Frequently Asked Questions
How will MyCreditVault work when applying for a new credit account?
You will login to your app or online, type in the number or website of the bank or creditor you want to release your credit file to and then hit the submit button. Alternatively, the system could be designed to send you a text or notification message requesting you to reply "yes", tap on "Yes button" or by entry of a "3-6 digit code or word", to grant permission to release your credit file to a creditor.
How will it work with retail transactions?
You may leave all your accounts locked and then unlock for use at time of shopping.
If MyCreditVault is locked you may login through MyCreditVault app while in the checkout aisle or prior. GPS will display the store you are in and you will tap on the store button to approve a purchase at that store. You may also leave your MyCreditVault account set so that it is turned 'OFF' for everywhere but 'ON' to work in conjunction with your GPS location or you may manually set to allow transactions in a given area/zip code or only at merchants of choice. MyCreditVault will work with any mobile payment system and even virtual currency providers.
How will the MyCreditVault Signup process work?
Banks and credit bureaus will be the ones you will sign up through. They have already verified your identity. In addition 'A knowledge based questionnaire' with questions about your credit history will be used to verify identity (already used by credit bureaus). And lastly, since the IRS, FBI, DHS and DMV could very well be aligned with this system, databases may be cross-referenced to confirm your identity.
What if I lose my phone? Can I still use MyCreditVault?
If you lose your phone, you may login online and adjust your settings to allow for purchases to occur by area/zip code and limit it to a single card. You may also be able to limit dollar amount spend by account, on a daily, weekly or monthly basis. You may still approve new credit accounts or web transactions online, one at a time.
What if I lose my wallet?
This may be the best benefit of MyCreditVault. You may simply login online and turn off all payment cards. If you find your wallet, simply turn MyCreditVault back on.
What if a thief obtains my login information for my MyCreditVault account? Can they gain access to my financial accounts?
No. A thief would also need to have access to your financial account data and control your phone, your email and your bank login. Prior to changes being made to your MyCreditVault Account, you may require a confirmation be sent to your email and phone. MyCreditVault will store no account data, nor will you have to add accounts.
Will my bank account and debit/credit card accounts be protected?
Yes, a text, notification or email may be sent prior to any bill pay, ATM, Debit, credit, transaction or changes to your account occurring. With MyCreditVault, you may keep all accounts turned off for use and then just confirm or pre-authorize transactions securely in seconds using your mobile phone. You may also be enabled to leave only 1-2 select cards "ON" to work in conjunction with GPS on phone or by zip/area code. You may also be enabled to set transaction parameters limiting purchase amount, number of transactions or merchant locations/types.
Will people be able to steal my tax return or file a false one in my name?
No. You will login into MyCreditVault, select proper tax form, select tax year/period, enter 3-5 randomly generated fields from your completed tax form and then hit the save button. The IRS will receive this information and your tax forms will not be processed unless the fields match your filed tax return.
How will Identity Theft be prevented in Healthcare w/ MyCreditVault?
A potential solution would have medical billers submit bills as normal to insurance companies or Medicare. Patients are sent text or notification and email with a PDF of the bill to confirm accuracy and validity of the bill. The patient approves the bill or reports bill as inaccurate or potentially fraudulent. This will aide in stopping thieves.