Credit card junk mail - How to stop credit card mail offers.

  Credit card junk mail - How to stop credit card mail offers.

 

Tired of receiving credit card junk mail? To stop credit card mail offers, here are your options:

 

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Stop credit card offers...

  • Reduce the number of credit card mail offers, insurance and other financial products you are receiving by calling toll-free 888-5-OPTOUT (1-888-567-8688) to remove your name from mailing lists used by national major credit card issuers and other institutions.

  • By taking advantage of services offered by the Direct Marketing Association, you can further reduce or stop credit card mail offers as well as phone calls from national advertisers. For more information, write to DMA Consumer Affairs, 1111 19th Street, NW, Washington, DC 20036, or go to dmaconsumers.org. To be removed from marketing lists at local businesses, contact them directly.

  • Don't give out personal details (such as your income or buying habits) to people or businesses who ask for it unless you know and approve of how that information will be used.

  • Be watchful of free offers such as contest drawings. Many will place your mailing address on credit card mail lists or other types of marketing.

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Your Financial Privacy Rights
You can limit the personal information that banks and other financial institutions provide to other companies. Here's help for you in deciding what's best.

The federal Gramm-Leach-Bliley Act of 1999 created a new opportunity for you to limit the transfer of your personal financial information. The law attempts to balance your right to privacy with financial institutions' need to share information for normal business purposes. Some consumers don't object to information sharing, they want their names on mailing and telephone lists so they can easily find out about new products and services. But other consumers want fewer solicitations and more privacy. If you're in the latter category, you have some important new responsibilities if you want to take advantage of your new rights.

It's important that you read the mail you receive from your bank and other financial institutions. The law requires these companies to explain how they use and share your personal information. The law also allow you to stop or 'opt out' of certain information sharing. "You need to be observant," says Ken Baebel, Assistant Director of the FDIC's Division of Compliance and Consumer Affairs. "You need to look for the privacy notices from your financial institutions, which may come as part of a monthly statement or as a separate mailing. You also need to understand whether an institution intends to share personal information with other companies and, if so, what you can do to prevent information sharing, if that's what you want. Otherwise, it will be up to the institution to decide who gets details about you and your finances."

The new law applies to many types of financial institutions. The law covers banks, savings and loans, credit unions, insurance companies and securities firms. It even includes some retailers and automobile dealers that collect and share personal information about consumers to whom they extend or arrange credit. Also, while the rules from the FDIC and other federal agencies say these notices to consumers must be accurate, clear and conspicuous, we know there's a lot to consider before you decide what's best for you. That's why FDIC Consumer News has developed the following question-and-answer format to help you understand your new rights to financial privacy and what you need to do to exercise those rights.

Personal information financial institutions collect and share:
Many financial institutions collect information about their customers as a regular part of their business of providing products or services. Examples: When you apply for a loan, you provide your name, phone number, address, income, and details about your assets. When the institution is considering your application, it may collect additional details from other sources, such as credit reports prepared by credit bureaus. And as you use a financial product—a credit card, for example—your institution will have a record of how much you buy and borrow, where you like to shop, and whether you repay your balance on time. Some (but not all) financial institutions share this information with other entities—including completely unaffiliated companies such as retailers, telemarketers, airlines and non-profit organizations—to help them target consumers who might be interested in their products or programs.

How the Gramm-Leach-Bliley Act protects financial privacy:
First, the law requires each financial institution to tell its customers about the kinds of information it collects and the types of businesses that may be provided that information. This disclosure, called the privacy notice, is intended to help you decide whether you are comfortable with that information-sharing arrangement. The law went into effect July 1, 2001, and you should have received a privacy notice from any financial institution where you already had an account. Anytime you open a new account with a different financial institution you must be given a copy of the privacy notice at that time. Financial institutions also are required to send a privacy notice to their customers once a year.

Second, the law says that if your financial institution intends to share your information with anyone outside its corporate family, it also must give you the chance to "opt out" or say "no" to information sharing under certain circumstances. Even consumers who are not technically customers of a financial institution—such as former customers or people who unsuccessfully applied for a loan or credit card—will have the right to opt out of information sharing with outside companies.

Third, the law requires that financial institutions describe how they will protect the confidentiality and security of your information.

