TheCreditTruth Blog

Herman Munster is alive and well (kind of)

Thu, 05 Jul 2007 13:56:00 GMT

A data-trading criminal apparently sucked up some bad data recently in an online chatroom devoted to selling identities. Among the identities available.... Herman Munster's personal info, including his address at 1313 Mockingbird Lane and 1960s-era birthdate. Of course Herman was a fictional TV character on the Munsters and not a big spender at that.

No Escape: When Creditors Come Calling After Years

Mon, 25 Jun 2007 16:07:00 GMT

Experian credit bureau is offering a new service which was covered on National Public Radio the other day. It's called Collection Triggers and it gives collection agencies a new lease on their older debts by forwarding information from individual credit reports - positive information such as paying off debt, or a rising credit score. Collection agencies are very glad to hear that things are going better and immediately demand payment on older debts. So a barrage of phone calls usually accompanies any gain in credit status. Some consumer groups are crying foul.

Managing Debt and Credit

Wed, 09 May 2007 15:33:00 GMT

Credit was once defined as "Man's Confidence in Man." But in fact, the definition of credit today is more like "Man's Confidence in Himself." Using credit today means you have confidence in your future ability to pay that debt. Forty years ago, your parents may have paid cash for their homes and their cars, a largely unheard-of event today. If they borrowed money at all, chances are it was from a relative or friend, and not a financial institution. Continue Reading....

New Article: Barbie and Ken: Strangled by ARM on Malibu Beachhouse

Thu, 26 Apr 2007 10:54:00 GMT

Behind that top heavy exterior lurks an insatiable lust for real estate, finery and baubles for her “boyfriend.” Now the note just kicked up on the beach house and Barbie is juggling madly trying to keep Ken in tasteful earrings.

How to Know When Your Identity is Stolen

Tue, 24 Apr 2007 11:34:00 GMT

A just released survey by the Identity Theft Assistance Center finds that the main way to know when your identity is stolen is through a contact from your financial services company - as in, credit card or bank. Almost 62% of people polled learned of ID theft this way, and another 23% were notified by another financial services company (presumably not their own). The lesson here appears to be with a little proactive effort (like checking your credit report) in addition to standard notifications, you can likely reduce your time-to-discovery to a bare minimum.

Other ways people found out included:

     credit purchase denied, stolen purse/wallet,
     during loan application process, checked online
     account, reviewed credit report, burglary,
     contacted bank for general information and was
     informed of activity...

Prevent ID Theft

Fri, 20 Apr 2007 10:13:00 GMT

Just a little reminder that nearly half the cases of credit card fraud involve someone the victim knows personally. That gives you great control over your odds of becoming a victim. One of the most important precautions you can take is to keep your information as private as possible. If you have roommates or people frequently entering your house (workers, domestic help, etc), don't leave your statement(s) lying around or tacked up on a corkboard. Use a lock box for all financial papers which include account numbers. Also buy a shredder and use it before throwing out financial papers and bill stubs. Don't leave your purse or wallet at a table if you're with unfamiliar people.

Teens Clueless about Money & Finance

Wed, 18 Apr 2007 14:42:00 GMT

In an absolutely fascinating article Michelle Singletary of NPR looks at an ugly reality most parents don't even realize: their kids are living in financial dreamland. A survey by Charles Schwab & Co. and the Boys & Girls Clubs of Americ reveals that teens are totally delusional about what sort of money they'll be making as adults. The teens on average expected to make $145,500 with boys figuring they'd rack up $173,000 while girls sadly expected less but still a healthy $114,200.

Hmmm...considering the median U.S. household income is under $50k that's a lot of disappointed youngsters who are expecting Santa to leave a higher salary under the money tree.

Btw, only 14% of Americans make between $100k - $200k

Read article

More credit score secrets - raise your credit score fast

Mon, 16 Apr 2007 10:36:00 GMT

Found a good article on raising credit scores that goes into great detail about debt to credit ratio, or the amount of debt you have relative to your credit card limits. It offers many creative ways to get around this critical percentage which represents how much of your available credit you are using. Maybe a few ideas are a bit too creative but they may represent the insider secrets of credit repair outfits. Read more