Premier Consumer

Category: Credit Management

An introduction about fundamental issues about credit.

  • Identity Theft: Damage Control

    Identity Theft: Damage Control

    It can happen to anyone: in a moment of careless inattention, you leave your wallet or purse on the counter while paying the cashier, and when you turn around – it’s gone. The days that follow can be a madhouse of phone calls, letters, and visits to banks and the Department of Motor Vehicles. With a little preparation, however, you can minimize the stress.

    First and foremost, do NOT carry your Social Security Card with you. Memorize the number and put your card in a safe place. If you do lose your card, contact your local Social Security office – or even easier, go online by typing “Social Security web site” into your search engine to get an application for a replacement. The site guides you through the process.

    Make a list of your credit cards, their numbers, and the phone numbers you need to report a lost or stolen card. Here’s a timesaving trick: photocopy all the cards in your wallet, front and back. Include your driver’s license, as well as membership and discount cards, like AAA and Blockbuster, as well as your health insurance card(s), in case you need replacements.

    Read also Top 12 Strategies to Avoid Identity Theft

    If you do lose your wallet or purse, in addition to notifying the credit card issuers, you should place a fraud alert on your credit file by contacting any one of the three nationwide consumer credit reporting companies:

    • Equifax: 1-888-766-0008
    • Experian: 1-888-397-3742
    • TransUnion: 1-800-680-7289

    You can also contact them online by typing “equifax.com” or “experian.com” or “transunion.com” into your search engine. In addition to being able to place a fraud alert online, you’ll get other useful information for preventing and dealing with identity theft.

    As soon as one company processes your fraud alert, it will notify the other two, which then also must place fraud alerts in your file.

    And if you don’t already do this, request a copy of your credit report annually to be sure nothing funny turns up in your file. You can do this directly from each reporting company or by going to “annualcreditreport.com” or calling 1-877-322-8228. You are entitled to one free credit report per company per year, and many people take advantage of this by ordering one report from a different company every four months. You may also want to file a police report in the community where the loss/theft occurred. This is for insurance purposes and also in case your identity is used in the commission of a crime.

    One hurdle you may encounter will be the need for photo ID, because it takes a while to get a replacement driver’s license. If you have a passport, that can save the day. If you don’t have a passport, think about getting one – and keep it in that safe place where you’ll stash your Social Security card. If you need to carry your passport with you – for example, if you’re traveling abroad – be sure you have a photocopy of the identitypage, safely stored away.

    If you’re lucky, and prepared, you’ll probably never have to use this information. If someone steals your wallet, they may content themselves with the cash and leave the rest alone. However, if you act quickly, and you know what to do and who to contact, you’ll have less to worry about and a smaller chance of having your identity stolen.

  • How to Take Control of Your Credit Rating!

    How to Take Control of Your Credit Rating!

    We share with you this very important educational content, but should you wish to speak to a personal counselor to help you on each one of the steps, to please call us at 1.800.296.4950 or please fill out the following form: www.PremierConsumer.org/free. Our educational services are provided to all US consumers, regardless of ability to pay.

    Who remembers the following phrase?: It was the best of times; it was the worst of times. What would Charles Dickens have made of these post-2008 Banking Crisis times? With banks only as stable as the governments that support them, bricks and mortar no longer “safe as houses” and bankruptcies, both personal and public, erupting like a rash across the commercial world, this is one of the shakiest financial climates in recent history. Therefore it is imperative, now more than ever, to ensure that your credit rating is up to par.

    Credit scoring

    Lenders decide whether or not to give out loans based on a score. They obtain information about applicants from a variety of different sources, for example, the application form, their own records and from credit reference agencies. Not all lenders score the same way as they use different criteria but they do use the same information. Therefore a credit rating is misnomer, as everyone has a different credit rating depending on who scores them. There is no such thing as credit blacklist either – you can be rejected by one bank for a loan but be accepted at another.

