Remember when fingerprint and facial recognition scanning was just cool spy tech seen in Mission Impossible movies? Until recently, only the CIA and top secret spy agencies had this cool technology at their disposal. Long gone are those days as everyone with a late model cell phone or mobile device can now take advantage of these cool biometric security features. However, there may be some downsides to unlocking your smartphone or tablet with a scan of your thumbprint or face.
By the year 2019, it’s estimated that there will be nearly 500 million biometric scanners in use around the world. Amounting to a staggering $25 billion dollar industry. Biometric scanning is meant to take the place of alpha-numeric passwords that we’ve all used for years and is being touted as a more secure way to lock down your sensitive information. But just like normal passwords, that are stored on encrypted clouds and servers across the globe, won’t thumbprints and eye scans be susceptible to hacking and theft as well?
But there have already been cases of biometric hacking on a large scale. An estimated 22 million people had their personal data stolen in a massive data breach at the Office of Personnel Management in December 2014, including RAND privacy expert and mother of two Rebecca Balebako. She received a letter from OPM last year informing her that her personal information, including her ten fingerprints, were stolen in the breach. – Read the full article here.
Most people these days realize that their entire financial history is chronicled in a detailed credit report. Almost 70% of people, however, don’t realize that the information that those detailed credit reports contain is then calculated into a three digit credit score. You can have a pretty good repayment history on a lot of items, but it doesn’t take too many negative reports on your credit report to make your credit score drop like a heavy rock thrown into a pond. In fact, some negative events can take up to 160 points off of your credit score. That’s definitely something that you don’t want to have happen to you without your knowledge… right? But that can happen to you if you don’t realize the importance of your credit score.
Why is Knowing Your Credit Score Important?
There are two important reasons why it is important to know what your credit score is at minimum on a month-to-month basis:
because lenders will generally grant new lines of credit based off of your credit score & not off of your credit report; and
knowing what your baseline score is will help you be able to determine if an identity thief is prowling around.
Your credit score, which is a number that falls between 300 – 850, is a gauge on the overall health of your financial decision-making. A higher credit score will bring you better interest rates, friendlier repayment terms, and the ability to borrow more money. A lower credit score can result in higher interest rates, rigid repayment terms, and potentially a lack of ability to borrow any money whatsoever.
What is a Good Credit Score?
So what is a good credit score? Anything over 650, as for a vast majority of lenders, this is the number where better rates and terms come into play. Yet remember – a perfect score is 850, so there is 200 points of improvement to be made. The good news is that the average credit score in the United States is 720, so you’ve likely got good credit and you don’t even know it.
When an identity thief strikes by opening up new lines of credit, maximizing those credit lines, and then failing to pay anything on them, your credit score will go down. If an identity thief gets a mortgage in your name that is then foreclosed upon, your credit score could go down as much as 160 points. A false bankruptcy in your name because of an identity thief could result in a credit score reduction of 100 points. That’s why detecting any fluctuation early, even if only a point or two, is so critical to preventing the damage that an identity thief can do.
What Makes Up a Credit Score?
Knowing what makes up your credit score helps you to be able to know how you can improve it… and know where identity thieves might be chipping away at you if your score is dropping unexpectedly.
35% Payment History: Having a history making of payments on time and not having any missed payments on all of your credit lines is one of the most important items lenders look at on everyone’s credit history.
30% Amount Owed: This looks at the amounts you owe in relation to the total amount of credit that is available to you. People who are closer to maxing out all their credit limits are deemed to have a higher risk of making late payments in the future, and this can lower their credit score. Not having any credit activity on open credit lines for a lengthy period of time can have the same effect.
15% Length of Credit History: A credit report containing a list of accounts opened for a long time will always help your credit score. Having a lot of new accounts opened in the last few months will not.
10% New Credit: Opening several new lines of credit in a short period of time can lower your credit score twice. Multiple credit report inquiries can represent a greater risk because it appears that you may be attempting to obtain new credit, but this does NOT include any requests made by you, an employer, or by a lender who does so when sending you an unsolicited, “pre-approved” credit offer. Also, to compensate for rate shopping, the credit score counts multiple inquiries in any 14-day period as just one inquiry instead of multiple inquiries.
