Is Poor Credit Affecting Your Insurance Rates?

If you are planning to renew your insurance policy anytime soon, it might be a good idea to check your credit report first.

In the United States, 47 out of the 50 states have allowed insurance companies to review a customer’s credit when they first apply for a new auto, renter’s, or homeowner’s policy. All 47 states except Alaska also allow the insurance companies to review the customer’s credit when they renew the policy, but that might change soon. Alaska’s Senate Labor and Commerce Committee have advanced a bill that would allow insurance companies to review credit when renewing a policy.

Should insurance companies be allowed to check a customer’s credit? It is certainly a debate worth having. For now, however, the law in most states allows them to do it, so consumers need to be aware of what is on their credit report and pro-active in correcting any mistakes. Credit report errors could result in a higher insurance premium rate, and consumers could be paying more than they need to.

Do you know what’s on your credit report? Call My Credit Specialist today at 1-866-565-6500 or go to http://www.mycreditspecialist.com to learn more about credit restoration and if it is the right choice for you. You can also get daily credit tips and consumer alerts by liking My CreditSpecialist on Facebook, following My Credit Specialist on Twitter, or subscribing to My Credit Specialist on YouTube!

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

My Credit Specialist – Now On Google+ Communities!

We are excited to announce that My Credit Specialist is now on Google+ Communities! When you join our community, you can get the latest news and tips from My Credit Specialist, give us feedback, and connect with other My Credit Specialist fans and customers!

Click here to check out our Google+ Community!

3 Steps to Protecting Your Online Shopping Sprees

The holiday season is here with Thanksgiving next week and Christmas just around the corner, which means one thing: Black Friday sales. Many stores are now offering exclusive deals online as well as in their physical stores, and consumers will be spending big bucks from online stores which brings up questions of keeping personal information safe. What can you do to keep your credit card information out of the hands of hackers and criminals?

Firstly, make sure to always shop from trusted online vendors. If you haven’t shopped from a website before, do a little research. Read reviews for the website, and if anything seems sketchy, don’t give out your credit card information.

Second, be vigilant. We encourage our readers to always review their bank and credit card statements for anything that looks out of place, but during the holidays, this simple step is even more important. Dispute any suspicious charges right away, and if you believe someone has stolen your credit or debit card information, contact your bank or credit card company immediately.

Finally, do not save your credit card information on websites. Most websites let you set up a profile and save credit cards on your account to make purchases more convenient, but when you can, don’t save any credit card information. Not only will you protect your credit card information from hackers but you will also cut down on impulse buys. In the time it will take you to pull out your credit card and type in the information, you will have thought about whether this is a good purchase or not.

Want more spending tips this holiday season? Check out My Credit Specialist on Facebook, Twitter, and YouTube! Also, go to http://www.mycreditspecialist to learn more about credit restoration and whether it is the right choice for you!

Image courtesy of KROMKRATHOG / FreeDigitalPhotos.net

Cordray: Change Credit Card Rules for Stay-at-Home Parents

For years, credit card restrictions have discriminated against stay-at-home parents who do not bring in enough income to get approved, even if their spouse has sufficient income. The Consumer Financial Protection Bureau is hoping to change that.

CFPB Director Richard Cordray announced last week that they would be proposing a new rule where credit card eligibility would be based on household income instead of individual income. If the rule is put into place, more stay-at-home parents with strong credit would be eligible for credit cards.

At My Credit Specialist, we are very excited about this change. It is unfair for a stay-at-home spouse to be denied for a credit card, even if they have stellar credit and their spouse brings in enough income. Besides, it is important for both spouses to have a strong credit history if they ever need a loan of any kind in the future. Using a credit card responsibly and paying it off is the easiest way to build a credit history. Hopefully this rule will be put into place and more Americans will have access to credit.

Want more spending and credit tips? Be sure to like My Credit Specialist on Facebook, follow My Credit Specialist on Twitter, and subscribe to My Credit Specialist on YouTube! Also, go to http://www.mycreditspecialist.com and find out if credit restoration is the right choice for you!

I Love You, Phillip Morris-esque Credit Card Thief Uses Company Card for Fertility Treatments

In the 2009 film I Love You, Phillip Morris, Jim Carrey's character Steven does some creative accounting to steal from his company and support his extravagant lifestyle. Though the film is based on a true story, it is hard to believe that someone like Steven could pull off a similar scheme in today's business world, but Ligia Baciu of Orange County in California did just that.

Baciu worked at Sweet Life Enterprises from 2005 to 2009 in the accounting department overseeing the company's credit card accounts. During that time, she took out numerous company credit cards for her own use. Up until January 2010, Baciu spent over $236,000 on an engagement ring, hotel suites, designer clothing, and a new Audi. She even used a company card to pay for her domestic partner's fertility treatments.

The surprising part of the story is how long it took Sweet Life Enterprises to catch onto her credit card fraud after she left. Accountants at the company only discovered what Baciu was doing when they reviewed the company's credit card statements, and police just arrested her this week. She was charged with 21 felony counts of computer access and fraud and three felony counts of fraudulently using access cards, but still, she allegedly committed fraud for 5 years without getting caught. It took two years after she got caught for her to be arrested. Why has it taken this long?

Credit card fraud can happen to anyone, so check your credit card statements every month for suspicious charges. Also, make sure to keep your balance under 30 percent of your card's limit to get the best credit score possible. To get more tips for improving your credit health, follow My Credit Specialist on Twitter and like My Credit Specialiston Facebook. If you are struggling with bad credit, go to http://www.mycreditspecialist.com to find out if credit restoration is the right choice for you.

Over Two-Thirds of Americans Can't Name Big 3 Credit Bureaus

Credit scores can affect your ability to get a car, house, or job, but a recent survey shows that less than one-third of Americans can name all three credit bureaus.

The three major credit bureaus are Experian, Equifax, and Transunion, and they are independent entities which all compile their own credit reports and credit scores. When survey subjects were asked to name the credit bureaus, sixty-nine percent could name one bureau, forty-eight percent could name two bureaus, and thirty percent could name all three bureaus. The survey results showed that education was the most significant factor in whether people knew all three credit bureaus, but among those who had completed college education or more higher education, only thirty-two percent knew all three credit bureaus.

G.I. Joe said that knowing is half the battle, and in this case, they were completely right. How can you have a healthy credit history or credit score if you don't even know the companies that are compiling your credit report? Have these consumers ever taken a look at their credit reports, making sure to get one from each credit bureau? Considering that many consumers can't name all three credit bureaus, I seriously doubt it.

Understanding how the credit bureaus work and improving your credit score does not have to be difficult. You can learn more about the credit bureaus and how they calculate your credit score at http://mycreditspecialist.com/educate.html and learn tips for improving your credit score at http://blog.mycreditspecialist.com. My Credit Specialist is even on YouTube, and you can view their on-going series “Debunking Credit Myths” at http://www.youtube.com/mycreditspecialist.

Educate yourself with My Credit Specialist, and put yourself on the road to better credit health!