    Credit Agencies

    Although there are many, there are three main agencies – Transunion, Experian and Equifax. They compile information drawn from the electoral roll, county court judgments and general shared financial data. This information is then sold to lenders, compiled in credit report format. However the agencies have no power to give you credit. That ability lies with the lenders.

    Check Your Score
    All main three credit reporting agencies set a specific credit score, based on internal formulas, but then all lenders rate you credit according to their own unique criteria. You can contact a credit agency with your personal details, addresses over the last six years and ask to see the information they have on you. This is what lenders will review when they buy credit reports from agencies. By Federal law a consumer has the right to a free annual credit report from each agency.

    Read also Why Do Credit Bureaus Report Different FICO Scores?

    Check Your Score Often

    You should check your file every 12 to 18 months to make sure that there are no incorrectly processed errors. Checking your credit information also ensures that you can keep an eye out for fraudulent credit applications made under your name, as these can negatively impact on your credit worthiness.

    Changing Information

    If you find something on your file that is erroneous, contact the agency and ask them to make the correction. You may also need to contact the original creditor to let them know that incorrect information was supplied. Companies that supply incorrect information about you have to contact the agencies they deal with within 28 days. If the issue isn’t resolved to your satisfaction you can append a 200 word “notice of correction” to your file so that lenders get both sides of the story.  If you notice any potential fraudulent activity you should also contact the credit reporting agencies to add a fraud alert, so any other creditor can be aware of it.

    Agencies Know-how

    Credit agencies are not the all-seeing entities that many think them to be. They hold financial information such as mortgages, credit card debts, overdrafts and court judgments. They also know about your spending and payment patterns, whether or not you pay off your credit cards in full at month end, if you’ve ever missed a payment or been late on your dues. Consumer credit applications, known as inquiries, are also noted on your file and they stay on record for two years. Agencies have no access to your medical history, parking fines, savings and investments, criminal history, race, sexuality or politics.

    Inquiries

    If you apply for credit too often in a short space of time, your rating can fall. If in doubt about approval, don’t apply as a refusal will also negatively impact on your rating. Constant changes in your home address may also reduce your score because lenders like stability. Lenders also prefer the employed over the self-employed, so apply for credit before you move house or switch jobs. If you’ve missed minimum repayments on existing debt, this will significantly affect your rating. Having too much credit can also count against you – extra unused credit cards should be cancelled, especially department store credit cards.

    Improve Scores

    Review your files and check for mistakes. Make sure that your current debts are listed, addresses are correctly recoded and you haven’t been noted as missing payments on paper when you haven’t in reality. Get your name on the electoral roll and some credit history. If you’ve never had a loan or paid back money, lenders can’t predict how you will manage credit. Create or improve your credit history by using a high interest credit card – these are relatively easy to apply for. Use them sparingly and ensure you pay them off in full every month. This will build your credit profile as a responsible borrower.

    Too Perfect

    If you’ve checked your files and can see no reason why you were refused a loan, you may have been too good with your money. If you pay off all your loans every month, lenders have no opportunity to make revenue from your account and no interest in paying the administration costs for issuing you a credit card in the first place.

    Credit Counselling

    Depending on your specific need, a credit counseling agency may be a great solution for those who need help paying off their debts,   organizing their finances, and being on the way to financial freedom. A certified credit counselor from our company will help you establish a budget and also analyse your credit report for any discrepancies or suggestions on how to improve it, how to pay off your debts or bring accounts to current status.

    Credit Crunch

    Credit ratings and files are now more vital than ever before due to the tightening of credit available. Lenders are more stringent about who they will lend to, and in some cases will refuse mortgages due to one missed payment two years ago. Other events like bankruptcy or unpaid judgements remain on your record for seven years and affect your credit rating significantly, so step lightly!

  • How to obtain a credit report

    How to obtain a credit report

    There are several ways.

    If you have been recently declined for credit, the rejection letter you were sent will give you an address of the credit bureau from which they obtained credit information on you to base their decision. This rejection letter they have sent you gives you the right to obtain a free credit report if you request it.

