage of assets allocated to stocks will decrease.

VLXVX: Asset Allocation

The Vanguard Target Retirement 2065 Fund is composed (as of 4/30/2021) of the following Vanguard funds: the Vanguard Total Stock Market Index Fund Investor shares (54.60%); Vanguard Total International Stock Index Fund Investor Shares (35.70%); Vanguard Total Bond Market II Index Fund Investor Shares (7.10%); the Vanguard Total International Bond Index Fund Investor Shares (2.40%); and the Vanguard Total International Bond II Index Fund (0.20%).

Moreover, the VLXVX invests in domestic stocks (54.19%); foreign stocks (35.84%); and preferred stocks (0.01%). Moreover, the fund invests in domestic bonds (6.60%); convertibles (0.08%); foreign bond (2.98%); cash (0.27%) and others (0.03%).

VLXVX: Sector Composition

The VLXVX invests in technology (18.6%), financial services (15.60%), consumer cyclical (12.18%), healthcare (11.83%), industrials (11.10%), communication services (9.12%), consumer defense (6.73%), basic materials (4.81%), real estate (3.57%), energy (3.34%) and utilities (2.75%).

VLXVX: Fees, Minimums, Price & Performance

The VLXVX has a reasonable expense ratio of 0.15% and an initial minimum investment of $1,000, making it one of the best Vanguard retirement funds. A $10,000 invested in this fund has a $267 fees over 10 years. In addition to that fee, Vanguard charges a $20 annual account service fee if you have a balance of less than $10,000 in the account. As for performance, this fund has returned 51.66% over the past year and 12.02% percent over the past three years. The price for one share is $29.87 as of May 21, 2021.

VLXVX: Risks

This Vanguard retirement fund invests in stocks, bonds and other securities domestically and internationally. Therefore, they are subject to risk that comes with investing in high yield, small cap and other US and foreign securities. So, you should be able to stomach the risks that come from the volatility of the market. However, the risk associated with the Vanguard Target Retirement 2065 Fund is Average comparing to other Vanguard funds. You should consider investing in this Vanguard retirement fund if you’re planning to retire between 2063 to 2067.

In conclusion, the VLXVX is open to new investors. It has a YTD return of 8.5%, a 3-year annualized return of 13.3%. Its net asset is $1.33 billions. The target date is 2065. The expense ratio is 0.15% and the minimum investment is a reasonable $1000, making it one of the best Vanguard retirement funds out there. Moreover, the Vanguard Target Retirement 2065 Fund invests in stocks, bonds, cash, convertible bonds, preferred stocks and other investments. If you are a long term investor, meaning that you don’t plan to retire soon, you should fare well in the VLXVX fund.

Returns

1 Month +3.86% VLXVX
3 Months +8.9% VLXVX
Year to Date +8.58% VLXVX
1 Year +42.97% VLXVX
3 Year +13.27% VLXVX
Returns as of May 21, 2021

Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

Source: growthrapidly.com

Credit card chips can fall Out—and into the wrong hands

rebuilding credit

Protecting your personal information is important to protecting and repairing your credit. Security risks are everywhere, including your wallet. By now, you probably now have a credit or debit card that uses a chip. Those chips, however, can fall out of the plastic card. An intact chip could be placed onto another card, allowing an unauthorized person to access the account or personal information. Consumers should be aware of this issue to protect their security and identity.

When it comes to security, losing a credit card chip is equivalent to losing the entire card itself. Glue holds the chip in place, and normal wear and tear can loosen the adhesive. In an extreme scenario, a thief could remove a card’s chip and replace it with a dummy chip. With the stolen chip, a thief could make purchases without raising suspicion. Recovering from credit card theft is a time consuming process. Depending on the extent of the damage, the effects could have a long-term impact on your credit, especially if an account becomes delinquent.

