Your Credit Score

[Admin/YBB]

Your #CreditScore. ANNUAL CREDIT REPORT allows one credit report per year from each of the 3 major credit bureaus – EQUIFAX, EXPERIAN, TRANSUNION; but there may be a small fee to see the credit scores. With some planning, one can get a new credit report every 4 months via Annual Credit Report. These days, most accounts used by couples report credit histories for husband & wife separately & their credit reports may be quite similar. So, if one is meticulous about it, couples can get new credit reports every 2 months via Annual Credit Report. There are firms such as CREDIT KARMA [now owned by Intuit (TurboTax, QuickBooks, etc)] that provide unlimited free credit reports from Equifax & Transunion; such firms are ad-supported but also offer advanced credit monitoring & protection services for subscription fees. Credit bureaus also offer subscription services for credit reports from them or from multiple credit bureaus. Many banks & credit cards may include credit score data in their statements.

Two common credit scores are FICO Score & VANTAGESCORE. Both now range from 300-850. They also have industry specific scores & institutions may have their own internal ranges for poor, good, excellent credit scores. But one base credit evaluation has Poor < 580, Fair 580-699, Good 670-739, Very Good 740-799, Exceptional 800+. The use of credit scores for nonfinancial purposes [jobs, insurance premiums, etc] is controversial.

Factors that affect credit scores include payment history, % of credit lines used, length of credit histories, credit use mix, new credit lines. Most credit checks are also reported & may stay in the credit report for up to 2 years. Report any errors in the credit reports promptly & in writing, especially before any upcoming major loans such as mortgage, car loan, etc. To establish credit history, some may have to become an authorized user on a relative’s or friend’s card, use a secured card or have a cosigner for card/loan [if you are a cosigner, beware that you are unconditionally responsible for the defaulted loan]. If you are denied credit, you can request reason(s) but the response may be very generic & nonspecific. Delinquencies & defaults remain on your credit report for up to 7 years. For a defaulted loan, if you pay even $1 in the default period, that may restart the clock. Bankruptcies remain in the credit report for up to 10 years. Many organizations may claim to fix your credit, but if those are for-profit & require high fees, stay away from them. See the following for several links. #PersonalFinance , 2/24/21.



Annual Credit Report www.annualcreditreport.com/index.action

Equifax www.equifax.com/personal/

Experian www.experian.com/

TransUnion www.transunion.com/

Credit Karma www.creditkarma.com/

FICO www.fico.com/

VantageScore vantagescore.com/

[Admin/YBB]

MOVEit Data Transfer Breach
Aug 11, 2023 at 6:59am QuoteEditlikePost OptionsPost by Admin/YBB on Aug 11, 2023 at 6:59am
ybbpersonalfinance.proboards.com/thread/484/moveit-data-transfer-breach

MOVEit Data Transfer Breach

MOVEit data transfer is used institutionally & they found that it had a hackable access/trap door that some bad people used to access data being transferred. This breach has affected many firms (including TIAA), banks, brokers, several government organizations (including Social Security), but I haven't heard anything from anyone else, only from PBI on behalf of TIAA.

We got letters from PBI (with ID numbers) about the TIAA breach & we both signed up with Kroll for 2 years of free credit monitoring. Signup requires providing DOB, Social Security number, etc & answering a short Q&A based on some personal credit history - the most common answer was N/A but not for all.

Kroll is the old Duff & Phelps. The old Duff & Phelps bought Kroll & renamed the whole thing Kroll. So, it is a very old company that you may not have heard of (1932- ).

Curiously, we haven't heard from anyone else.

en.wikipedia.org/wiki/2023_MOVEit_data_breach
securityintelligence.com/news/the-moveit-breach-impact-and-fallout-how-can-you-respond/
www.pionline.com/courts/retired-teacher-sues-tiaa-over-moveit-data-breach
www.healthcaredive.com/news/612K-Medicare-beneficiaries-affected-MoveIt-data-breach/689346/

[Admin/YBB]

MOVEit Data Transfer Breach
11 minutes ago ReplyQuotelikePost OptionsPost by yogibearbull on 11 minutes ago (8/27/23)
big-bang-investors.proboards.com/post/40981/thread

Credit Reports & Monitoring

Related info about Annual Credit Report: www.annualcreditreport.com/index.action

Law allows 1 free credit report per year from each credit reporting agency even when there are no credit issues. Law also allows free credit reports after a credit breach/hack. But they don't make free stuff easy. If you go to credit agency sites directly, you are bombarded with for-pay services.