    The credit bureaus have established a way in which most people in the United States can obtain an annual credit report for free. They are expecting this service to be available to most the entire country within a few months.

    The third way is to contact the credit bureaus and either request one by paying their fee.

    There are many services that provide a credit report, and then a monitoring of your credit report for a monthly fee. These programs are good because some of them report any activity on your credit report, even within days, so you can deal with any potential problems as soon as possible.

    Read also Are there errors on my Credit Report?

    The fair credit reporting act is very clear:

    • You are entitled to a free copy of your credit report if you’ve been denied credit, insurance or employment and request the report within 60 days of notice, or if you can prove that (1) you’re unemployed and plan to look for a job within 60 days, (2) you’re on welfare, or (3) your report is inaccurate because of fraud.
    • If your application for credit, insurance, or employment is denied because of inaccurate or incomplete credit information, the company to which you applied must give you the name and address of the reporting credit bureau.
    • There is no charge to dispute mistakes or outdated information on your credit record. Ask the credit bureau for a dispute form and submit it with any supporting documentation.

    If you would like one of our certified credit counselor review your credit report for you free of charge please request a free analysis.

  • How To Get Financial Assistance For Your More Urgent Bills

    How To Get Financial Assistance For Your More Urgent Bills

    The first thing to remember when you find yourself in a critical economic situation is that, regarding financial assistance, there are many more options than it might first appear. It may take a little research, but government programs are as copious and varied as the needs they meet.

    In this article, we will take a look at some of the different programs there are out there, their profiles and requirements. Keep in mind that this list is by no means exhaustive and that there are many more benefit plans awaiting out there. The criteria used for the selection that appears in the present article pertains only to the need to give the reader a varied sample of the existing programs, while trying to encompass all the needs with which he/she could be struggling to meet his/her debts.

    “…regarding financial assistance, there are many more options than what it would appear at first sight”

    However, even before you start looking for any kind of assistance program, you need to take some crucial previous steps that will make your efforts more profitable:

    1. Stop making new debt: this includes taking control of your credit card usage.
    2. Prioritize your existing debts: in other words, decide where the money is going to go. Water, electricity, medical debts, food should always be on the top of your list, right above your TV and cellphone bills of which you can take care of later.
    3. Contact your provider: most companies will be willing to negotiate and help you create a plan to pay the bill in installments, so don’t hesitate to call them.
    4. Make a payment plan.

    Credit And Credit Cards – Basic Concepts.

    Once you have taken these very simple steps, you are ready to start looking for the financial assistance program that best suits your needs.

    Benefits.gov

    Launched in 2002 (then known as GovBenefits.gov), this program’s mission is to “reduce the expense and difficulty of interacting with the government while increasing citizen access to government benefit information.” At the site’s core lays the “Benefit Finder”, an eligibility prescreening questionnaire which, depending on the given answers, will assess the visitor’s situation, match it with its suitability for more than 1,200 benefit and assistance programs, and help citizens figure out how to apply for them.

    Benefits.gov has grown in collaboration from the ten original Federal agency partners in 2002 to the current 17 Federal agencies, which include the U.S. Departments of Labor, Education, Energy, Health and Human Services, Housing and Urban Development and Veteran Affairs, as well as the Social Security Administration and the Office of Personnel Management, among others.

    Temporary Assistance for Needy Families (TANF)

    This federal program, also known as welfare “…grants money to states to provide short-term financial and supportive assistance to low-income families with children under 18 years old”, although “initiatives to reduce non-marital childbearing and promote marriage can provide some types of services to persons who are not needy or parents.”

    While requirements for applicants vary from state to state, it does entail finding a job (for which the program provides counseling, job training and placement services), with a minimum amount of weekly hours (in order to stay in the program) ranging from 30 to 55, depending on the household circumstances: single-parented or two-parented home.