Tips to Protect Yourself

Security risks always exist, but you can take measures to protect yourself. Bankrate compiled five easy techniques for consumers to protect their accounts and information:

  • Set up mobile banking alerts for your phone from your financial institution. You can discover unusual activity as quickly as possible.
  • Regularly monitor your accounts online. Being familiar with your activity can help identify fraudulent transactions faster.
  • Avoid public computers. Do not log on to your email if your bank corresponds with you there. Set up a separate email account just for your finances and checking it from safe locations.
  • Avoid doing business with unfamiliar online companies. Stick to established merchants and websites.
  • If your information has been compromised, notify your financial institutions and local law enforcement. Remember to notify any of the three credit bureaus—Experian, Equifax and TransUnion—to place a fraud alert on your credit reports.

Lexington Law can help you monitor and repair your credit. You can learn more here, and carry on the conversation on our social media platforms. Like and follow us on Facebook and leave us a tweet on Twitter.

Sources

http://abcnews.go.com/US/chips-potentially-fall-chip-credit-cards-leaving-consumers/story?id=49103435

http://abc7chicago.com/finance/credit-card-chips-can-fall-out-posing-a-security-risk/2284510/

Chip in credit cards can fall out, be removed and stolen

https://www.bankrate.com/finance/credit-cards/5-ways-theives-steal-credit-card-data/

Source: lexingtonlaw.com

4 Credit Cards With Great Security Features

[UPDATE: Some offers mentioned below have expired and/or are no longer available on our site. You can view the current offers from our partners in our credit card marketplace. DISCLOSURE: Cards from our partners are mentioned below.]

Thieves lurk in the physical and virtual world, looking for ways to access your credit card number or commit identity theft. Whether you shop online or in brick-and-mortar stores, it’s wise to take steps to protect yourself against fraud.

Credit card companies have many tools to help combat credit card fraud, and sometimes offer additional security features to protect against identity theft.

Here are four credit cards with great security features.

1. Discover it Cash Back

Rewards: 5% cash back on up to $1,500 in quarterly rotating categories like gas stations or restaurants, 1% cash back on everything else

  • I just watched a documentary on the dark web, and I will never feel safe using my credit card again!

  • 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.

Signup Bonus: Discover will match the cash back you earn in the first year.

Annual Fee:

Annual Percentage Rate (APR): , then

Why We Picked It: Discover’s Freeze it feature gives you peace of mind if you’ve lost track of your card.

Security Features: With Freeze it, cardholders can freeze their card within seconds using Discover’s website or mobile app. This way, if you can’t locate your card, you can freeze it and look around before reporting it lost or stolen. If your card is misplaced, Discover offers free overnight card replacement. Cardholders also won’t be held liable for any unauthorized purchases.

Drawbacks: To maximize cash back, you’ll have to do the work of activating and tracking rotating purchase categories.

2. Blue Cash Everyday from American Express

Rewards: 3% cash back on up to $6,000 spent at supermarkets, 2% cash back at gas stations and select department stores, 1% cash back on everything else

Welcome Offer: $150 statement credit after spending $1,000 in the first three months of card membership

Annual Fee:
$0

APR: 0% for 15 months on purchases , then 13.99%-23.99% Variable
See Rates and Fees

Why We Picked It: Cardholders can control available spending for authorized users.

Security Features: If you have multiple cards for authorized users on your account, you can set a spending limit for each card’s billing period. That way, your authorized user (or a conniving friend) can’t rack up a huge balance. American Express won’t hold you accountable for any unauthorized charges.

Drawbacks: If you don’t spend a lot at supermarkets or gas stations, you may want to look for another cash back card.

3. Citi ThankYou Preferred

Rewards: Two points per dollar spent on dining and entertainment, one point per dollar spent on everything else

Signup Bonus: 15,000 bonus points when you spend $1,000 in the first three months

Annual Fee: $0

APR: 0% for 15 months on purchases and balance transfers and then 15.24% – 25.24% (Variable) ongoing APR.

Why We Picked It: Citi has an impressive range of security features that help you fight fraud and identity theft. (Full Disclosure: Citibank advertises on Credit.com, but that results in no preferential editorial treatment.)