What to look for when you receive a privacy notice:
We encourage you to read the entire notice carefully. You may, though, want to focus on your financial institution's descriptions of the following:

  • The kind of information it shares with other parts of the same company, likely to be described as "members of our corporate family" or "our affiliates";

  • The information it shares with other companies or organizations that are not part of the same corporate group as your financial institution, perhaps called "nonaffiliated third parties";

  • What information you can prevent your financial institution from sharing with other companies or organizations; and

  • How you go about opting out, if that's what you want to do.

Does the privacy notice list exactly what information the financial institution wants to share, and with whom?
No. The regulations say the privacy notice must describe the basic categories of information a financial institution collects and shares with other entities, and give examples. But a financial institution is not required to list every type of information it may gather or share, or tell you the names of specific companies or organizations that may buy or receive your information. If you have questions or concerns, contact your financial institution at the address or phone number listed in its privacy notice.

Information you can stop an institution from sharing:
You have a general right to block the sharing of non-public personal information with outside companies and organizations, but there are exceptions (as explained in the next question and answer). Also, your institution may remind you that a law passed several years ago, the Fair Credit Reporting Act, gives you limited rights to stop selected information-sharing with affiliates.

Information you can't prevent from being shared, even if you opt out:
Under the new law, you cannot bar an institution from providing personal information to outside companies and organizations if, for instance:

  • The information is needed to help conduct normal business. Example: Your bank can send personal information to outside firms that help market the institution's products, handle its data processing (for your loan payments, checking account statements, electronic banking transactions or credit card purchases), or mail account statements.

  • The information is needed to protect against fraud or unauthorized transactions, or is provided in response to a court order.

  • The institution reasonably believes the information is "publicly available." Robert Patrick, an FDIC consumer law attorney in Washington, explains that publicly available information "includes your name, address, and telephone number as they appear in the telephone book, information about your home mortgage recorded in county records, or information that would be found on your driver's license if that information is available from your state's department of motor vehicles."

  • The information is used as part of a "joint marketing agreement." That's a situation in which two or more financial institutions—say, a bank and insurance company—agree to jointly offer, endorse or sponsor the same products or services.

In addition, the Fair Credit Reporting Act says an institution has a right to give an affiliate any information obtained from your transactions with that institution. Example: Your bank can give an affiliated insurance company details about your deposit accounts. This could be useful information if, say, the insurer wants to offer you an annuity as an investment when one of your CDs is about to mature. Even though you cannot prevent this information from being shared, the bank still must tell you about these practices in its privacy notice.

How to decide if you should opt out:
It depends on how the information is shared... and it depends on your viewpoint. If a financial institution widely shares your personal information with other businesses, you'll get more mail, phone calls or other unsolicited promotions than if you decide to opt out. Some consumers see information sharing as a plus because it helps them shop from home or find out about new products and services, including potentially good deals on a new loan, insurance policy or investment. Other consumers say they don't want so many solicitations from telemarketers and mail advertisers, and they don't want a lot of other businesses and people knowing about their finances or spending habits. You must decide what's best for you.

"If you opt out, your bank will still be able to share personal information about you with outside entities in certain circumstances, but you will be putting a limit on at least some information sharing," adds the FDIC's Patrick. "If you don't opt out, your bank can sell information about you to any business or person, and there are few restrictions on how that information might be used."

The FDIC's Baebel suggests that you review your institution's privacy notice and "ask yourself if you're comfortable with the types of businesses receiving your personal information, and with what they are likely to do with the information." If you have questions or concerns, he says, contact your institution. "Banks and other financial institutions are interested in maintaining good customer relations," Baebel adds. "They should be more than willing to explain how they use your information, how they protect that information, and the circumstances in which they share information with other businesses or people."

Copies and ability to correct information errors prior to optout
The Gramm-Leach-Bliley Act doesn't require your bank to give you access to the information it collects or a chance to make changes. However, if you have concerns, you can ask your bank if it will voluntarily let you see your personal records and comment on their accuracy. Banks do let customers review their personal information under certain circumstances.

Do you have to notify an institution in a certain way?
Yes, most likely. That's because the institution can establish a procedure that everyone must use to opt out, provided that it is reasonable. So, be sure to check the instructions that come with your privacy notice. For example, your bank may require you to call a certain telephone number, not just any number at the bank. Or, it may require you to complete a form and mail it to a specific address. Patrick adds that "even if you call the bank to opt out, it's a good idea to also notify it in writing and to keep a copy of your written notice for your records."