    Food, housing, child care, home energy and transportation are just some of the helpful benefits the recipients may qualify for if they decide to apply for the program.

    If you would like to know more about its purposes and eligibility conditions, visit this Policy Basics: An Introduction to TANF.

    Low Income Home Energy Assistance Program (LIHEAP)

    Since 1981, LIHEAP has been helping the country’s most vulnerable population meet its heating and cooling necessities, currently providing assistance to roughly 6.7 million households. Bill payments, energy crisis assistance and weatherization and energy-related home repairs are some of the expenses covered by the program, while the eligible population includes the working poor, disabled persons, those making the transition from welfare to work, families with young children and the elderly.

    To apply for help, contact your local LIHEAP agency. You can also visit liheap.org, where you can find demographic information and connect with your congressional delegation.

    Concerning Health…

    When it comes to health issues, it must be a relief to know that there is, not one or two, but a considerable amount of possibilities from which you can choose the one that better suits your particular needs. Here we will briefly present some of them.

    The first thing to have in mind is that some hospitals offer discounts and partial or full bill forgiveness to qualifying patients, depending on their conditions, relating to the federal poverty guidelines. This information can be found on the hospital’s website, or you can call its billing department.

    Einstein Suggestions to Survive a Financial Crisis

    Government assistance

    Government assistance is the following option on the list. The above-mentioned Benefits.gov is the ideal tool for this kind of research, allowing you to navigate through a wide variety of healthcare programs. Finally, crowdfunding for medical bills has become an essential tool in recent years. Reaching the financial goal of worthy causes through online donation by family members, friends and even strangers is easier than you may think at first, so it is definitely worth a shot.

    If you are interested in more information about this approach, GoGetFunding.com is an excellent place to start.

    As you can see, the number of options available out there is considerable. It just takes a little amount of proper research to find the alternative that best suits your needs. At Premier Consumer, we hope to have given you the necessary help for you take the first step towards a life of prosperity and abundance. It is closer than you think!

  • How To Dispute Unrecognized Charges On Your Credit Card

    How To Dispute Unrecognized Charges On Your Credit Card

    Doing a periodic review of your credit card report and status is an essential task if you want to know exactly what is being charged to your card and make sure you keep a good credit score. Failing to do it so, could make you overlook any mistaken information that could eventually have a negative impact on your finances, something that frequently happens to many people. Maintaining a good credit card reputation is vital for you to keep counting on the bank of your choice and for them to be able to raise your limits and give more credit.

    Having a bad credit reputation can affect you when asking for a loan, buying an insurance policy and even when applying for a new job, and your credit card affects it directly. Believe it or not, there are a lot of companies that check the credit references of their new employees before hiring them.

    However, if you usually take a look at your banking history, it is likely that you will notice any possible inaccuracy on time or any unrecognized charges to your credit card. It is very important that you keep an eye on your expenses frequently so you can intercept and report these charges as soon as possible to avoid further loses.

    The good news is that, although you do not have the authority to remove the wrong data of your credit card balance, you can do something to solve this problem. You can file a dispute over charges, which means that you can ask your bank to open an investigation for any information that you don’t acknowledge.

    “It is very important that you keep an eye on your expenses frequently so you can intercept and report these charges as soon as possible to avoid further loses.”

    There are three ways to dispute charges according to a bank. First, you can do it by making a call. Second, via email. In this case, it is essential that you ask for a return-receipt so you can make sure that your request is being handled. Finally, you can file a complaint by sending a letter. This requires writing a letter to your financial institution with the items in question highlighted. In addition, you must include the reasons why you are doing it and a copy of any document that supports your position. Banks also take into consideration if you had an insurance for these types of situations, which of course we encourage you to have.

    Read also: Are there errors on my Credit Report?

    Although a call or an email may seem like the easiest options, experts suggest that you keep a written record of all the actions you execute to create a documentation to turn to in case something goes wrong.

    Once the complaint is made, the bank should contact the company that supplied the information and must respond within the next 30 days. If the data is not verified within 30 days, they must remove it from your credit card history.

