Consumer Action: Putting The “Freeze” On Credit Files By: James Dimmitt In the wake of 40 million MasterCard, Visa, Discover, and American Express accounts recently being breached, consumers and legislators are scrambling for ways to protect their personal and financial information from being hijacked and used fraudulently by hackers and ID thieves. One type of privacy protection being widely debated is the option to “freeze” your individual credit reports. Californians have been protected by such a law since 2002. Vermont, Texas, and Louisiana have also passed “freeze laws” and other states are taking a closer look at enacting similar types of consumer protection. Placing a freeze on your credit files with the three major credit reporting agencies - Experian, TransUnion, and Equifax - effectively shuts out potential lenders from accessing your credit files in order to make you an offer for credit. It would also protect your data from being used by identity thieves. When applying for new credit accounts or loans, consumers would use a special password to “unfreeze” their accounts. Consumer advocates who support such a freeze point out that this type of privacy protection “prevents the damage before it occurs.” Consumer action groups see this as one of the most effective measures available because it places the control in the hands of the consumer and not the data-collecting agencies who profit from selling consumer information. Companies that sell credit file data, including the credit reporting agencies, argue that freezing credit files is “overkill.” For some people, such a freeze could become a constant hassle. Before applying for a loan or opening a new bank account, they would have to contact the credit bureaus to temporarily unfreeze their files, a process that could take several days. They also claim it would prevent consumers from taking advantage of instant credit promotions such as “10% off purchases” when applying for a new store-issued credit card. And applying for a mortgage would become “more complicated, with even more paperwork.” Whether you feel the option of being able to freeze your credit data is a good idea or a bad idea one thing is becoming increasingly clearer - consumers want more control over who has access to their personal and financial information. © 2005, http://www.yourfreecreditreportnow.com About the Author: James H. Dimmitt - James is editor of "TO YOUR CREDIT", a free weekly newsletter with tips to help you manage your personal finances. Subscribe today and receive his e-book “IDENTITY THEFT- How To Avoid Becoming the Next Victim!” and other free bonuses by visiting http://www.yourfreecreditreportnow.com

Inside Finance How To Buy A Car   You can buy a car with the help of the insurance. We Americans like to buy a car at the dealership in one afternoon, and the dealerships try very hard to make us think that is possible and even smart. Make at least one trip to the dealership JUST to look around and drive the cars. Online Investing   You can invest through online. As with everything else these days, the stock market has gone online. You can also have a “margin account with options,” which means you are purchasing the right to buy and/or sell a stock at a specific price. Leasing A Car - Information   The most important thing to remember is that you do not own the vehicle. You get to use it but must return it at the end of the lease unless you choose to buy it.Up-front costs may include the first month's payment, a refundable security deposit, taxes, registration and other fees and other charges. Instant Payday Loans A Quick Solution   Let's discuss about instant payday loans. The repayment schedule usually ranges from a period of 7 to 14 days with an opportunity available to extend that up to a month as well. A higher rate of interest will be charged every time the loan period is extended. Tips To Speed Up The Mortgage   There are three steps to speed up the mortgage loan. It is possible to be approved for a mortgage loan before you ever find your home, and this will accomplish two things. This will save the time of the mortgage company having to ask you for all of this paperwork.