Sunday, May 22, 2005

Automated Credit Monitoring....ID Theft Alerts & Cost of Future Financing

Imagine an id thief has opened up a new credit card
account without your knowledge using your stolen
information 2 months ago and went on a large spending
spree to max out that $5,000 credit card limit.

Because that credit card account is now 60 days
delinquent with the serious prospect of becoming a
collection flag on your credit report, you're FICO
score is facing the very real possibility of large
drop.

Delinquent payments and collections can have a major
negative impact on your score. Payment history and
amounts owed can collectively explain up to 65% of
your FICO score.

Did you know by improving your credit score by 100 may
save you up to $3,000 in financing expense on that
next new car purchase you were planning?

So, you could have potentially eliminated this problem
of over-paying on your next new auto loan by adopting
automatic credit monitoring available from the major
credit bureaus and FICO.

The various services offered monitor your credit
report automatically to notify you about fraudulent
activity, new inquiries, new accounts, late payments,
and more so you can spot possible signs of identity
theft.

Having that preventive edge can then provide you the
means to dispute un-warranted activity and fraud on
your credit report ultimately saving you hundeds of
dollars.

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