    While the procedure is being completed, you are not forced to pay the amount of money of the transaction in question or any other charges related to it, as is the case of interests. You may feel relieved to know that if you pay the card’s minimum amount before your due date—which is not being subjected to investigation— your bank will not consider this a delay in your payment history.

    Read also: How to Read Your Credit Report

    If the information you gave and explanation to the case is verified, it will stay on your record and your bank must notify you what happened, so it won’t happen again. If you disagree with the outcome, you may ask your bank to inform you how they led the research; who did they communicated with and you can add a statement expressing why you are objecting the results or why their answer didn’t satisfy you.

    Certainly, disputing charges on your credit card that you didn’t do is an effective action to take. However, demanding this procedure may bring some disadvantages while the search is taking place, especially when asking for a loan.

    For these reasons, it is better to try to get in touch with the company who gave the wrong information before initiating a process with your bank and see if they can revert the unauthorized transaction. Above all, the most important lesson that you must learn is to make a regular check of your credit card history so you can keep everything in order. If by any means you find inaccuracies, now you known that solving this problem is a simple task.

  • How to Avoid Foreclosure

    How to Avoid Foreclosure

    As defined in our commonly asked terms Foreclosure is when you lose title to a real state property.

    Foreclosure can be a result of a default on a mortgage loan, a tax lien, a condominium association lien, and other circumstances.

    In other words if you miss your mortgage payments the bank can do what is called to accelerate your mortgages loan, and require you to pay the balance in full, if you cannot they could start foreclosure proceeding and take away your property.

    You should do everything possible to avoid a foreclosure on your property. Not only you loose your property, but it lowers significantly your credit score.

    Read also Advantages of Buying vs. Renting

    We created an entirepage for this subject because of its importance, and the solution might be short and seem simple but many times it works, and you can avoid paying companies what you may be able to do by yourself:

    In general, and depending on who is trying to foreclose you can almost always set up a payment arrangement to avoid it.

    If it is a mortgage loan, they usually have a department you can talk to and avoid foreclosure. For many lenders it is an inconvenience to have to foreclose on your property, and they are willing to “forgive” one or two payments. Please, make sure you do this in advance, and do not miss mortgage payments without first contacting your mortgage loan bank. What they might agree to is that those two payments you miss you will agree to pay them at the end of the loan. It is basically extending your loan.

    A similar process could be done with other entities that might try to foreclosure. And the advice is also similar:

    Keep communication open with your lender. Return their calls. Make sure they have your valid contact information.

    A foreclosure is something you should avoid under all circumstances.

    If you have a question about your specific situation please request a Free Analysis.

  • Free yourself from credit card debt.

    Free yourself from credit card debt.

    When we talk about credit cards, we rarely think of its origins, it is simply seen as the means to acquire what we want or need. However, to our knowledge, it is important to point out that credit cards origin and functionality date back to the beginning of the 20th century in the United States. Specifically, the idea arises within the offices of Chase Manhattan Bank, headed by its director, under the modality of a professional card. It was instituted in its majority form around the 1940s and spread since the middle of the century.

    Now, since credit cards are one of the most widely circulated elements in commercial interaction, they are likewise a mechanism of great care for the immediate availability of money and / or products, which can be purchased immediately. In turn, it should be understood that credit cards are, due to the dynamics of their operation, processes that allow a higher interest rate and consequently a higher expense when making deferred purchase payments. By their nature, credit cards make us think that we have money, they can lead us to get into debt quickly and without control.

    Read also The Benefits of Secured Credit Cards

    Considering the above and given the undeniable convenience what credit cards represent, there are many difficulties that cardholders present when lowering the balances of their obligations or catching up on this type of debt. Therefore, we will give some tips that will allow you to free yourself from your credit card debts.

