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What Is Credit Reporting And Why You Should Care

It’s easy to believe that everything about our lives is random. But is it really for easy at all? There really are good, innocent people who are the target of vicious, often nasty and potentially illegal activities, yet there are people who are innocent when it comes to stealing goods or using a credit card. There really are criminals out there who target innocent victims, yet the police are constantly dealing with cases of abuse and even though there are good and innocent people who have been wrongly targeted, the problem continues.

In 2001 there were 30,000 convictions for aggravated identity theft and 3,500 convictions for using credit while committing an aggravated burglary. Thousands more were made on crooks posing as security guards at holiday spots such as casinos or movie halls. In the same year there were over 3,000 convictions for possessing a false security code. The number of persons wrongly convicted of possessing dishonest addresses was over 20 million. Even phone phoning restrictions were put in place to keep people unaware of the existence of their identity theft. Even landlords were given jail terms to jail up to five years for using the free phone during their lease.

There have also been cases of people being falsely imprisoned falsely for failing to pay their rent or mortgage bills. Many people are still wrongly prosecuted even after re-entering society for a period of a year or more! This is perfectly legal, but unfortunately there has also been an increase in identity theft claims. This problem is worsened when a person is a victim of identity theft at an alarming rate. The victims of this crime receive compensation in the form of disability checks and legal fees, while the criminals receive only punitive damages (not recompense) in the form of jail time, fines and imprisonment.

As well as this catastrophe, millions have lost their homes and livelihoods over the crime. Thousands more are in financial difficulty as property values have gone up almost twenty-fold. An additional 100,000 jobs have been lost in England and Wales as a result of property damage as a result of credit card theft.

A victim of identity theft needs to make it very clear how wrongdoers can flourish on the internet. This is a dangerous place to live – and sometimes more so than you might think.

What is a ‘Credit Card Consolidation Loan’ And How To Be Prepared For It

A credit card consolidation loan is the process of turning a debt from one with a low interest rate into another with a higher interest rate. It is often used as a way to separate two or more credit card debts. It is a great help to those who have balances, because from the amount of debt it brings home home to owe. To consolidate your debt, many of which may be earning up to five years of monthly minimum payments, is a good place to start. If you are consolidating two or more credit cards, you want to make sure your terms match.

What exactly is a consolidation loan? It can be anything from an ‘over-the-limit’ loan, which only allows you to consolidate one card into another – usually with a mortgage lender or credit card company, but which can take months to pay off. After you consolidate the loan, you get a portion of your principal, known as interest. The interest generally lasts for three to ten years.

What you look for in a consolidation loan is a monthly payment. Consolidating two or more credit card balances can be very helpful, since you now don’t have to worry about an extra interest fee each month. It is easy to fall prey to this tactic, since you will see that the interest won’t rise from month to month, each month being a separate charge from the last. Often the monthly payment will be higher on first, reflecting the small monthly payments you will reduce the monthly interest payment.

A consolidation loan can also appear on anyone’s credit report under the wrong address. It can cause your credit score to drop automatically when you do not show up on your credit report. It can even become a factor in your credit decisions, as credit score tends to reflect high debt amounts and bankruptcy rates. Don’t think that because your credit is so good, these problems are never going to go away. Use a consolidation loan to become better than what you are paying now.

You should be carefully watching your income and expenses closely, as consolidating your credit cards can damage your credit and diminish your credit history. A consolidation loan will decrease the payments you are making each month, thereby lowering your credit score and making it difficult to get a mortgage! When things look worse, when your credit appears to be impaired, look for an easy way to pay off your debt.