Information Center – News and Articles about Credit Cards
Ezpreapproval.com presents the Information Center — a new and improved credit card news service. We will inform you with up-to-date articles on credit cards for good credit, bad or no-credit history. Get information on best credit card deals for student credit cards, cash back credit cards and business credit cards. Learn about the top deals on credit cards with the lowest APR deals and other hot issues.
Some credit card applications are approved at the cost of your child’s identity
When you think that your child is safely lying in bed at night, his identity might be working to credit frauds’ good… Sounds awful but the thing is – a great number of credit card applications has been made and approved of with identity thieves!
It has become intolerably easy for credit fraudsters to apply online for best rewards credit cards, lowest APR, and no fee cards using, would you believe, your child’s Social Security Number!
Yes, identity thieves have switched over from adults to children, using their social security to arrogate their identities and apply for credit through them. And the offence is not uncovered until your child is grown up enough to start his own credit file.
Imagine his astonishment and frustration when he is applying for a student or secured credit card to establish credit and receives a denial as there is a record in his credit report already and it’s utterly damaged and needs repair!
It means that for a number of years, until your child is in the age for a credit card, an identity theft has been using credit in his name to carry out financial transactions and accumulate a sizeable debt. Your innocent child starts out on his own in deep financial trouble which he needs to overcome first to be eligible for a credit card.
What are they – thieves abusing your children’s identity – and what are the most common spheres of action they are involved in? Most often, your child’ social security number is stolen and sold to illegal immigrants attempting to settle down or criminals trying to avoid arrest. The identity is used to apply for credit, open an account or obtain driver’s licenses – the operations affecting a person’s credit in that or another way.
With an individual’s identifying information a thieve fraudulently opens a bank, a credit or utility account, gets a job and pays taxes.
The child’ social security number grants unlimited access to credit and credit helps thieves financially flourish and start a new life. A new life at the cost of your innocent child’s life!
As it is quite natural, that once credit card is obtained, the fraud is never likely to pay its credit card bills, on the contrary he pays with the card, accumulates debt and disappears, leaving a child, a future credit consumer, with credit ruins to repair.
A survey reveals frequent cases when college graduates looking to apply for credit and start credit history (usually 17 or 18 year-old persons) discover that their identities were robbed more than 10 years ago and they are now financially paralyzed by great debt. Under the circumstances young people are just forced to avoid applying for a credit card or a loan as high interest rates will only aggravate the situation.
The only and the best thing for the victims to do in such a situation is to try to get the credit report corrected and social Security number changed.
Meanwhile the number of customers’ complaints is growing. But federal officials are not, unfortunately, getting active as they do not recognize child identity theft as a significant rate crime yet. What officials suggest is that it’s parents who should be primarily concerned. They should constantly check up whether there has appeared information in the child’s name in the credit bureau and what kind of information it is.
What’s more, there is a proposal to give all Social Security Numbers the birth dates which would be kept in repositories without the right to be sold or distributed for other purposes.
Parents and authorities should cooperate in the single aim of protecting our children’s innocence and their future ability to think and act as rightful and solvable citizens of the USA.
By the way you seem to have an awesome website. Some very cool info.
Could you tell me one thing? I used my dads SBI visa credit card to make an online payment and it did not except the card. The bank says the card is fine but its not working online.
What could be the problem? You ever faced such problem.
Pls reply at my email salman1485@gmail.com
Most credit tips say that the sooner you pay off your credit card balance - the less money you will lose on interest. On-time payments will favorably bound back on your credit score and payment history. This kind of advice is what we all are used to hear and read on the Web, in financial magazines, in tips columns. But does this financial behavior model really have a positive effect on your FICO score and credit report?
How can it be questioned, you ask? A perfectly disciplined plastic owner that pays off his or her balance before a lender could say Jack Robinson. Is not it any creditor's dream? No, it is not always so. Let's find out why a lender would want a different behavior model from a borrower and when this kind of paying down debts can weigh heavily against a cardholder.
Read more
There are a number of embarrassing situations that are just a nightmare for cardholder. Feel no wallet in your pocket just before the cash register? See some unauthorized charges in your credit report? Loose you wallet with all your plastics in it? Very soon we are going to have no fear of these things, thanks to amazing technical progress.
Indivos Corp. which majors in computer hardware and software development has been working on an electronic system for making payments over a number of years. The thing about this system is that it enables transactions to be made by scanning customers' fingertips. A number of retailers have already expressed interest in testing the new system.
Read more
Active credit card use is a sign of a society with well-developed market relationships. More and more people get involved in buying goods and services with plastics. Using virtual funds to make real purchases is very convenient. But this extended buying power has led Americans to a dangerous trend. Over 40% of American households, according to the USA Federal Reserve statistics, spend more money than they make.
In the average, every American of these 40% spends $1.2 per every $1 he or she earns. Plastics have changed people's spending habits. These plastic devices allow and encourage people to spend more and more money. Around 18% of all purchases made by Americans involve credit card use. About 24% of the purchases are made with other types of plastics.
Read more
If you are determined to eliminate your credit card debts and you have good credit, getting a balance transfer card is a good idea. You can shift your credit card balances with high interest rate to a card with much lower rate or 0% APR at all. But there is one thing that can reduce your profit from this kind of a deal. It is balance transfer fee.
Most balance transfer cards come with a fee for a transfer. Not long ago you could easily find a plastic for balance transfers with no fee. However, due to the credit card market crisis and economy slowdown, lenders have pulled these deals from the market. And now it is rather hard for a customer to find a balance transfer card that comes with no fee. But there are some ways to negotiate a better balance transfer deal.
Read more