Identity theft is fast becoming the most preferred way to take out money from other people's accounts. Identity thieves use your personal identifying information (PII) to steal money. There are various ways in which identity theft can occur. So it's better to use one's credit cards and especially the debit cards cautiously. However, there are ways to recover your credit after identity theft.
The ways to repair credit after identity theft are:
From February 22, 2010, some new credit card rules have come into action. These rules will change the working of the financial or rather the credit card market. Life will become easier as the problems regarding debt and credit will eventually lessen. There has been much agitation from summer, 2009 to introduce new rules on credit cards.
Credit card or plastic money is a card issued to its holder entitling him/her to shop for goods based on the holder’s agreement to pay for the goods and services. It is quite convenient to use credit cards. But before one can opt for any particular credit card, one needs to know how a credit card operates, and compare all the available credit cards.
Taking a credit card for the first time
Credit score is the basis of a person's creditworthiness. Maintaining good credit score is important for getting jobs, loans for various purposes like buying a house, insurances etc. However to repair credit score one should not always go to the credit repair companies. Most of the consumers who have opted for such credit repair offers have ultimately lost a great deal of money with no observable boost in the credit score.
How to avoid credit repair scams
Are you getting into debt? Are you unable to find a way by which you can repay your debts and give a boost to your credit score? Debt arbitration is a good process to get this problem solved. As the name suggests, debt arbitration is done with the help of a third party acting as the arbitrator. It is often helpful for people who are stuck in huge debts and are struggling to be debt free.
What is debt arbitration?
The new credit card rules have been enforced with the aim to relieve consumers from the stress of dealing with sudden rise in interest rates, penalty charges and unscrupulous billing practices of credit card issuers. The reformed rules will help the consumers to manage their credit card bills comfortably and avoid going into default on their accounts. Some of them have already come into effect and close to providing desired results.
Credit card rules that have been implemented
Have you got flooded with unwanted credit cards? Have you found listings in your credit report about which you are not aware of? Are you finding your bank accounts being accessed by someone else other than you? Then it is high time you must realize that, there is a thief around stealing your identity and using it to his benefits. The term ‘identity theft’ actually refers to fraud. It means that a person is assuming someone else’s identity to derive monetary and other benefits. It is considered a criminal offence all around the world.
Do you have a number of delinquent debt accounts? Are you bothered by the phone calls of the collections agencies day-in and day-out? Then debt consolidation is the just the remedy to all your problems. Consolidation can save you from being trapped into debt cycle (relative pronoun). Debt consolidation can help you to be debt free faster than any other means.
What is debt consolidation?
Statute of Limitation, also known as SOL is the time frame within which the creditor must start the process of debt collection in order to recover the debt. If the Statute of Limitation on the debt expires, the creditor cannot recover the debt legally and the debtor no longer remains liable to repay the debt. Normally, the SOL starts after 180 days from the date you became delinquent and continues for 3 to 10 years depending upon the state you live in.
If you want to build up your credit or repair your old credit, departmental store credit cards comes in handy. This is because these cards easily get approved even with a bad or with no credit. However, you should use these cards exclusively for the purpose of building up credit profile. Some of the leading departmental stores like Macy’s and Wall Mart now offer their own credit cards which may prove to be a very useful instrument for building up your credit profile. If you want to go for a store card, you need to visit the departmental store and fill up an application form.