Manage Your Finances Online Safely
In the past, obtaining a credit report, making a funds transfer, and checking bank balances, required a trip to a building society or local bank branch. Online banking has significantly changed the way most people manage their personal finances.
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Most banks and building societies have apps and websites that allow their customers to access their various bank accounts. Online access has allowed people to set up a paper-free statement system. This can help reduce litter and preserve the planet. A paper-free system can allow you stay more organized.
The rise in online banking has allowed users to make fast and easy transfers between accounts and provide access to bank statements. Online security has become an important issue, since sensitive financial information is now readily available.
Managing Your Investments
How well is your investment portfolio performing today? If you want to know you can call your broker and request this information. You can also wait to receive your statement at the end of the month. Or, you can go to your online account and look, right now. You can set up an online account with your broker, or they can set up online access for you. With an online brokerage account, you can:
Buy and sell securities. Before you make transactions, you should get a recommendation or receive input from a licensed broker or you should do adequate research.
Monitor your portfolios total value or check each securitys current price.
View trends for individual securities or your whole portfolio.
Cybercriminals, use various scams to gain access to your accounts. After they have accessed the online portions of a financial service companies, they pose as an account owner and transfer funds overseas. You can ask your financial advisor about additional security measures or fraud alerts to prevent these scams and crimes. If you feel concerned abou tthe safety of your account, speak to your broker or bank.
Monitoring Credit Cards
Credit card fraud is one of the most common types of consumer fraud, according to the Federal Bureau of Investigation. Online credit card monitoring can help keep you from becoming a statistics and fraud victim.
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Monitor your credit card accounts frequently to identify transactions.
Sign up for your credit card companys website to gain online access to your account.
If you see a suspicious transaction, call the credit card company and report it.
If you find a fraudulent transaction, you can have your charges reversed. If necessary, you can have the account frozen and a card will be issued with a new account number.
You can use various online and mobile tools to stay well informed about your financial affairs. Your financial investment service, credit card provider and bank can provide online access to your account. Online access will help you spot unauthorized transactions and fraudulent charges, which can give you the ability to stop cybercrime and limit damages.
Knowing Your Credit Reports and Rights
A credit report is a report about your credit account including your repayment history, transactions, and other financial information. Because of the delicate nature of these reports, lenders, banks, and building society can only gain access with your permission. Many of these transactions, including loans and phone contracts, requiring a credit report check.
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This report can help lenders assess if youre reliable. The information comes from public information sources, this information may be from the electoral roll, and court judgments, and include your credit history. This information can give a snapshot into your ability to repay past loans and manage your credit.
Since a persons credit report has a significant influence on many aspects of their life, it is important for everyone to know whats in this report. A good credit report can be helpful to a person hoping to purchase a home, finance your education, or obtain credit. There are certain rights a person has regarding this report.
Under the Data Protection Act, everyone has the right to:
Dispute inaccurate information and have those inaccuracies investigated.
Receive a copy of your credit report within seven working days of your request.
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