Security Features: If your credit card is lost or stolen, Citi will send you a new card for free and provide an emergency cash advance. To protect you online, Citi can issue temporary credit card numbers for secure online purchases. Finally, if you become the victim of identity theft, a Citi specialist will help you contact TransUnion to put a fraud alert on your credit reports and help you complete a police report. Cardholders aren’t held liable for any unauthorized purchase.

Drawbacks: If you use your credit card for “meat and potatoes” spending and rarely use it on a night out, this card won’t deliver as much value.

4. Bank Americard Credit Card

Rewards: None

Signup Bonus: None

Annual Fee: None

APR: 0% intro rate for 15 months, then variable 12.74% to 22.74%

Why We Picked It: Online shopping is safer with Bank of America’s ShopSafe service.

Security Features: With ShopSafe, you can receive temporary credit card numbers to safely shop online. If abnormal spending patterns are detected, Bank of America will block the card’s use and contact you to discuss potential fraudulent activity. You’ll never be held accountable for unauthorized transactions.

Drawbacks: This is a very basic card without any rewards to speak of.

Choosing a Card With Strong Security Features

Federal law states that you can’t be held accountable for more than $50 in unauthorized purchases if your card is stolen. But cardholders concerned with security should look for card issuers that offer zero liability for unauthorized charges.

To further protect yourself, consider cards that go above and beyond in the realm of security and protect you in areas where you may be particularly vulnerable.

If you frequently shop online, you may want a card that offers temporary credit card numbers for limited time use, which stops digital thieves from gaining access to your real card number. If you tend to misplace things and you’re scared of losing your card, you may want a card that lets you easily freeze all activity.

Of course, if your only credit card requirement is security, you should pick a card with the most enhanced protections. But if you also want a card that rewards spending with points or cash back, you’ll want to consider your spending habits and how a card can reward your purchasing behavior.

What Is Required to Get a Card With Security Protections?

Any legitimate credit card should have some security features. Cards with strong security could be available for consumers with credit ranging from poor to excellent. No matter what card you choose, you should know your credit score ahead of time to gauge your chances of approval. Before you apply, you can check two of your credit scores for free at Credit.com.

At publishing time, the Discover it, Blue Cash Everyday from American Express and Citi ThankYou Preferred credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

Image: kali9

Source: credit.com

Top 3 Scams to Avoid This Holiday Season

Holiday Scams

‘Tis the season — the season for scams.

With more holiday shopping taking place online each year, more online scams are popping up than ever before.

Victims of online scams are at risk of fraud, identity theft, and serious harm to their credit. The FBI reported that total loss from cybercrime in 2016 exceeded $1.3 billion.

That’s why each year, everyone from the FBI to politicians to the Better Business Bureau issues warnings for consumers be on high alert for such scams.

Here are some of the most common ones to avoid this holiday season:

  1. Email and social media scams

You’re probably getting bombarded by marketing emails right now, but be careful what you click. Scam emails may well sneak into the bunch. Some emails will try to direct you back to scammy websites, which could then try to trick you into buying fake products from them in order to give up your banking information.

Another common email scam involves scammers masquerading as a tracking service like UPS or FedEx. They send you phony information about your “recent orders” and ask you to download an attachment or click a phishing link. These could contain malware that scammers use hack into your personal data.

If you’re unsure if a tracking email is a scam, call the company’s customer service line — but only use the number located on its actual website, not one you found in the email.

Also, be cautious of social media promotions or contests. Scammers will sometimes use this method to get you to fill in fake surveys, and then steal your personal information.

  1. Fake charities

Charitable donations tend to spike around the holidays each year. Unfortunately, so do the scams looking to take advantage of the spirit of giving. Fake charities are so common that they regularly appear on the IRS’s annual list of “Dirty Dozen” scams.

Fake charities often design themselves after legitimate organizations, using similar names and page layouts to fool you. You can check if an organization is legitimate on the IRS website. Don’t give out personal information to anyone claiming to represent a charity and solicit donations. And when you do make donations, use a credit card or check rather than cash or wire transfer. They’re easier to recover if the charity ends up being bogus.