    Begin with prioritizing and adjusting your budget: The first thing to focus on is optimizing expenses, classify them in a systematic and detailed way. It is advisable to carry out this classification on a scale from higher priority to lower relevance, for example: food, study, housing, mobilization, communications and finally entertainment. Once this aspect has been completed and detailed, methodically look for expenses that can be reduced, then take the money that you have free and use it to make extra payments to your card obligations.

    Establish automatic debit payments on credit cards: On some occasions, the lack of discipline in credit card payments is what causes failures in the timing of their payment and the accumulation of substantial debts. That is why, by scheduling payments with automatic and recurring monthly debits, you can avoid forgetting to make payments or allocating money for unnecessary expenses. One of the tips is to use the credit cards as if they were a debit card, if possible sending the total payment in one single installment.

    Focus on one debt at a time: You can identify your lowest credit card debt balance and focus on paying it off in full, then you will continue with the next debt and this will generate a domino effect until you manage to pay all your debts. You can also do the same, but starting with the highest interest rate to the lowest interest rate.

    The classic and safe debt consolidation: Consolidating all your debts to make a single monthly payment and thus meet all your obligations, but making payments that are within your reach, will always be an excellent option. Let experts negotiate your debts with the banks and reduce your interest rates so that you can get rid of your debts in no time. At Premier Consumer Credit Counseling, we have qualified personnel to advise you in this regard.

    However, whenever obligations are consolidated, you have to be cautious not to accumulate new obligations subsequently, as this easily becomes an endless chain of debts. Stay financially educated to avoid falling into the same vicious cycle.

    To conclude, credit cards may lead you to think that you have money immediately and this can easily make you to get into excess debt. Therefore, once you acquire a credit card, it must handle responsibly, spending only what you are able to afford.

  • Financial Literacy: The Path Towards Economic Stability

    Financial Literacy: The Path Towards Economic Stability

    Financial literacy is a necessary step for young people to feel in charge of their own economy and, to be honest, soon enough they will be. Young adults’ poor literacy in financials is a consequence of their lack of interest in planning budgets, keeping track of their expenses, saving money, etc.Mostly because they feel that it is not the time for them to worry about that, and they are probably right about it.But what they do not know and what we need to make them understand is that eventually it may be beneficial; therefore, it is advisable for them to start learning about financials a little bit sooner than they expected.

    “Never ever spend more than what you earn, even if you have to cut your expenses or look for an extra job as a way to increase your incomes”

    In this article, we are going to develop the reasons why a financial educated person is more likely to succeed in life, but first, let us take a look at some money management tips that Premier Consumer can provide:

    1. Create a budget: rank your expenses according to your priorities. Know what your income and your expenses are, and budget yourself according to them. Remember that some of your expenses may be fixed, but there are some occasional ones.
    2. Never ever spend more than what you earn, even if you have to cut your expenses or look for an extra job as a way to increase your incomes.
    3. Develop a money management style by aligning your expenditures to your values. Ask yourself whether what you are buying is really important or not.
    4. Set smart financial goals: know where you are heading to, avoid impulse purchases and make informed choices. We all have things we want to buy or do. Incorporate them to your spending plan as long as you are sure you have the means to do so.
    5. Be a smart spender: find your limits, know your priorities. For example: if you are going to the supermarket, make a list of the things you need.
    6. Start saving money: set up an amount of money you can save monthly and start as soon as possible. In case of an emergency, you will cover the costs, but do it mostly for your future. It is a good idea to put your savings into a retirement saving account, because soon enough you will be able to retire.
    7. Know how credit cards work: pay attention to interest rates and try to use it as responsibly as you can. If you can’t pay it fully, then try to always pay a little more than the minimum debt you have.