If you opt out later:
You can always opt out, even months or years from now. But, be aware that any opt-out request only covers the sharing of information in the future. There is no requirement that a financial institution contact the organizations it has already shared your information with and tell them they cannot use that information any more.

Joint account opt outs:
If the bank sends separate notices to each account holder, each person can choose for himself or herself. However, because the rules allow banks to provide a single opt-out notice when two or more customers have a joint account, it's important to pay attention to what the bank says about opt-out requests. If, for example, the bank sends separate notices to two owners of a joint account and only one of them responds, the bank may continue sharing the other person's information. "If you receive an opt-out notice from a bank where you have a joint account, be sure to discuss that information with the other people who share that account with you," Patrick says. "That way, if any of you decide to opt out, you can do so properly."

Your right to financial privacy is important. And thanks to the privacy law, you now have more of a say in how much of your information financial institutions may share with other companies. It's up to you to take advantage of these protections. Watch for the privacy notices from your financial institutions, read them carefully and follow the instructions if you decide to exercise your right to opt out.

  

Identity Theft Reporting and Victim Rights

 

Identity theft occurs when someone uses your name, Social Security number, date of birth, or other identifying information (without authority), to commit fraud. For example, someone may have committed identity theft by using your personal information to open a credit card account or get a loan in your name. For more information, visit www.consumer.gov/idtheft or write to: FTC, Consumer Response Center, Room 130-B, 600 Pennsylvania Avenue, N.W. Washington, D.C., 20580.

 

The Fair Credit Reporting Act (FCRA) gives you specific rights when you are, or believe that you are, the victim of identity theft. Here is a brief summary of the rights designed to help you recover from identity theft.

 

You have the right to ask that nationwide consumer reporting agencies place "fraud alerts" in your file to let potential creditors and others know that you may be a victim of identity theft. A fraud alert can make it more difficult for someone to get credit in your name because it tells creditors to follow certain procedures to protect you. It also may delay your ability to obtain credit. You may place a fraud alert in your file by calling just one of the three nationwide consumer reporting agencies. As soon as that agency processes your fraud alert, it will notify the other two, which then also must place fraud alerts in your file.

 

Equifax: 1-800-525-6285; www.equifax.com
Experian: 1-888-397-3742; www.experian.com
TransUnion: 1-800-680-7289; www.transunion.com

 

An initial fraud alert stays in your file for at least 90 days. An extended alert stays in your file for seven years. To place either of these alerts, a consumer reporting agency will require you to provide appropriate proof of your identity, which may include your Social Security number. If you ask for an extended alert, you will have to provide an identity theft report. An identity theft report includes a copy of a report you have filed with a federal, state, or local law enforcement agency, and additional information a consumer reporting agency may require you to submit. For more detailed information about the identity theft report, visit www.consumer.gov/idtheft.

 

You have the right to free copies of the information in your file (your "file disclosure"). An initial fraud alert entitles you to a copy of all the information in your file at each of the three nationwide agencies, and an extended alert entitles you to two free file disclosures in a 12-month period following the placing of the alert. These additional disclosures may help you detect signs of fraud, for example, whether fraudulent accounts have been opened in your name or whether someone has reported a change in your address. Once a year, you also have the right to a free copy of the information in your file at any consumer reporting agency, if you believe it has inaccurate information due to fraud, such as identity theft. You also have the ability to obtain additional free file disclosures under other provisions of the FCRA. See www.ftc.gov/credit.

 

You have the right to obtain documents relating to fraudulent transactions made or accounts opened using your personal information. A creditor or other business must give you copies of applications and other business records relating to transactions and accounts that resulted from the theft of your identity, if you ask for them in writing. A business may ask you for proof of your identity, a police report, and an affidavit before giving you the documents. It also may specify an address for you to send your request. Under certain circumstances, a business can refuse to provide you with these documents. See www.consumer.gov/idtheft.

 

You have the right to obtain information from a debt collector. If you ask, a debt collector must provide you with certain information about the debt you believe was incurred in your name by an identity thief - like the name of the creditor and the amount of the debt.

