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Are you good with money? CreditExpert survey shows discrepancy between financial belief and reality We all like to think that we're good with money and a new survey from CreditExpert, the online credit monitoring and identity fraud protection service from Experian, shows that 96 per cent of us believe we're up to speed on our current financial position. No interest in interest The survey shows: - 66 per cent of credit cardholders could not tell you what rate of interest they are paying
- 56 per cent of men and 71 per cent of women with personal loans admit they had no idea of what APR they are being charged
- 29 per cent of those with personal loans can't guess how much they have left to pay off
- 75 per cent of us with overdrafts don't know what interest we're paying, rising to 83 per cent among those aged 45-54 – and nor do 48 per cent of mortgage holders
Nearly a quarter of mortgage holders don't know how much of their home loan they still have to repay Everyone is a potential victim of identity fraud, and if rates continue to rise, soon everyone will know at least one person who has been a victim of identity theft.
But we know our limits But at least nine in ten of us know what our overdraft limits are and 88 per cent of credit cardholders know their outstanding balance. Overall, 15 per cent of people with loans can't say with any accuracy how deep in debt they are. And one in ten of us don't even know how much we earn after deductions. It is little different with savings – 59 per cent of us with a savings account couldn't tell you what interest we're earning. Loan fears Given this lack of awareness, it is little wonder that many people believe they will be turned down for even relatively small loans: - 15 per cent think they will be refused a £1,000 loan, a figure that rises to 21 per cent among 18-24-year-olds
- 28 per cent think they will be declined a £10,000 loan, including 52 per cent of 18-24-year-olds.
- At £30,000 – the size of a small mortgage – 41 per cent think they will be rejected, including 64 per cent of 18-24-year-olds
Not surprisingly, 29 per cent of us admit to planning our finances no more than every three months – or never at all. Yet just eight per cent say they're poor at managing their finances.Jim Hodgkins, managing director of CreditExpert, says, "It's clear that there's a mismatch between perception and reality for many people when it comes to their finances. Some of us could be getting into financial hot water without realising it, while others may well be worrying unnecessarily about their ability to get a loan. "One way to get a reality check is to look at your credit report. It will give you an idea of what you've borrowed, how much is outstanding and how well you're managing repayments. It might even end up reassuring you and regular checks will help you to keep on top of your finances. That could make the difference between being turned down for credit or having to pay high interest and not getting the deals you want.” You can see your Experian credit report for free with a 30-day trial of CreditExpert, the UK's leading online credit monitoring and identity fraud protection service. ARTICLE SUMMARY: Everyone is a potential victim of identity fraud, and if rates continue to rise, soon everyone will know at least one person who has been a victim of identity theft. By : MIKE SELVON 
Submitted 2008-06-05 08:17:14
There are no easy solutions in the war against identity theft. Victims are innocent people like you who have just bought something over the internet with a credit card, or who may have forgotten to shred up a bank statement.
We are all potential victims for the crime. Chances are, you know someone who has not taken the proper steps in protecting themselves against identity theft. Don't let that someone be you.
Often, the mail leaves the average consumer at a disadvantage. All those papers in envelopes might be necessary bills and/or pre-approved offers that make you think someone is taking notice of your hard-earned credit rating, but it could be the wrong people paying attention.
Mail can come from thieves looking to steal your personal information and make you the victim of identity theft. The best way to minimize this danger and prevent identity theft from happening to you is to keep a close eye on the routine times your bills are mailed, as well as minimize the amount of information you receive in the mail.
However, knowledge of the kinds of information that come from the postal worker is the best weapon against Identity Theft.
Telephone and other utility bills always display customer addresses, account numbers, and telephone numbers. All this information can be useful to an identity thief, as can the information stolen from a driver's license renewal or monthly credit card statement. Remember one of the best rules to prevent identity theft: what you throw away can hurt you.
The savvy consumer can also prevent identity theft by keeping a watchful eye on bank statements that come through the mail. These often include your name, address, bank name, contact information, account number and even type of account. All this information is dangerous in the wrong hands.
Pre-approved credit card offers also give would-be thieves the upper hand, and paycheck stubs from direct deposits give away your employer's name and address as well. Sometimes, even your pay rate and social security number will be included on the stub. Rather than crumple these documents and throw them away, invest in a shredder to fight against identity theft.
"Dumpster Diving" is a common practice of thieves collecting information. This requires them to scrounge through your last night's leftovers in the garbage in hopes to find that one golden nugget: your bank statement, your credit care receipts, or anything that has anything personal about you.
So beware, do your due diligence against identity theft, and shred anything that has information about you. If someone is diving in your dumpster, all they should find are food scraps.Author Resource:- Get all the information you need to protect yourself against identity theft from Mike Selvon's identity theft portal at http://identitytheft.micronicherecommends.com, and leave a comment at his blog at http://www.mynicheportal.com/financial-services/. Article From Article JackC Search for Other JackC Articles Using These Tags:
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