For years, I used Annual Credit Report website that provides free access to all 3 from a single portal: Equifax (Atlanta, GA), TransUnion (Chicago, IL), Experian (Dublin, Ireland). Obviously, you must access the free credit reports via the Annual Credit Report portal. BTW, they still try to get you to pay - because while the detailed credit report is free, providing the credit scores is NOT (FICO or Vantage Scores; more use bank-developed Vantage Scores, but FICO is older and better known).

Years ago, credit reporting for joint accounts were done only for the primary card holder. This caused huge problems for many couples when the husband, typically the primary account holder, passed away and the wife had basically blank credit histories. Laws were changed so that now the credit reporting includes both joint account holders, and in some cases, even the authorized users.

So, now, the credit reports for husband and wife may look almost the same if many credit/loan accounts are joint (I get auto loans in my name only thinking that they can only go after me, but I know better that this alone won't protect my wife from the liability).

For years, I had a system whereby I could request a free credit repot once every 2 months (3 credit bureaus, 2 joint people, 3x2 = 6). But I got tired of this.

Then I joined free Credit Karma service that provides free credit reports and scores ANYTIME from Equifax and TransUnion. I was concerned when Intuit/INTU (TurboTax guys) bought Credit Karma that this free service may go away, but so far so good - this service remains free. www.creditkarma.com/

BTW, credit reports from each credit bureau look almost the same except for minor variations of format, and any individual loan accounts. But as they say, for credit monitoring, one should use multiple bureaus (all 3, or at least 2). So, when I was offered free credit monitoring for 2 years by Kroll/PBI/TIAA via Experian only, I signed up for that too.

[Admin/YBB]

MOVEit Data Transfer Breach
less than a minute ago ReplyQuotelikePost OptionsPost by yogibearbull on less than a minute ago (8/27/23)
big-bang-investors.proboards.com/post/40984/thread

Credit Freeze vs Lock
www.creditkarma.com/id-theft/i/lock-freeze-credit-file
www.nerdwallet.com/article/finance/credit-lock-and-credit-freeze

Credit Freeze is harder, free, and covered by law.

Credit Lock is an optional and convenient service provided by credit bureaus, often for-pay.

These may be done online, by phone, by mail. Expect lots of questions about identity etc. You may be given a PIN for easier access in future.

You can have Credit Freeze OR Lock, but not both.

Both will prevent opening unauthorized new accounts and general credit report access.

There are exceptions under Credit Freeze or Lock. Basically, other credit bureaus, law enforcement, collection agencies, etc can access credit reports whether Frozen OR Locked. The idea is that one cannot do fishy stuff under the cover of Credit Freeze OR Lock. The following is from Equifax site, www.equifax.com/personal/help/difference-security-freeze-credit-report-lock/

"Exceptions: Freezing or locking your Equifax credit report will not prevent access to your credit report at any other credit bureau. Entities that may still have access to your Equifax credit report include:

-Companies like Equifax, which provide you with access to your credit report or credit score, or monitor your credit report as part of a subscription or similar service;

-Companies that provide you with a copy of your credit report or credit score, upon your request;

-Federal, state and local government agencies and courts in certain circumstances;

-Companies using the information in connection with the underwriting of insurance, or for employment, tenant or background screening purposes;

-Companies that have a current account or relationship with you, and collection agencies acting on behalf of those to whom you owe an unpaid debt;

-Companies that are authenticating your identity for purposes other than granting credit, or for investigating or preventing actual or potential fraud; and

-Companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit ​www.optoutprescreen.com."


Edit/Add, 3/24/24. See these links for Fraud Alert (Initial or Extended) vs Credit Lock vs Credit Freeze.

Fraud Alert only suggests extra caution to credit issuers as ID theft has been suspected or confirmed; it's close monitoring of otherwise active accounts. Then comes Lock or Freeze. It seems that one of these options should be OK. It doesn't make sense to add Fraud Alert after Lock or Freeze.

www.equifax.com/personal/education/identity-theft/articles/-/learn/fraud-alert-security-freeze-credit-lock/
www.nerdwallet.com/article/finance/difference-between-fraud-alerts-and-credit-freezes