  1. Scam job postings

Our spending tends to increase over the holidays, so the idea of making a little extra pocket money may be appealing. But be cautious. Some seasonal employment is completely legitimate, but some postings are created by scam artists who are also trying to get a little extra pocket money — yours.

If a prospective “employer” expects you to spend any cash up front, whether on job training, a start-up kit, or your own inventory — beware. Jobs are supposed to pay you, not the other way around.

If you do become the victim of identity theft or fraud as a result of scammers this holiday season, and your credit takes a hit as a result, Lexington Law can help you with credit disputes and credit restoration. Contact us today to find out how we can help.

Carry on the conversation on our social media platforms. Like and follow us on Facebook and leave us a tweet on Twitter.

Source: lexingtonlaw.com

The LifeLock Security Risk and Why You Should Care

LifeLock Security Risk

In an age where data breaches are common, another company’s data has been exposed. It may come as a shock, but Lifelock, the company that millions of consumers turn to in order to protect their identities, has holes in its security that could potentially lead to more phishing scams and identity theft.

Lifelock’s site security hasn’t updated since 2015, which is a huge issue since technology is always changing making it easy for hackers to access sensitive information such as millions of users’ email addresses.

The holes in Lifelock’s security were discovered by security expert and blogger Brian Krebs. He found a vulnerability on the site that allows anyone to index millions of customer accounts on their web browsers when they unsubscribe from Lifelock’s marketing emails. This makes users vulnerable to any identity thieves out there who might be looking for easy prey. This is a huge disappointment for consumers, who seem to be facing the never-ending nightmare of the potential for identity theft.

Aside from causing headaches and costing lots of money, identity theft can destroy your credit. So where do you turn to for help when you trust a company to protect your sensitive information and they fail you? Luckily, there are trustworthy companies out there that can help you who haven’t been breached, and do everything they can to protect your sensitive information.

Who Can I Trust to Protect My Sensitive Information?

Lexington Law Firm offers credit repair services, but we also offer identity theft protection services. And we make every effort to protect our users’ data, because we understand how important it is. Lexington Law Firm is PCI-DSS and EI3PA compliant. PCI-DSS means that we are constantly maintaining and building a secure network, protecting card-holder data, maintaining a Vulnerability Management Program, implementing Strong Access Control Measures, monitoring and testing networks, and maintaining an Information Security Policy.

The EI3PA is Experian’s Independent Third Party Assessment. This means that we use Multi-Factor Authentication and run vulnerability scans on a quarterly basis, keeping us updated on any new security risks. This means that our users’ data is always secure. The EI3PA is performed by a third-party PCI Qualified Security Assessor. We work with theses third parties to make sure everything is secure.

Lexington Law Firm also has firewalls, intrusion detection/prevention systems, file integrity monitoring, and physical access controls. Plus, we encrypt all sensitive client data. Lexington Law will never sell your sensitive data to any other companies and takes users’ security very seriously. Lexington Law will not ask for any sensitive information via text message or email either.

How Else Can Lexington Law Help Me?

On top of all of that, our credit repair services have helped consumers that have already been affected by identity theft. We have a dedicated team of attorneys and paralegals that will fight for your right to a fair and accurate credit report. We’ve seen removals of negative information on credit reports that was a result of identity theft.

Our clients are also covered under an identity theft insurance policy for as long as they use our services. Not only that, but some of our products include credit monitoring and protection, as well as identity theft restoration. These products allow users to receive alerts anytime there are changes to their accounts – including those that don’t show up on credit reports, such as checking accounts and savings accounts. If you’re looking for a company you can trust to protect your sensitive information, or are in need of credit repair from identity theft, call us today for your free credit consultation.

How Can I Protect My Identity?

