Personal Finance guide

Technology is at the forefront of everything most people do from day to day. This includes financial transactions. Cash is a far less common means of paying for things these days because people feel safer carrying around a piece of plastic with their name on it than rolls of paper money that someone could steal without a trace. However, the concept of identity and theft protection was born from the use of credit cards. Not only is identity theft on the rise, the thieves behind it are getting smarter. This increases the need for monitoring credit reports through a credit monitoring service.

Before you choose to invest in a credit monitoring service, you surely want to know what they can do for you to protect your identity. The way that investing in these services act as identity and theft protection is because they monitor your credit report for any changes. When signing up for the service, you will provide your contact information like email address and phone number so you can be notified if any changes are noticed with your credit. This way, you are informed in the shortest time possible of suspicious behavior associated with your account. Likewise, such monitoring credit reports will allow you to take necessary action quickly to put a stop to the thief.

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Identity theft is one of the serious crimes that affect millions of people per year in the US, and a prime source through which identity theft occurs is via wallet pick pocketing or stolen wallets. Have you ever lost your wallet or have you ever been a victim of identity theft or do you fear of losing your wallet containing cash and important information and are you looking for an option to overcome wallet pickpocketing and identity theft? If yes is your answer, then perhaps no other option would be better than using iWallet – a high tech cash and credit wallet that is the brain child of Steve Cabouli and launched by Iwallet Corp.

Today, majority of people, especially men, store their critical information in the form of credit cards, debit cards, ATM cards, driver’s license, and sometimes even social security card in their wallets, which in turn make it convenient for pick pocketers to use this information for unscrupulous activities that eventually cause its real owners to pay huge amount of money from his pocket. iWallet has been primarily designed in such a way to put through this situation, as it is incorporated with revolutionary features such as incorporated biometric scanner due to which you could open or access your wallet only if it recognizes your finger print. This is not only beneficial to put an end to identity theft but also to overcome situations like someone in your office or home trying to steal your wallet.

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We hear about Identity Theft all the time because it’s the fastest growing crime today with about 10,000,000 victims annually. That is over 27,000 a day. Let’s see what it really is and why it’s important to have Identity Theft Protection. Here are some definitions of Identity Theft: 1. A crime in which an impostor uses the name, social security number, and/or other identifying information of a victim to open credit accounts, use existing credit accounts, or otherwise acquire benefits using the victim’s identity. 2. A crime used to refer to fraud that involves someone pretending to be someone else in order to steal money or get other benefits. 3. The deliberate assumption of another person’s identity, usually to gain access to that person’s finances or to frame a person for a crime. Each definition hits on at least one of the five areas of Identity Theft. Most think only of the Financial area, where someone gains access to your bank account or credit cards. Surprisingly, that happens only about 27% of the time. Thus the majority of Identity Theft cases occur in the other four areas, Driver’s License, Social Security, Medical and Character or Criminal Identity. People whose identities have been stolen often spend months or years and thousands of dollars cleaning up the mess that thieves have made of their good name and credit record. One lady wrote a letter to the editor and reported that she became an Identity Theft victim when some mail was stolen from her box. She admitted that it took her four years to get her life back.

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“Credit problems? No problem!”

“We can erase your bad credit — 100% guaranteed.”

“Create a new credit identity — legally.”

“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”

Do yourself a favor and save some money, too. Don’t believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.

Continue reading ‘Credit Repair Scams: The Warning Signs’ »