ITPro: Security: News: Stolen TK Maxx credit card details used to commit fraud

As consumers we would like to think that our personal information is safe, but more and more frequently we are hearing of consumer information being stolen from retailers, banks, and even government agencies. Identity theft is the fastest growing crime in the US. It costs consumers hundreds and even thousands of dollars in time and money when their personal information is stolen and used to gain money credit cards, and more.

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ITPro: Security: News: Stolen TK Maxx credit card details used to commit fraud
"Stolen TK Maxx credit card details used to commit fraudPosted by Rene Millman at 10:26AM, Tuesday 30th January 2007

Security breach at parent comapny TJX led to fraud in US, Europe and Asia, according to Massachusetts Bankers Association.

Customer data stolen from TJX, the company behind high street store TK Maxx, has been used to defraud credit and debit card users in the US, Europe and Asia.

The data was taken after hackers broke into a system containing financial information of customers in December last year. Only last week did the company admit systems had been breached.
"We were extremely disappointed when we determined that we have suffered an unauthorized intrusion into our computer systems that process and store information related to customer transactions," said Ben Cammarata, chairman and acting chief executive of TJX in a statement.

The company did not divulge the extent of the breach but said that the involved the portion of TJX's computer network that handled credit card, debit card, cheque, and merchandise return transactions for customers of its T.K. Maxx shops in UK and Ireland where the company has 200 shops. The breach as affected its stores in the US as well as other chains operated by the group around the world.
It said that it was conducting a full investigation with the assistance of several computer security and incident response firms.

"Since discovering this crime, we have been working diligently to further protect our customers and strengthen the security of our computer systems and we believe customers should feel safe shopping in our stores," said Cammarata.

But the Massachusetts Bankers Association (MBA) said that nearly 60 banks in the state had reported fraud connected to the data theft. It said in a statement that fraudulent use of debit and credit card data had been used to make purchases in Florida, Georgia, and Louisiana in the US, and Hong Kong and Sweden overseas. The association said that it expected the number of banks reporting incidences to be far higher.

Daniel Forte, president of the MBA said that the card companies would notify banks which in turn would issue affected customers with new cards and the banks would contact the customer to let them know what is happening.

"In rare circumstances, in a rush to protect you, your card could be cancelled before the communication reaches you," he said.

"It is critical that the card associations - Visa, MasterCard, etc. - and public officials carefully evaluate whether the source of the breach should be identified quickly and be held liable for a data breach, particularly if the information being stored is in violation of card network rules," said Forte.
Analysts said that this current breach is symptomatic of systems that have failed to keep up to date with current security practices.

"There is a lack of security in the retail industry and that doesn't surprise me at all," said Andy Kellett, senior research analyst at Butler Group. "The details that stores keep on credit card details go back a number of years and it will be card numbers from the last couple of years that will interest criminals the most.""

Tags: identity theft prevention

Credit Repair For Dummies - Book Review

Stephen Bucci has written the ultimate guide to do-it-yourself credit repair, Credit Repair Kit For Dummies (Paperback). It is full of the tools and tips for fixing bad credit.

"Good credit. Bad credit. Damaged credit. Repaired credit. No matter how you define it right now, credit is a big part of your life..." You don't have to let your credit rating and credit score suffer needlessly from errors or outdated information. Use the tools and tips for fixing a bad credit report provided in the Credit Repair Kit For Dummies.

Bad credit reports can hurt your chances of qualifying for loans and credit cards, can prevent you from renting an apartment or landing a job, and also play a big part in whether or not you can get insurance, and how much you will pay for it. Credit Repair Kit For Dummies is the only guide you'll need to manage your credit — from fixing clerical mistakes on your credit report, to improving your credit going forward, to establishing manageable payment plans with your creditors.

In this credit repair guide you'll discover how to:

• Protect yourself from identity theft
  
• Improve your credit score
  
• Assert your rights under the FACT Act
  
• Maintain great credit
  
• Investigate your legal options

Credit Repair Kit For Dummies is the consumer's easy to use guide to fixing any credit problem. Bad credit can hurt a consumer's chance at qualifying for a mortgage, business loan, or other financial help, but fixing bad credit can be difficult for anyone who doesn't understand how credit reports work. Fortunately, Credit Repair Kit For Dummies covers everything you need to know about credit, helping consumers address their credit problems, pay down their debt, and get their finances on the right track. This kit gives readers a step-by-step process to repair credit problems and clean up a messy credit history themselves. You'll also learn how to fix credit report mistakes and deal with credit granting entities.

Tags: do it yourself credit report repair, Fair Isaac, identity theft

Free Annual Credit Report

Fight identity theft, and also know where you stand with your credit by reviewing your credit report at least once each year. Go to AnnualCreditReport.com. This central site allows you to request a free credit file disclosure, more commonly known as a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. And it's free.

AnnualCreditReport.com is the official site to help consumers to obtain their free credit report. Once you have your three national reports, check each one carefully for clerical errors, omissions, and possible fraudulent activity. These type of negative entries may be easily disputed. Each of the credit reports will tell you exactly what to do in order to dispute an entry. Don't wait, order your free annual report today to check on your financial health.

Tags: credit report,identity theft

OnlineCreditProfessor.com - Credit Card and Loan Offers Even For Bad Credit

OnlineCreditProfessor.com - : LifeLock - Protect your Identity LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee! Click here for a 10% discount at LifeLock."

OnlineCreditProfessor.com - Applying for a Loan? What To Do If You Have Bad Credit

Here is some good advice about what to do before you apply for a loan from Suzanne Busby at OnlineCreditProfessor.com. Even if you have bad credit, you have options when looking for a loan. You should start the process at least 6 months before you want to apply for the loan.

