Protecting your credit

In another Article we covered the importance of a good credit rating in terms of securing the best Mortgage Loan and refinance options.  Your credit score forms one of the three main factors that lenders consoder when they decide whether to offer you a loan, how much they offer and on what terms, so it’s vitally important that you nurture a good credit score.

Maintaining good credit can be challenging at the best of times, and the last thing anyone needs is for someone else to gain control of your credit and ruin it.  Sadly this is all too possible due to identity theft.  If someone gains access to your identity they can ruin your credit for years to come, destroy years of hard work and leave you in masive debt. 

Credit Protection 

One of the simplest and most common forms of identity theft is credit card fraud.  Once your credit card has been compromised, theives can max it out with cash advances leaving you with untraceable debts and a balance you may not be able to repay.  Perhaps the best way to protect yourself against identity theft like this is to use a service such as Lifelock.  Lifelock offers a number of security features, including an insurance coverage which protects you in the event of credit card fraud while you are protected by their service you can also see how Lifelock compares with other services using the Lifelock Comparison Chart.   Lifelock and similar services represent a new form of insurance against the changing threats the average consumer is now exposed to.  Just as you insure your home and your car it’s becoming increasingly important to protect your identity.

For anyone looking to secure their credit score and boost their changes of securing the best mortgage and refinance options, credit protection strategies are a must.  Identity thieves are becoming more and more sophisticated and it’s essential to be as prepared as possible – being declined on your mortgage refinance because someone has compromised your credit is a nightmare no mortgage holder will ever want to experience.  Before you go and look for mortgage quotes online it’s worth taking note of where your credit is at and taking steps to protect it.

Our simple but effective search engine is designed to give you what you need most – options!  If you have a problem with your credit score, take a look at our mortgages for people with bad credit page and see how you can go about getting a loan even with poor credit.  If you’re looking to take out a second mortgage or equity loan, you may also want to consider looking at whether a cash out refinance would suit your needs more effectively as  this is often a cheaper option long term.