IdentityIq Three-In One Credit Reports and Monitoring
Identity IQ offers one of the best 3-in-1 credit reports on the market today. This great service offers you all of the following benefits:
- Experian, Equifax, and TransUnion Reports and Scores
- Daily Credit Monitoring and Alerts
- Credit Score Tracked Monthly
- $1,000,000 In Identity Theft Insurance *Available in most states underwritten by AIG
The best part about this service is that you will NOT harm your credit scores by signing up for monthly credit monitoring. It does not damage your credit scores when you check your own credit. In fact, it is a wise credit management habit to check your credit reports and scores often.
You can purchase your 3-in-1 credit report uses the VantageScore® 3.0 for all 3 credit bureaus for only $1 for the first 30 days. Afterwards continued monthly monitoring services will be $19.99 per month. Click here to check your credit today: Identity IQ Three-In-One
Federal law mandates that your 3 credit reports be made available to you free of charge on an annual basis. You can access your 3 credit reports, one at a time, from each of the major credit bureaus (Equifax, TransUnion, and Experian) at https://www.annualcreditreport.com/cra/index.jsp. Additionally, it is important to note that federal law does not provide you with a free copy of your credit scores. If you wish to view your scores via this website additional fees will apply.
Your credit reports and credit scores are not one in the same. They are separate products which serve different purposes. Credit scores are routinely used by lenders to help them estimate the risk of doing business with you and to decide whether or not to approve you for financing or service.
FICO credit scores are by far the most popular choice of credit score used by lenders currently. Your FICO score is a number between 300 and 850. The purpose of your FICO score is to predict how likely you are to become 90 days late on any account within the next 24 months. You can purchase your FICO score for 1 credit bureau or all 3 bureaus here: http://www.myfico.com.
Equifax, TransUnion and Experian
The 3 major credit bureaus offer helpful credit education information on their websites. Additionally, if you have already claimed your free annual credit report you can purchase additional credit reports on each credit bureau’s website.
The Fair Credit Reporting Act (FCRA) is a federal law which was passed to regulate the use of your personal credit information as it relates to the credit bureaus and your creditors. Your credit reports and scores impact many areas of your life and your financial wellbeing which is why Congress found it essential for you to have appropriate protections in place when it comes to your credit. The FCRA affords you many important rights, rights which allows your Action Credit Repair experts to be aggressive in pursuing the credit bureaus on your behalf.
As credit scores became more and more important to the everyday person’s life, it became apparent that some laws governing the credit bureaus were needed. The Fair Credit Reporting Act (FCRA) is the law that governs the credit bureaus and protects consumers.
The Fair Debt Collection Practices Act (FDCPA) is a federal statute added in 1978 as Title VIII of the Consumer Credit Protection Act. Its purposes are to eliminate abusive practices in the collection of consumer debts, to promote fair debt collection, and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information’s accuracy. The FDCPA creates guidelines under which debt collectors may conduct business, defines rights of consumers involved with debt collectors, and prescribes penalties and remedies for violations of the Act.
The Fair Credit Billing Act (FCBA) is a federal law (amending the Truth in Lending Act) which protects consumers from unfair billing practices. The FCBA also provides a way to remedy or address billing errors with credit and/or charge card accounts and caps consumer responsibility for unauthorized charges to just $50
Per the FCBA creditors are not permitted to accept or deny an application based upon any of the following factors:
- National Origin
- Marital Status
- Receipt of Public Assistance
Creditors are permitted to ask for this information, but it cannot be used in their lending decisions. Instead, the most common deciding factors used in credit applications include income, debt, and credit history. The FCBA applies to any business or organization which extends credit including, but not limited to, banks, small loan and finance companies, retail and department stores, credit card issuers, and credit unions.
The Truth in Lending Act (TILA) of 1968 is United States federal law created to promote the informed use of consumer credit, by requiring disclosures about terms and cost to be standardize, including the manner in which costs associated with borrowing are calculated and disclosed.
The Fair and Accurate Credit Transactions Act (FACTA) is the LAW which allows consumers to request and obtain a free credit report once every 12 months from each of the 3 nationwide consumer credit reporting companies (Equifax, Experian and TransUnion). In cooperation with the Federal Trade Commission, the 3 major credit reporting agencies created the website, AnnualCreditReport.com, to provide free access to these federally mandated, annual credit reports.
The Credit Card Accountability Responsibility and Disclosure Act (CARD) It is comprehensive piece of legislation reforming credit card industry practices. The legislation aims “…to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.”
The Unfair, Deceptive or Abusive Acts or Practices (UDAAP) is a proposal for bank regulation in the United States under Federal Reserve Regulation. The Board of Governors of the Federal Reserve System announced in a press release on Saturday, May 2, 2008 that the proposed rules, “prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances.” Provisions addressing credit card practices aim to enhance protections for consumers who use credit cards and improve the credit card disclosures under the Truth in Lending Act:
- Banks would be prohibited from increasing the rate on a pre-existing credit card balance (except under limited circumstances) and must allow the consumer to pay off that balance over a reasonable period of time.
- Banks would be prohibited from applying payments in excess of the minimum in a manner that maximizes interest charges.
- Banks would be required to give consumers the full benefit of discounted promotional rates on credit cards by applying payments in excess of the minimum to any higher-rate balances first, and by providing a grace period for purchases where the consumer is otherwise eligible.
- Banks would be prohibited from imposing interest charges using the “two-cycle” method, which computes interest on balances on days in billing cycles preceding the most recent billing cycle.
- Banks would be required to provide consumers a reasonable amount of time to make payments.
The proposal would also address subprime credit cards by limiting the fees that reduce the available credit. In addition, banks that make firm offers of credit advertising multiple rates or credit limits would be required to disclose in the solicitation the factors that determine whether a consumer will qualify for the lowest rate and highest credit limit.
The Health Insurance Portability and Accountability Act (HIPAA) is the federal law that establishes standards for the privacy and security of health information, as well as standards for electronic data interchange (EDI) of health information. The HIPAA Privacy Rule regulates the use and disclosure of Protected Health Information (PHI) held by “covered entities” (generally, health care clearinghouses, employer sponsored health plans, health insurers, and medical service providers that engage in certain transactions.)