 

If you believe information in your file results from identity theft, you have the right to ask that a consumer reporting agency block that information from your file. An identity thief may run up bills in your name and not pay them. Information about the unpaid bills may appear on your consumer report. Should you decide to ask a consumer reporting agency to block the reporting of this information, you must identify the information to block, and provide the consumer reporting agency with proof of your identity and a copy of your identity theft report. The consumer reporting agency can refuse or cancel your request for a block if, for example, you don't provide the necessary documentation, or where the block results from an error or a material misrepresentation of fact made by you. If the agency declines or rescinds the block, it must notify you. Once a debt resulting from identity theft has been blocked, a person or business with notice of the block may not sell, transfer, or place the debt for collection.

 

You also may prevent businesses from reporting information about you to consumer reporting agencies if you believe the information is a result of identity theft. To do so, you must send your request to the address specified by the business that reports the information to the consumer reporting agency. The business will expect you to identify what information you do not want reported and to provide an identity theft report.

 

To learn more about identity theft and how to deal with its consequences, visit www.consumer.gov/idtheft, or write to the FTC. You may have additional rights under state law. For more information, contact your local consumer protection agency or your state attorney general.

 

In addition to the new rights and procedures to help consumers deal with the effects of identity theft, the FCRA has many other important consumer protections. They are described in more detail at www.ftc.gov/credit.

 

Credit Report Locking
A security freeze on your credit report will prohibit a credit reporting agency from releasing your credit report without your express authorization. The security freeze is designed to prevent a credit reporting agency from releasing your credit report without your consent. However, you should be aware that using a security freeze to take control over who is allowed access to the personal and financial information in your credit report may delay, interfere with or prohibit the timely approval of any subsequent request or application you make regarding a new loan, credit, mortgage, , government services or payments, rental housing, , investment, license, cellular telephone, utilities, digital signature, Internet credit card transaction or other services, including an extension of credit at point of sale. When you place a security freeze on your credit report, you will be provided a personal identification number or password to use if you choose to remove the security freeze from your credit report or to authorize the temporary release of your credit report for a specific party or specific period of time while the security freeze is in place. To provide that authorization, you must contact the credit reporting agency and provide all the following:

 

1. Proper identification.

 

2. The unique personal identification number or password provided by the credit reporting agency.

 

3. The proper information regarding the third party who is to receive the credit report or the time period for which your credit report must be available.

 

A credit reporting agency must remove the security freeze from your credit file or authorize the temporary release of your credit report not later than 3 business days after receiving the above information.

 

A security freeze does not apply to certain persons, including a person, or collection agencies acting on behalf of a person, with whom you have an existing account that requests information in your credit report for the purposes of reviewing or collecting the account.

 

To place security freezes on your credit reports, call or visit each bureau's website for instructions:

 

Equifax: 1-800-525-6285; www.equifax.com



Fraud Scams

 

Consumers need to be able to recognize scams and report them to the FTC by phone. Fraud can take place by phone, on the internet, and through the mail with scammers using any method that can steal your money and identity. Most of the time not one type of person is targeted and those who are victims can be educated and involved in their communities. Scammers don't care about how old a person is, their race, or their income, all they want is money.

 

They use the latest trends and techniques such as professional marketing materials, great telephone scripts, they are friendly, and have believable answers for all your questions. They are able to impersonate legitimate businesses or charities and play on consumers' emotions. They are professional criminals who know what they're doing and they do it well. Thousands of consumers are scammed out of money every year.

 

Identity theft is one of the fastest-growing types of fraud and it is important to protect personal information. When a person calls you and asks for information, hang up or tell them to mail you written information for you to read. Usually they try to pressure you for information and say that you must act now. Don't fall for any call back numbers they may give you, it can be part of the scam and they may be happy to give you a phone number. Report scams to the FTC as they can alert law enforcement throughout the United States and abroad. By reporting scams, you may be able to prevent others from becoming victims.



Bank Check Scams by Mail and Online

 

Don't be a check fraud victim. Review these free tips on how to avoid check scams by mail and online, and learn how to report scammers.

 

Free Tips to Avoid Check Scams by Mail and Online and How to Report Fraud

 

Examples of check scams to give you a good idea of what to watchout for, and how to report fraud. Basically, anything that sounds too good to be true (or fishy) likely is.

 

 

Counterfeit Check Scam Example:

 

You receive a check claiming you had won a prize, and the enclosed check is to cover taxes and fees. You are instructed to deposit the check into your account, and then wire the sender a check from your account to pay the taxes and fees. You're told that once you send them the tax and fee money (which they paid for you but you must send from your own account), that you'll then receive your prize.