10% Types of Credit in Use: Is all of your credit in credit cards? Or do you have a mortgage, a vehicle loan, a department card, & a couple credit cards? More variety will equate to a higher credit score.
How Can You Monitor Your Credit Score?
There are two very easy ways to monitor your credit score. You can:
sign up for an identity theft protection service plan that includes credit score monitoring; or you can pay one of the three major credit bureaus to access your credit score and your credit report.
Now some states do offer their residents the ability to access their credit score for free, in addition to the free credit reports that you are entitled to under Federal and State laws. Be sure to check your local resources to determine what kind of products are available in your area and what you may need to do to be able to access them.
By monitoring your credit at least monthly, you’ll be able to tell if your credit score is doing something that it shouldn’t be doing, and knowing what makes up your credit score can help you to boost it higher. Identity thieves are counting on the fact that you don’t know this information… but they do.
Review of Identity Guard Services & Features
Identity Guard is one of the most popular and highest rated identity protection/credit report monitoring service on the market. It ranked #1 on the Kiplinger Financial Magazine’s Top Identity Theft Protection Services list and has won numerous other awards for it’s protection and customer satisfaction. The company’s protection services are based on their three tier approach of Monitor, Protect and Recover*.
- Monitor: use of technology to monitor personal and financial information in order to provide credit, public record and identity monitoring with prompt security alerts regarding potential threats to your identity which can be delivered via email, text or phone.
- Protect: provides anti-virus software for your computer, and keystroke encryption to allow safe browsing of the internet; their program ID Vault* helps protect logins, passwords and credit card information on your most visited shopping and member sites.
- Recover: in case your identity is stolen during your membership, Identity Guard will provide personal recovery assistance that puts you in contact with experts and counselors, and offers identity theft insurance and lost wallet protection.
Plan Levels & Pricing
Identity Guard offers three membership level for their individual (single social security number) plans:
The Essentials membership is $9.99 per month and excludes certain features such as public record monitoring, anti-virus software, and password protection, and only provides consumers with 1 credit score report per month;
The Total Protection membership, at $19.99 per month, provides members with all of the services from the Essentials plan, as well as credit scores from all three credit bureaus;
The Platinum membership costs $24.99 per month and provides all of the services of the Total Protection level plus adds a bonus child security feature (kID Sure*) that helps protect your child’s identity. Their free mobile app is a nice added feature for those consumers who are serious about guarding their identity and protecting their credit.
You can save $3.00/month of the IdentityGuard.com homepage price when you sign up through StopIdentityFraud.org
When you sign up for your free 30 day trial, your monthly subscription will automatically begin at the end of those 30 days, unless you cancel your membership.
Couples & Family Plans
Identity Guard recently released 2 new plans that help make credit monitoring more affordable for families of all sizes.
Couples Credit Monitoring – Covers 2 adults in the same household. $26.99/month ($6.99/month savings)
Family Credit Monitoring – Covers 2 adults and up to 15 children in a single household. $27.99/month.
The only downside to these plans is that they don’t offer a free 30 day trial. But IdentityGuard is has a proven track record as being one of the most trusted identity protection & monitoring companies. If you want to monitor multiple social security numbers, you won’t go wrong with either of these plans.
Your identity is more than just who you are these days. It is what you apply for, what you purchase, and how many credit lines you have as well. An identity that has been abused through criminal activity will make it difficult for you to be able to live the life that you want to lead. The investment in identity theft protection is a sound and affordable investment that allows you to rest easier at night knowing that someone has got your back. IdentityGuard is hands down the most comprehensive identity & credit monitoring service on the market today. With monthly subscription pricing for nearly every budget, a high level of customer service and an A+ Better Business Bureau rating, you should put IdentityGuard at the very top of your list when shopping for identity protection.
Enroll with Identity Guard and you’ll be able to discover what having a secure identity truly means.