Free Credit Card Processing Software

  Free Credit Card Processing Software  - Your Credit report : 5 myths busted  - May 7, 2007  

The credit report in United States is a document prepared by each of the three main credit reporting agencies Equifax, Experian and TransUnion. This report is absolutely essential to get any kind of loan from banks and other agencies. The credit report determines your credit score which is an indication of your financial health. A lot of misconceptions prevail regarding the credit report and credit score. In this article we try to clear some of these misconceptions.

1. The credit reporting agencies make random guesses for credit score

The credit reporting agencies do not arbitrarily decide on your credit score. In fact every loan, mortgage or credit card you take is closely monitored by the financial institution that provides it. The way you tackle your debt, repayment and interest rates is tracked by the company and sent to the credit rating agencies to calculate your credit score. The software used to calculate your credit score is FICO (Fair Issacs Corporation) after the people who designed it. It is a fairly complicated piece of software that decides on your credit score based on established parameters.

2. The credit reporting agencies are biased

No, not at all. No consideration whatsoever is given to factors like race, gender, nationality, marital status, or religion. It is your finances that matter. The feedback received by credit rating agencies from your banks, lenders etc. are the only things that matter. The idea is to establish your credit trustworthiness.

3. I have to pay heavy fees to credit reporting agencies to get my credit report

This is grossly untrue as the Fair Credit Reporting Act (FCRA) makes it mandatory for each of the credit reporting agencies to send a free copy of your credit report on your request each year. So, you can have a copy of your credit report absolutely free of cost once a year. If you require more than that you have to pay a small fee to the respective credit reporting agency. In fact, it is advised that you regularly check your credit report. It is indeed one of the best financial practices.

4. My credit report is available to public

Nothing could be more incorrect than this fact. Your credit report is Top Secret information. The lending institutions when they are in a process of giving you some loan can get a glimpse at it and that too with your permission.

5. The credit report prepared by the agencies is final and can't be altered

If you find any errors in your credit report, you can report it to the credit bureau and get it investigated. If there are errors, your credit report will be corrected and your credit score will reflect the corrections. To make sure that your credit score represents your true credit history it is advised that you regularly check your credit report and scrutinize it correctly. If any discrepancies are noted, immediately contact the issuing agency and get it corrected.

By debunking these misconceptions regarding the credit report a person can get more focused on maintaining a good credit score and healthy financial state.

  Free Credit Card Processing Software  - 10 vital tips to make your online shopping with credit cards safe and better part-1  - Jun 7, 2007  

Credit cards are the most convenient way to shop online. With credit card comes the ability to shop from anywhere and anytime. Due to all these facilities and simplified online shopping procedures, credit cards are at the centered of an e-commerce boom. But, instances of credit card fraud while online shopping are not unheard and are growing day by day. What can save you from such online credit card frauds? In this two part article series we look at 10 vital tips to make sure that you don't fall into these traps.

1. Yellow lock symbol in your browser's status bar

Modern web browsers ( a software that is used to surf the internet) are quite safe and respond to safe sites. They do it by embedding a yellow lock in the status bar of your browser whenever they go to a secure website. Always check for this yellow lock in the status bar of your browser.

2. https:// and yellow address bar

Whenever you reach a secure website the url of your website will change from http:// to https:// and along with this, if you are using a latest web browser the color of the status bar will also change to yellow. Some browser show a yellow lock right there in the address bar.

3. Encryption

E-commerce websites, which practice safe shopping experience for their customers use 128 bit encryption and more to transfer the data. This is the latest and most secure way of transmitting your credit card information and personal details over the internet. If a shopping website uses this encryption technology it will say it somewhere on their website. The usual place to check is the footer or header of the website where the logos of such encryptions are displayed prominently.

4. Hacker safe

There are website certification programs which test and certify whether a particular website is hacker safe or not. This testing is done on a regular basis and the dates are displayed along with the certification. A website which has undergone some kind of hacker safe testing is definitely a better bet to depend on.

5. Privacy Policy

Don't do business, or shop on websites which don't have a privacy policy clearly written in an understandable format. The Privacy Policy of any website is a document that tells you how the website will use the credit card and other vital personal information from collected from you. The privacy policy should clearly state that the website won't share, sell or use the information collected by you in any other manner so as to threaten your financial, personal or online security.

The second part of this article series takes a look at 5 more vital online shopping tips.

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