 

Of course, this is all a scam. The pre-paid tax/fee check is no good. So, a few days after you deposit into your account (and after you've already sent money from your account), the check will bounce back to you. Not only did you lose the amount of the check, but also the money you sent, and the bounced-check fees you'll have to pay.

 

Facts: Wired money can't be retrieved, and you're responsible for all checks you deposit even if you didn't know they were fake.

 

This is just one example of a counterfeit check scam, and the Federal Trade Commission warns that counterfeit check scams are on the rise. Some fake checks look so real that bank tellers are being fooled. The scammers use high quality printers and scanners to make the checks look real. Some of the checks contain authentic-looking watermarks. These counterfeit checks are printed with the names and addresses of legitimate financial institutions. And even though the bank and account and routing numbers listed on a counterfeit check may be real, the check still can be a fake. These fakes come in many forms, from cashier's checks and money orders to corporate and personal checks.

 

 

Check Over Payment Scam:

 

You receive a check and for whatever reason (see below), the sender wants you to send a portion of the check back from your own account.

Example 1: Let's say you place an ad to sell your car. Someone offers to buy your car with a check, and then comes up with a reason for writing the check for more than the purchase price. Maybe claiming it was an accident writing the check for more money than you asked for. Whatever reason, the scammer asks you to give back the over payment amount (using your checking account or cash). Of course the buyer's check will bounce.

Example 2: Someone hires you to be a secret shopper and your job is to evaluate a money transfer business. You are given a check to deposit in your bank account, and to then withdraw the amount in cash. Then, you're told to take the cash to the money transfer business specified, and send the money to an address. The supposed 'job' is to evaluate how well the money transfer business treated you. The truth is, there is no job, and the money transfer business is not in on the scam. Quite simply, someone tricked you to send them money from your account by giving you a check to cover those costs, but that check will soon bounce. You'll be out of the money you sent to the scammer, plus the bounced check fees. Although you may have the address where the scammer had you send the money, when funds are sent through wire transfer services the recipients can pick up the money at other locations within the same country. It's nearly impossible to identify or locate the scammer.

Example 3: You receive a big check and the enclosed letter says you won a lottery, drawing or other cash prize. The sender says all you need to do is cash the check, then send them a small amount of money either to cover fees, or to prove your identity as the proper recipient. The check bounces, and you're out the money you sent to the scammer as well as the money for bounced check fees.

 

 

What is the law, your legal rights and bank responsibilities:

 

Under federal law, banks must make funds available to you from U.S. Treasury checks, official bank checks (cashier's checks, certified checks, and teller's checks), and checks paid by government agencies at the opening of business the day after you deposit the check. For other checks, banks must similarly make the first $100 available the day after you deposit the check. Remaining funds must be made available on the second day after the deposit if payable by a local bank, and within five days if drawn on distant banks.

 

However, just because funds are available on a check you've deposited doesn't mean the check is good. It's best not to rely on money from any type of check (cashier, business or personal check, or money order) unless you know and trust the person you're dealing with or until the bank confirms that the check has cleared. Forgeries can take weeks to be discovered and untangled. The bottom line is that until the bank confirms that the funds from the check have been deposited into your account, you are responsible for any funds you withdraw against that check.

 

 

How to protect yourself from counterfeit check scams:

Throw away any offer that asks you to pay for a prize or a gift. If it's free or a gift, you shouldn't have to pay for it, right?

Resist the urge to enter foreign lotteries. It's illegal to play a foreign lottery through the mail or the telephone, and most foreign lottery solicitations are phony.

Know who you're dealing with, and never wire money to strangers.

If you're selling something, don't accept a check for more than the selling price, no matter how tempting the offer or how convincing the story. Ask the buyer to write the check for the correct amount. If the buyer refuses to send the correct amount, return the check. Don't send the merchandise.

As a seller, you can suggest an alternative way for the buyer to pay, like an escrow service or online payment service. There may be a charge for an escrow service. If the buyer insists on using a particular escrow or online payment service you've never heard of, check it out. Visit its website, and read its terms of agreement and privacy policy. Call the customer service line. If there isn't one — or if you call and can't get answers about the service's reliability... don't use the service. To learn more about escrow services and online payment systems, visit ftc.gov/onlineshopping.

