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Credit cards can be useful tools or dangerous weapons, depending on how you use them. Here are some resources for learning how credit cards work, and how to be a smart credit card user. You'll also find information on some very important related topics: credit reports and identity theft. General Credit Card Information Credit Card Debt Americans for Fairness in Lending Credit Scores—What You Should Know About Your Own Eight Things A Credit Card User Should Know Where You Can Go… The Fine Print Choosing and Using Credit Cards Bankrate Credit Card Home Page Bankrate Credit Card Definitions Opt Out of Prescreened Offers Credit Reports Information about your credit use and payment habits is reported by your creditors-- credit card companies, student loan lenders, mortgage companies, auto lenders, and more-- to three credit reporting agencies. It is your right to obtain your credit reports to see what is reported about you, and to correct any errors that you might find there. It's a good idea to check your credit reports at least once a year to make sure everything is reported accurately, and especially if you think that someone has illegally obtained your information and/or is stealing your identity (for more on how to deal with information and identity theft, see below). While you can purchase reports from each of the agencies (usually around $9 each, but prices vary by state), recent federal legislation, the Fair and Accurate Credit Transactions Act, now allows you to obtain a one free credit report from each of the agencies every 12 months. It is important to get a report from each of the agencies (listed below), because different creditors often report to different agencies-- all three reports will give you a complete picture. You can obtain your free credit reports through AnnualCreditReport.com: http://www.annualcreditreport.com Note to MA residents: Massachusetts residents are also entitled by state law to a free copy of one report per year from each agency, at any time. Other states that allow residents to obtain free credit reports are Colorado, Maine, Maryland, New Jersey and Vermont, which all allow for one report per agency per year, and Georgia, which allows for two reports per agency per year. You can receive a free copy of your credit report under other circumstances: if you've been turned down for a loan, you can get a copy of your report from the agency whose information the creditor used if you request it within 30 days of being turned down. You can also request a free credit report if you're unemployed and looking for work, receiving public assistance or a victim of fraud. Get more information here on credit reporting, scores and related issues. The three major credit reporting agencies are:
Credit Card and Identity Theft: What it is, what to do if it happens to you Credit cards and ATM/debit/bank check cards are a popular target for thieves in the real world and in the cyber-world, and identity theft-- most often accomplished when a thief obtains an individual's Social Security number and date of birth, and uses them to establish credit for him/herself-- is growing at an alarming rate. It's important to safeguard your information and your finances against the damage that identity theft can cause. Credit, ATM and Debit Cards: What to Do If They're Lost or Stolen
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