Hello everyone!

Credit report monitoring is defined as the constant watch over your credit report and history in order to detect any suspicious activity or change in your credit file. It detects identity theft and other credit related fraud. Credit monitoring services are a great option if you want to keep a close eye on your credit report. Having been a victim of both identity fraud and credit card theft, I use another option called identity monitoring. I wish I had this service before the crimes. According to the U.S. Federal Trade Commission, it takes an average of 12 months for a victim of identity theft to notice. It took me eight. An identity monitoring service will alert you of inquiries for credit as well as changes in your credit report to aid you in stopping the theft before actual damage occurs.

You can monitor your own credit, making sure your record represents you fairly and accurately, by regularly ordering and reviewing your consumer credit reports from the three major reporting agencies. You can request a report from each of the three reporting bureaus (Equifax, Experian, and Transunion) at the same time or at different times. The advantage of reviewing the three reports at once is that you can get a complete picture of your consumer credit report history. The disadvantage is that it is a one-shot deal and you do not have the advantage of an ongoing review. There is a better way to monitor your credit yourself.

Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide consumer reporting companies. (To request your free report under that law, go to www.annualcreditreport.com.) This is a great option if you want to monitor the accuracy of your consumer credit reports throughout the year for free. Just request your report from one bureau initially, then follow up with another bureau\’s report four months later, and the third four months after that. Each time, if you find errors, no matter how small, be sure you get them fixed right away. Even if you find the suspicious activity on just one report, make sure that you contact all three credit bureaus to ensure they make any necessary changes. You should receive amended reports within a week after the changes take effect.

A third option is to use an identity monitoring service. This service monitors the information related to your identity, and notifies you right away of any suspicious or seemingly fraudulent activity. It allows you to correct any errors associated with your identity without having to suffer the consequences of finding out months after the theft has occurred. Though you may not be able to prevent a theft from occurring, a timely notification system can help you can avoid any losses by helping you get quick resolution. The average identity theft costs the victim over $5,000 and takes over 400 hours to resolve if it is not detected quickly.

Whether you decide to use a credit monitoring service, self-monitor your credit report, or use an identity monitoring service, a pro-active stance is the best defense against identity theft.

- Ken S.

LowRateSearch.com

blog.lowratesearch.com

Ken S. is the founder of LowRateSearch.com - dedicated to helping consumers save money through low rates on loans, insurance, and travel.

Paying off your mortgage early may seem like a lofty goal, but there are small ways that can help reduce your mortgage. With very little effort, such seemingly minuscule changes could save you literally thousands of dollars in the long run. The following are (relatively) painless ways to begin reducing your principal mortgage, thus paying off the loan much quicker than you ever thought possible.

Pay More than the Minimum

If your mortgage is $1525 every month, round up and pay an even $1600. That extra $75, though it may seem small, will have a huge impact over time.

Pay More than Monthly

See if your lender offers a bi-weekly payment plan, where you make a payment every other week that equals exactly half of your normal payment. Since there are 52 weeks in a year, you will end up making 26 bi-weekly payments for a grand total of 13 full payments each year - one more than the traditional 12 monthly payments. Again, though it may seem small, that one extra monthly payment will really impact your interest rate.

You can also pay weekly; most lenders have an automatic payment option that you can set up to automatically deduct your account and pay your mortgage on the day of your choosing.

Put Extra Funds toward your Mortgage

Have a Christmas bonus from work or a tax refund coming in the mail? Send that extra money that is not accounted for in your budget straight to your mortgage. It is essentially “free” (a term which I use very loosely) money that you were not counting on to pay the bills; thus you can apply it towards your mortgage without affecting your finances while working to reduce your interest rate.

Keep Loose Change!

Throw all your lose change into a large jar and use it towards your mortgage each month. It may seem like it is more effort than it is worth but you will be surprised by how quickly all those pennies, nickels, and dimes add up. Case in point: my husband and I did this for exactly six months and were very pleasantly surprised to find all our collected change was nearly $400, money we would have otherwise disregarded.

Early Mortgage Payoff Plans

Let\’s face it: most of us are not fiscally responsible or disciplined enough to put all our extra money towards our mortgage every time we have some. Thankfully, there is a solution for that. Early mortgage payoff systems, such as the Money Merge Account, help homeowners pay off their mortgage early by using a software system. Most programs require an initial investment, but one that is well worth it since it will save so much in interest down the road.

Avoid Late Fees!