    Four Ways A Budget Can Help You Manage Your Money Better

    If we take a closer look to these tips, then we can agree that a financial educated person is more likely to thrive in life than someone who is not. Below there is a list of benefits:

    1. Creating your own budget enhances your money management skills.By allowing you to know your incomes and expenses, you are going to manage your money wisely. Also, you learn not to spend your money irrationally, thus, you will not spend more than you earn.
    2. It helps you to consider your debts in a more effective way, because you will program yourself to pay your debts on time, as they are part of your spending plan.
    3. It encourages you to pursue your dreams and secure a future filled with financial success.
    4. It helps you to make consistently smart investment decisions.
    5. Gives you a way to build a wealthy life according to your values, skills and resources, because you will be considering your choices according to your needs and on what is important to you.
    6. It increases your earning potential, because you will be willing to seek for opportunities to gain more money.
    7. It improves your quality of life and allows you to growth by giving you confidence and stability.
    8. It secures your eventual retirement.

    How can we start acquiring these skills? Is it possible? The OECD recommends to include financial education as part of school’s’ curriculum as early as possible, because it is a long-term process that implicates acquiring the knowledge and skills, in order for children to have a responsible financial behavior (OECD, 2016, p. 3). It is a good idea to teach these skills and strategies from an early age, by using examples that can work for their actual situation and including this matter in math or any other subject, so they can start talking about money without problems.

    Niche Spending: The Secret To Saving Money

    One important thing we need to remember whenever we talk about money is that it does not buy happiness unless you know how to use it. No amount of money will ever be enough if you don’t know what your goals are. The best investment that you can do is in yourself, so do not forget that what are supposed to motivate us in life are our dreams, and in order to achieve them we need a plan, which also includes a financial one.

    Do not worry about your previous financial mistakes, those are not that bad if you learn from them and try to never commit them again. Financial literacy is crucial to thrive in life, learning about how to manage your money, keep your debts under control and invest in your future will ultimately help you have peace of mind.

     
  • Easy Steps To Report A Missing Or Stolen Credit Card

    Easy Steps To Report A Missing Or Stolen Credit Card

    What an annoying feeling it is when you lose something, especially when that object can be used by someone else and get you into trouble. Do you have a credit card? Have you ever lost it? Has it been stolen by someone else? Losing a credit card not only is dangerous because you will be facing the threat of identity theft, but also irritating because it can cost you money and no one enjoys that.

    “Time means money”

    In this article, we are going to give you easy steps to follow in the case, you found yourself in this awful situation. Here is everything you need to know:

    1. Know what a credit card is used for and the consequences of doing so.
    2. You have to keep, somewhere you consider safe ,everything related to your bank account and credit cards.
    3. Before you follow the next step, make sure you don’t actually have your credit card somewhere around the house, car, office, wallet or purse.
    4. Now, if you ever found yourself with a missing or stolen card, the first thing you need to do is to keep calm and call your credit card company as soon as possible. If you report your missing credit card before someone uses it, you won’t have to pay anything. However, if you report it after, you are going to be responsible for up to $50. Hence, we recommend you to look at your billing statements as frequently as you can, especially if you tend to lose your belongings, and in case of noticing something strange report it immediately.
    5. When you communicate to your credit card’s issuer, try to be as specific as possible. If you have any proof that your card has been stolen, show it to your creditor. Also, you have to point out when exactly, date and time, you started noticing gaps on your billing statements. There are different ways to talk to your card issuer, most of them are available 24/7, but if you are an Internet lover, then you can visit their web sites and report the situation online.  Below, you can find some numbers and extra information on this matter. Remember to report it as fast and detailed as possible.
    6. Do not despair! Be patient and wait. After you report that your credit card is lost or has been stolen, your creditor will evaluate and determine the steps to replace it. It shouldn’t take longer than five working days. The old card will no longer be associated with your account and this won’t damage your credit record.
    7. While you wait, make sure to verify your account and your newest credit card status frequently.