Although the experts at Lexington Law are happy to help you with protecting your identity, there are steps that you can also take to protect yourself as well. Here are some precautions you can take:

  • Change your passwords. The longer and more complex the better.
  • Check your credit reports regularly. Doing so will allow you to keep track of what accounts you have and will help you spot fraudulent ones.
  • Keep important documents such as your social security card someplace safe.

Be careful who you provide sensitive information to – if you’re not sure who you’re speaking with, either find a brick and mortar location you can go to or find the correct phone number for the company you’re speaking with on the BBB’s website to call back

Source: lexingtonlaw.com

How to Protect Yourself from Identity Theft

Protecting Against Identity TheftYou can’t ignore the dangers of identity theft in the digital age. Online management of financial resources has made consumers more vulnerable to hackers and imposters. According to a statement by the Insurance Information Institute, 16.7 million cases of identity theft were reported in 2017. These numbers are not going to decrease any time soon. 30% of US consumers experienced a data breach last year. The US government and consumers should work together to curb the rising crime of identity theft.

What is Modern Day ID Theft?

A data breach or identity theft is an illegal attempt to use someone else’s credentials for fraudulent activities. The US government recognizes identity theft as a Federal crime. Anyone found guilty of identity theft in the US could face jail time of 1-7 years. Identity theft has become a grave concern for consumers. The Consumer Sentinel Network maintains a record of consumer fraud and identity theft in the US. According to them, they received 3 million complaints in 2018 related to identity theft and fraud.

How does Identity Theft Work?

Thieves steal personal data from consumers through various tricks. These tricks range from acquiring bank statements from the mailbox to hacking and online scams. This information gives the thieves access to financial and social accounts of the victims. They use the compromised credentials to gain access to financial accounts.

What is The Use of Stolen Identities

Theives have the intention of using the breached information for fraudulent activities. Imposters use compromised data in the following events.

  • Opening of new financial accounts
  • Getting access to the existing financial accounts
  • Insurance fraud
  • Online shopping from victim’s account
  • Selling victim’s information in the Black Net
  • Using the victim’s identity in criminal activities

Protection from Identity Theft

Identity theft brings a string of interconnected losses and disappointments for victims and their families. It is better to take preventative measures beforehand to protect your data from identity thieves. Identity protection aims to add a series of complicated steps in getting personal information. Remember that identity thieves alway seek easy targets. Anything that does not play by their rules discourages them. You can strategically protect your data by taking these steps.

Use Strong and Different Passwords

Unprotected houses are always robbed first of their valuable items. Similarly, a computer or financial accounts without a strong password attracts identity thieves. A survey report by Experian states that 50% of total US citizens do not add password protection to their digital devices. Lack of password protection makes people an easy target for identity theft.

Moreover, do not make the mistake of using a single password for all of your social and financial accounts. Imposters are going to try their luck on each of your accounts. That is why using different passwords ensures safety to your accounts.

Maintain a Record of Your Financial Activities

Your bank accounts and e-wallets contain your wealth; leaving their activities unrecorded is not a wise move. It is a little difficult for anyone to remember all of their transactions. However, maintaining a record is essential for the protection of your data, and it doesn’t take a lot of time if maintained regularly.

Identity thieves do not make big moves initially. They make gradual advances to take over your financial accounts. A single suspicious transaction can give you a clue of possible theft of your identity.

Avoid Clicking on Malicious Links

Thieves lure their targets by sending them malicious links in emails and text messages.  Breached data gives the hackers control of most of your existing accounts. They can also order new services for them by using your name and money. Never enter your login or bank details to an insecure site. Doing so can make access to your information easy for hackers.

Never Give Away Sensitive Information About Your Financial Accounts On Phone Calls

A call from customer service asking for your PIN Code or social security number is an alarm bell. Nowadays, banks educate consumers to avoid giving login details to anyone on a call. A true representative of your financial institution will never ask sensitive information about your financial accounts.

Thieves seeking information pretend to be part of financial institutions. In the case of getting a suspicious call contact your financial institution and report the suspicious call.