OnlineCreditProfessor.com - Applying for a Loan? What To Do If You Have Bad Credit
"Applying for a Loan?--Start by Ordering Your Credit Report Now!
If you are considering applying for a loan, whether it be a mortgage or auto loan, ordering a copy of your credit report may well be the best place to start. Why? Because it’s the first thing a potential lender will be looking at, and even if you pay your bills on time, you will want to ensure that all the information in your credit report is up-to-date and accurate. Studies have shown that many credit reports contain inaccuracies that could affect your credit rating, and even lead to the rejection of your loan application. So, reviewing your credit report before applying for a loan may be a good idea, giving you time to dispute any negative or inaccurate items that may be the result of simple human error or a technical glitch. (For more information on loans, credit reporting, credit repair, identity theft, and many other financial issues, go to the OnlineCreditProfessor.com Blog.)
Depending on whether you are applying for an auto loan, a mortgage loan, or a loan for business or personal use, various lenders apply different standards in rating your credit worthiness. For this reason, obtaining your credit report and understanding how your credit history might be interpreted may give you a chance to clean up your credit report from the point of view of a lender. "

Check your credit report for clerical errors, unused credit, and late payments. In addition, avoid unnecessary inquires on your credit report, and make disputes for any inaccurate or fraudulent entries on your credit report. For more information, go to OnlineCreditProfessor.com.

Tags: bad credit, credit repair, credit report,credit score, mortgage loan, identity theft

Credit Repair - OnlineCreditProfessor.com

Here is some timely credit repair advice, tips, and help for improving your credit and your credit score. Credit repair, or credit remediation, is often possible even for those consumers who have extremely bad credit. Take a look at what Suzanne Busby recommends for credit repair, and credit score improvement in this thoughtful article about credit repair.

OnlineCreditProfessor.com
This entry was posted on 1/20/2007 3:59 PM and is filed under Credit Repair,Mortgage,Credit Report,Bad Credit,Credit,Credit Score,Loans.
"Credit remediation is a topic consumers often face with fear and anxiety, and for good reason, the average home shopper knows very little about the whole credit scoring process. Sub-prime borrowers who often find themselves at a loss when trying to find ways to improve their credit history, in order to obtain better rates and terms on a mortgage or other loan. The good news is there are ways to improve less than perfect credit scores and get a loan for the home you really want. The first thing you need for this process is a current copy of your credit report. Congress recently amended the Fair Credit Reporting Act so that consumers may now receive one free credit report each year. There are three national credit bureaus: Equifax, Experian, and Transunion. Since entries on your credit report can vary across bureaus, you’ll want to request a report from each of the three companies. (Go to http://www.annualcreditreport.com/)
It's also important to know just what a good credit score is. Most A-Paper scores, the type of scores that will get you the better deal, generally begin around 680 and up, although this number may differ slightly among lenders. Don't despair if your score is lower, there is always room for improvement. Increasing your score as little as 5 points can save a significant amount of money over the term of your loan. For example, if your score is 698 and you increase it to 703, you may be able to save yourself thousands of dollars over time as a result of a slight improvement to your loan’s initial interest rate.
Credit repair , with help from a professional, is necessary for some, especially those with very, very bad credit. Even if you have excellent credit, you can enhance your score through these steps:
• Evenly distribute your credit card debt to alter the ratio of debt to available credit. For example, if you had a credit score of 665, and you have debt on only one card, and four additional credit cards with zero balances, evenly distributing the debt of the first card could move your score closer, and possibly into, that ideal bracket.
• Keep your existing credit accounts open and active. Usually consumers are anxious to close credit card accounts that have zero balances. Unfortunately, doing this can cause them to lose the benefits of a long-term credit history and increase their ratio of debt-to-available credit. The bottom line is don't close those old accounts!
• Keep credit inquiries to a minimum. Every inquiry into your credit history can influence your score anywhere from 2-50 points. For mortgage and auto loans, even though you're only looking for one loan, multiple lenders may request your credit report, if you are shopping around. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry. So, try and stay within that 14- day time frame.
Remember, you can’t change credit scores. Improving your credit score requires time and diligent effort on your part, and may even require professional help from a good legal credit repair service. It's a good idea to start trying to improve your credit and credit score at least three to six months prior to submitting your application for home financing.
If credit repair is what you need, you can either try the process yourself or seek out a good credit repair service. If you decide to make your own improvements, visit as many websites as possible to get information regarding credit laws and consumer rights. Diligently search through them and educate yourself to ensure that you don’t sustain any self-inflicted wounds.
If you have severe or complicated credit issues, then you’ll probably want to enlist the assistance of a professional credit repair company. Facing up to credit issues can be uncomfortable to say the least. However, if you take some steps now, you’ll be that much closer to obtaining the home of your dreams.
Additional Resources:
To order your free credit report, go to: http://www.annualcreditreport.com/
To read the Fair Credit Reporting Act, go to: www.ftc.gov/os/statutes/frca.htm
For the Federal Trade Commission's information on consumer credit, go to: www.ftc.gov/bcp/conline/edcams/credit/index.html"

Even if you are not in the market for a home loan or other type of loan, it is not a bad idea to check your credit report regularly for errors, omissions, and problems that might crop up due to identity theft. Credit repair is often necessary when consumer credit files are stolen by identity theives. The only way to know if you have been a victim, is to regularly (we advise monthly) check your credit reports for problems. Problems are much easier to fix if they are found early, rather than later.

Tags: bad credit, credit repair, credit reportcredit score, mortgage loan, identity theft