    Credit And Credit Cards: Basic Concepts

    Besides the steps mentioned before, you may also find interesting the fact that some banks offer other services that can be helpful. This is a list of the U. S. more popular banks and how to proceed when you lose your credit card:

    1. Bank of America: if your credit card is from this bank, then you should know they offer a non-liability service. They cancel your card and send you one immediately. You just have to sign in to Online Banking to report your lost or stolen credit card or call 800.732.9194 (outside the continental U.S. call 757.677.4701).
    2. Commerce Bank: if your credit card is from this bank, it may be helpful for you to know that they offer several fraud prevention tools:   -Call immediately 800.645.2103 to report your missing credit card. -Suspicious card activity alerts, for you to learn about discrepancies in your account as soon as possible.   -Zero-Liability benefit within 60 days from the moment you receive the first statement with unauthorized activity.
    3. U. S. Bank: if your credit card is from this bank, then consider that the also offer a Zero Fraud liability benefit, but only if you notify promptly, as we already established. You can call U. S. Bank Customer Service at 800.285.8585.
    4. Chase: if your credit card is from this bank, then you have to call immediately at 1-800-432-3117. They also offer a Security alerts’ service for your account, for you to prevent fraud.

    Identity Theft: Damage Control

    It is important for you to consider that losing your credit card to someone else’s hands can lead to the theft of your identity.

    We know that losing one credit card can be a very irritating circumstance. As we imply before, time means money, thus we again remind you that you have to report the situation as soon as you realize your card is missing. We also recommend you to keep an agenda or make a list of all your account and credit card’s information, and all the numbers you may need to report your missing card. Verify your account as often as you can. But most of all, the very important part is not having to get through a situation like this, so what we actually recommend is for you to be careful enough to carry your credit card and personal information with yourself.

  • Differences Between Credit Cards

    Differences Between Credit Cards

    The use of credit cards is becoming more and more frequent, in some cases because it allows the holder to acquire products that he could not buy without the benefits that this service offers. However, keep in mind that when using a credit card and dividing the payments in several installments, you would have to assume interest costs that could vary depending on the card and the conditions you have, making purchases with deferred is the same as purchasing a Credit, therefore, must be done responsibly. There is also the possibility that you do not have to pay interest, however this also depends on the credit card entity.

    The credit card service in the United States is diverse; the interests, promotions, commissions, charges, etc., depend on each card, as well as the points programs or the alliances they have with airlines, so you have to analyze very well the card you want to acquire so that it has benefits that are useful to you.

    Read also Why do we call them credit cards?

    The first difference that we find between credit cards is the annual percentage rate or APR that you must assume for deferred purchases.

    The grace period also depends on each credit card and corresponds to the number of days that the entity assigns the customer to pay the bill without incurring additional charges, usually only applies to new purchases, and most cards do not have a grace period for cash advances and balance transfers.

    Some credit cards have annual charges, this value corresponds to a membership or participation fee that can be charged in installments. There are also transaction fees and other additional charges, they can be for using the card for advances or cash advances, for payments outside the established date, or for exceeding credit limits.

    Besides the differences mentioned above between credit cards, there are another details regarding the main credit cards.

    The transaction fee paid by the merchant varies from 1.43% to 3.5%

    The popular partners for each card are the following:

    • Visa: Chase, Bank of America, Wells Fargo, U.S. Bank
    • MasterCard: Citi, Capital One, United, SunTrust
    • American Express: Delta, Hilton, Marriott
    • Discover: NHL

    American Express and Discover are issuers that provide credit cards to consumers, being directly responsible for the analysis of each client and data verification to know their credit rating.

    There are credit cards that function as intermediaries between the bank and a merchant’s bank, they are the ones who analyze the payment requests to check their veracity, after confirmation, they approve the transaction and process the payment. Visa, MasterCard, American Express, and Discover are processors.

    Since each credit card offers different benefits, this provides options depending on individual needs and preferences. If someone travels a lot they would favor the card that offers travel miles to apply to the ticket purchase, or maybe someone prefers the card that offers the highest percentage of cash back based on the purchases made. The current benefits that credit cards offer are attractive but it is recommended that you use the credit cards taking into account your budget and not reaching the point that you cannot afford even the minimum monthly payment required. Remember, you are the one in control of your financial life.