Protect Your Documents with Personal Details

Do not leave hard copies of bank statements and credit card details in your mailbox because ID thieves do not spare your mailbox. For tackling mailbox theft, you can instruct your bank to send soft copies of your bank statements. Moreover, by using the option of particular instructions, you can also fix the delivery time of your documents. In short, never give a chance to the thieves to steal away your information.

Source: creditabsolute.com

How Long Does it Take to Fix Credit After Identity Theft?

Identity theft can be devastating. So you are probably wondering, how long does all of this take to fix? You have worked so hard to keep your credit history perfect and all of the sudden; an identity thief ruins it. The question becomes; how long does it take to fix my credit after identity theft?

Experian, one of the three main credit bureaus, touches on this topic on their blog. They say that fixing your credit after identity theft can take anywhere from a few days to several years to fix. Now, I know that is not necessarily comforting information- but the reason it is so broad is that identity theft can take on a variety of forms!

Truly the time period is based on a number of factors. Knowing which of these situations happened in your particular case of identity theft can help narrow down that broad range of time.

How to Determine How Long it Will Take to Repair Your Credit

Fixing Credit After Identity Theft

Here are a few things that affect how long it will take for your credit to bounce back after identity theft:

  • Did they use your credit and debit cards?
  • Did they use your social security number to open up new accounts?
  • How long did it take you to notice and report the theft?

Were cards compromised in the theft?

Since this is the most common way that thieves can gain access to your funds, it seems to be the easiest to resolve.  It can be way too easy to lose your credit or debit card, and criminals are way too ready to take your money.

You can read more about protecting yourself against credit card theft, and find out how to report it here.

The basics of reporting card theft go like this:

  • Contact the card issuer; you can use the phone number on the back of the card to do this quickly.
  • Contact the credit bureaus (Experian, Transunion, and Equifax).
  • File an identity theft report with the FTC.
  • Protect yourself against future incidents

Fortunately, card theft is much quicker to resolve and takes a shorter time for your credit to bounce back from! Though it can be increasingly tedious to report, the disputes are typically resolved faster than bigger losses like new accounts opened fraudulently. 

Were new accounts opened fraudulently?

If new accounts were opened in your name, then it can take longer to dispute. The process of closing new accounts, and reporting the fraud can be more time consuming than typical card fraud as mentioned above. This is because there is typically a more substantial loss to you and the institution that loaned out the money. Disputing the accounts opened in your name is the best place to start.

You can get an overview of all open accounts, with a free consultation, by contacting Credit Absolute. This will help you make a list of any accounts you don’t recognize and get to disputing. The same process is followed, of course, when reporting identity theft. Dispute it on your credit report, contact the institution that disbursed the loan, and file a report with the FTC.

This is where the longer time frame comes in when discussing repairing credit after identity theft. It can certainly take longer for disputes to be processed if a new account was involved. Be patient, be methodical about your reporting, and your credit will bounce back in time. 

How long did it take to report the theft?

One of the biggest factors that come up again and again when talking about repairing credit after identity theft is the time it takes to report the theft. In other words, how long did the identity thief have access to your information? If you were able to catch it quickly and report it, your credit will be repaired quicker. However, if you did not catch it for a few months, it will take longer to fix your credit.

To wrap things up in a nice little bow, there is no one clear cut time frame that your credit will be completely repaired after identity theft. It can be anywhere from a few days to a few years. But, if you catch it quickly, and the theft amount was lower overall, then you have a much better chance of repairing your credit sooner.

Source: creditabsolute.com

Can Identity Theft Affect Your Credit?

Identity Theft Affects CreditHaving your identity stolen is a scary thought that seems all too common these days. What’s really scary about it is what they may be using your identity for and how it can affect you. If someone steals your identity and rents an apartment under your name and then gets evicted, that could affect your ability to rent in the future. They could use your identity for jobs and not pay taxes or get fired which could hurt your employment record and your standing with the IRS. They could even use your information to run up medical or student loan debt.

