Information Center – News and Articles about Credit Cards
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Compare Credit Cards and Beware of Identity Theft
It may seem incredible but one of the most widely-spread financial crimes nowadays is identity theft. Every year a lot of Americans become subject to ID fraud. The cost of it is really large, and credit consumers lose a pretty penny because of it. In spite of the fact that the majority of credit card companies devise a lot of security programs and apply up-to-date methods for ID protection, they do not always work to credit card users' advantage. The well-known fraud alert system hasn't yet become a remedy against identity theft. However, there's another way to protect your credit card from ID theft and that is freezing your credit report.
With a credit freeze, access to your personal information becomes nearly impossible. Your credit report freeze stands as a lock, i.e. the possibility of ID theft is reduced to zero. This method is considered to be a very effective for your credit card protection. But still, it has some points to argue about.
Some years ago the credit freeze was not so frequently used for credit card protection. The reason is that not all USA states passed the credit-freeze law. The latest news is that this law adoption is on the way and all US cardholders will have a good chance to take advantage of this law. The stumbling block is only the date of the law passing.
Another point is the cost of this service. For those who haven't fallen victim to ID fraud, the fee will be about $10, and for the ID theft victims it will be free. But the matter is that each state will fix its own fee, and you will have to find it out. It's also important to mention that in some states there is an offer to remove this option for a certain fee. As usual it's about $8.
Nevertheless the credit report freeze remains the matter of dispute of credit card companies and bureaus. They think that a credit freeze will bring inconvenience to customers in making their credit card deals. The main reason is that the credit-freeze law allows you to unlock your credit report but it will take three days.
Meanwhile, you are most likely to miss beneficial credit card offers, a car purchase with enticing terms or a mortgage. In this relation, credit card experts admit that this service becomes available mainly for self-sufficient consumers, who will not wait for credit card offers with tempting terms. Or for seniors, who are not afraid of identity theft and whose credit needs are low.
Thus, if you are willing to establish a good credit history and get the best credit deals, the credit freeze option will not suit you. But if you give preference to security, it will be the best tool. So, it's up to you to decide whether you need ID protection or best credit card deals. Carefully weigh all pros and cons and choose the most suitable variant for you.
If you have something to say, please leave your comments below.
Articles about credit cards
The subject of credit card use by young adults is much talked about online and offline, in magazine and internet articles. There are supporters and opponents of issuing plastics to young people among credit consumers and financial experts. However, many of those hair-raising tales about graduates that collect enormous debts are just boogieman stories. The statistics shows that young people became more reasonable in credit card management and most of them do not have loads of debts.
A recent opinion poll conducted among college students revealed that 92% of young adults realize that damage credit history and low credit score could have a negative effect on their future financial standing and cause problems with qualifying for loans.
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Financial crisis, mortgage and credit crisis, real estate crisis, what other crises do US citizens have to suffer from? It is just some epidemic of crises! Talking about epidemic, health insurance crisis is another hardship Americans are going through. Medical services take a bite out of your wallet. This year, according to recent surveys, Americans healthcare expenses exceed last year's medical spending by nearly $1,500.
The thing is that insurance companies have significantly raised healthcare insurance costs for customers. Many people just cannot afford paying for medical insurance. The government understands that many citizens' financial standing has shattered due to the economy recession. And the authorities do not stay indifferent to people's problems. They try to find an alternative solution.
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Have you ever noticed that all credit cards in circulation look the same except the color and picture on the front? The common features are size, shape, the magnetic stripe, the signature stripe, hologram and the number emblazoned across the front. Many people are so used to the standard credit card design that they don't pay attention to these physical characteristics. If you want to know why all plastics from different American issuers share the same structural features, read our article. We will tell you 10 interesting facts that cover their technology.
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05:13 AM, November 14, 2007, hassal j.
interesting, are there any opportunities of keeping good credit history along with security? have you people ever thought about that? maybe someone's gonna tell us?