Pay your mortgage on time - it\’s as simple as that! Late fees are often very costly. For instance, a 5% penalty fee on a $1,500 payment would be $75 (many companies have a much higher penalty percent). Scheduling automatic payments is a great way to avoid paying late fees; inquire if your lender offers online payment. If you do not have online payment and run the risk of paying your mortgage late, send the payment via overnight express mail. Such mail services typically cost around $15, which is much less than the penalty fee that will be incurred if you do not get the payment in on time.

While the swift cut-and-parry of creation is the heart of an inventor\’s life, there is another important component - networking. Let\’s face it; no matter how great your invention may be, you can always benefit from talented professionals in your field that might be willing to lend a hand.

Maybe it\’s that database programmer you\’ve been scouring the earth for, or that distributor you need to get your product on store shelves, or a patent attorney to make sure your intellectual property is protected. Whatever the case may be, there are steps you can take to put yourself in the path of networking success.

In this article, we will examine five of the most helpful. By applying these tips to your day-to-day efforts, you will increase your odds of meeting the people you need to move your invention forward.

1) Have a clean, approachable website.

The benefit of having a simple website to send people to cannot be stressed enough. Let\’s say you are at a party or industry conference. Suddenly, you meet a new colleague and the two of you get to talking about your respective projects and goals.

As the conversation comes to a close, the colleague asks you, “So, how can I stay abreast of what you\’re up to, how can we keep in touch?” If you are networking-savvy inventor, you will reply, “Oh, no problem! My website is www.JohnDokes.com, it has all my contact information and what I\’m working on. Check up on me there from time to time!”

This is extremely simple to do. Your website does not have to be flashy or fancy; a clean, black text on white background HTML layout will do just fine. As mentioned, your website should include your name, profession, hobbies, and areas of expertise, achievements, and maybe a periodical blurb about what things of importance you are working on at the time.

2) Print business cards and carry them at all times.

But what happens when you meet someone on the fly? There isn\’t always time to scribble down web URLs or phone numbers, and lack of preparedness could kill an otherwise great networking contact. Fortunately, this does not have to befall you. The solution is a timeless standby of professionals everywhere: business cards! Simply visit your local Kinkos and print up 200 standard business cards with your name, e-mail address, mobile phone, and anything else you deem relevant. Then, make a point of carrying 5-10 of them in your wallet with you at all times. With business cards in tow, you will be able to capitalize on networking opportunities wherever you happen to be - on vacation, at restaurants or coffee shops, even in the grocery store. You truly never know when you will meet someone important.

3) Consider a separate phone line or wireless phone for professional purposes.

While not an absolute necessity, you need to consider how a potential contact or partner might perceive you. If they call your house line and hear lots of family commotion in the background, it might send the message that you are ill-prepared to take on a serious venture of any kind. Whether this is reasonable to infer or not, perception is reality for many people. Therefore, it might make sense to get a separate landline or wireless phone for your professional needs. You would then print this number on your website and business cards instead of your house phone. A wireless phone is best because you can carry it with you and never miss an important call. In addition to upholding your professionalism, doing this also helps you delineate between different areas of your life.

4) Follow leads wherever they may appear.

Anyone who has been in business for long knows that leads and opportunities can crop up almost anywhere, at any time. It is not uncommon for new business partners to meet on vacation, over dinner and drinks, or while playing golf at a country club. Therefore, you should keep this in the back of your mind and be ready to pounce on new opportunities as they arise. If you are out on the green with someone and you get to talking about your professions, there is no shame in “testing the waters” and seeing if he is interested in new projects. Do not assume that just because you aren\’t in a business setting, you cannot pursue business leads. Truly successful inventors are creative and resourceful.

5) Use the direct approach whenever possible and appropriate.

Many people take a passive approach to life. Instead of acting to bring about some outcome, they simply hope it comes to be through osmosis. When it comes to networking, this attitude is a death sentence. If you want to meet the best people and bring them into the fold, you need to proactively seek them out. Let\’s say you are in desperate need of a graphic designer, for instance. Throw up an ad on Rent-A-Coder that says you\’re looking for one! Better yet, ask around your circle of friends and contacts to see if they know anyone with the skills you need. This is how networking happens. Of course, you should seek to establish some kind of relationship with a person before you just mine them for contacts. You wouldn\’t want to bombard someone you just met. But by all means: once you are on good terms with someone, feel free to ask them who they know.

Apply these tips to your inventing and you will soon find that networking is not so difficult and it can make the difference between a successful invention and a failed one.

Eric Corl is the Founder and CEO of Idea Buyer, a marketplace for new technology and products that allows inventors to showcase their intellectual property to consumer product companies, entrepreneurs, retailers, and manufacturers at http://www.IdeaBuyer.com

You can email him at EricCorl@IdeaBuyer.com