There are certainly a number of ways that identity theft can affect you but the most common thing affected is your credit. Identity theft can devastate your credit and significantly lower your credit score. This can have a long-term effect on your financial future.

How Identity Thefts Affects Your Credit

Identity thieves will use your information to take out numerous credit cards. The credit inquiries alone, made each time they attempt to open a new account, could take 10 – 20 points off your score. They will max out each credit card they get approved for and never make payments. The credit inquiries, missed payments, increase in debt, and the poor credit utilization (debt to credit ratio) will all damage your credit score considerably.

These actions could make it impossible for you to ever get approved for credit in the future and affect other aspects of your life. Not to mention, the crippling debt that would all be in your name. Identity theft is no joke. Thankfully there are ways to protect yourself against identity theft and repair the damages if it does happen.

To avoid having your identity stolen, you may want to consider identity theft protection. You should also request a copy of your credit report each year to make sure everything is in order and there’s no suspicious activity. Early detection of identity theft can make all the difference.

Need help repairing your credit following an attack from identity thieves? Call Credit Absolute for credit repair assistance. 

Source: creditabsolute.com

How Do I Remove Identity Theft From My Credit Report?

Removing Identity TheftIdentity theft is something that most of us think about at some point in our lives. Unfortunately, identity theft is something that is way more common than we think. It affects 1 in 3 Americans at some point in their lives.  1 in 3. Those are not great odds, my friend. So, it becomes extremely important to learn what to do if this happens to you.

There are a few simple steps to take once you realize you have been a victim of identity theft. Breaking these steps down into small tasks makes the tragedy of identity theft much more manageable. The biggest thing to do once you realize you have been a victim of identity theft is to remove identity theft from your credit report.

Here are the steps to take to remove it from your credit report once and for all:

  1. File a report with the credit agencies
  2. Alert the police
  3. Dispute fraudulent accounts
  4. Dispute fraudulent transactions
  5. Place a fraud alert/credit freeze 

File a report with the credit agencies:

The biggest step in getting fraudulent transactions removed from your credit report is by telling the credit agencies themselves! The three main credit agencies, Experian, Transunion, and Equifax can all be alerted of identity theft by sending a letter in the mail.

You can get a free sample letter to send to each credit bureau, as well as their contact information right here!

This is great because once reported, you will have a report for your records indicating you were a victim of identity theft. 

Alert the police: 

Letting law enforcement know that you were a victim of identity theft is very important as well. Though it may not result in removing the effects of identity theft off of your credit report it will, again, provide a paper trail of the incident.

Here is some additional information on why it is so important to file a police report when you have been a victim of identity theft.

Dispute fraudulent accounts:

Identity thieves sometimes like to open new accounts in their victim’s names. Yep, they become dissatisfied with the amount they are able to steal and take their criminal acts to the next level.

Once you determine which accounts were opened fraudulently, you can go straight to the banks or creditors and dispute the accounts that were opened fraudulently in your name. Cancel debit or credit cards, and notify the banks of the identity theft on your credit report.

Dispute fraudulent transactions: 

Disputing fraudulent transactions can be a tedious task. Often times, identity thieves run up tons of bills in your name with many different transactions. Be sure to request statements from your bank so you can break down every transaction you do not recognize.

It may be beneficial to get a print out of bank statements and bills and highlight all fraudulent transactions, so you can make sure every transaction gets properly reported.

Place a fraud alert and credit freeze: 

Make sure no one else can attempt to open accounts in your name. A great way to do this is to place a fraud alert and credit freeze on your accounts.

You can place a fraud alert by contacting one of the three main credit bureaus. If you place a fraud alert at one credit bureau, it will by default, alert the other two.

Experian provides some great information on how to place a credit freeze. You can call or send notification by mail to the main credit bureaus. A credit freeze means that no one can complete a credit inquiry without your personalized PIN number.

So, be diligent in reporting the fraud on your credit report, and over time, your credit report will bounce back.

For assistance with credit repair and building your credit score, contact Credit Absolute for a free consultation. 480-478-4304

Source: creditabsolute.com