If you accept payment by check, ask for a check drawn on a local bank, or a bank with a local branch. That way, you can make a personal visit to make sure the check is valid. If that's not possible, call the bank where the check was purchased, and ask if it is valid. Get the bank's phone number from directory assistance or an Internet site that you know and trust, not from the check or from the person who gave you the check.

If the buyer insists that you wire back funds, end the transaction immediately. Legitimate buyers don't pressure you to send money by wire transfer services. In addition, you have little recourse if there's a problem with a wire transaction.

Resist ACT NOW pressures to respond quickly. If the buyer's offer is good now, it should still be good after the check clears.

 

 

Been a scam victim? What to do and how to report check fraud:

If you think you've been targeted by a counterfeit check scam, report it to the following agencies:

The Federal Trade Commission (FTC) online at ftc.gov or call toll free 1-877-FTC-HELP (1-877-382-4357).

The U.S. Postal Inspection Service online at usps.gov/websites/depart/inspect or call your local post office.

Your state or local consumer protection agencies. Go online at naag.org for a list of state Attorneys General, or check your local telephone directory for appropriate phone numbers.

 

 

Additional Fraud Reporting Information

 

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. You can file a scam complaint online or get free scam protection information.

 

Also visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.



Visa Card Holder Scam Protection - Apparently Visa doesn't tolerate retailers who try to scam their card holders. 100 retailers who used the 'Negative Option' to cheat consumers just found that out.

 

First, let us give you 'Negative Option' examples: Let's say you signed up for a free trial offer that required you to enter your credit card number. Even if you cancelled the free trial, you may still have future charges placed onto your credit card. Another 'Negative Option' scam example may sell you a product that requires you to only pay for shipping, yet later you get more charges added to your credit card. You see, the 'Negative Option' is when retailers slip in these little check boxes (already checked) asking you if you want to participate in future free trial offers and products. If you don't uncheck those boxes, guess what... sometime later when they have a new trial offer or a 'just pay for shipping' free product, they place a charge on your credit card. Another example is 'fine print' that says you'll be enrolled by taking advantage of their free trial offer or free product. In some cases, you might even sign up for multiple offers and get several charges on your credit card.

 

Visa puts the smack-down on such retailers. Following card holder complaints, Visa stopped payment processing services for 100 of these retailers. They also plan to work with the FTC and the Better Business Bureau to warn consumers about these questionable merchants.

 

Scam Prevention Tip: Be wary any time you are required to enter your credit card information for something that's supposed to be free, or requires you to only pay for shipping. There are indeed legitimate free products that charge for shipping, just be sure to check them out first. If you sign up for a free trial make sure you look for any type of box or disclaimer that says you're going to be automatically enrolled in a subscription service. Search the website for instructions on canceling the service and don't sign up if you can't find that information. If possible, before you enter your credit card number send the company an email; or use their online contact form, and ask if you will be entered into any program or service that may bill your credit card. Try to get a response in writing; whether by mail or email, and keep it for future use.

 

If you've already signed up for one of these services and can't find cancellation instructions, contact your card issuer to find out how you can reverse credit card charges and block charges from the company in the future.



Fraud Scams

  

Some scams that may be a concern through 2010 are those that involve hackers who get into personal accounts, diet scams, online shopping scams, and shopping sites that are not reputable. There are always the typical email scams and those will keep flooding your in boxes. There may be some new IRS Email Scams into the New Year as usual. Typical IRS email scams use the IRS Logo and try to trick people into providing personal information that can be used to commit identity theft.

  

Other email scammers may try to send recipients to a phony site that that looks like the official IRS site but it is not, with the goal of getting social security numbers, credit card numbers, and PIN numbers. Other scam include selling information on how to avoid paying taxes. Don't fall for any emails from the IRS asking for your personal information, re member this, the IRS will never ask you for information through emails.

 

The Nigerian 419 scams will be numbered at the top because many people fall for scams that promise to bring wealth and happiness without any effort. Yes, it would be great to get tons of money without working, but it does not just happen. Other scammers attempt to prey on your emotions to try to get your hard earned savings or money from your accounts. Report anything you may consider to be a scam and be careful not to fall for the newer more creative scams of 2010.



Consumers and Scams

 

 An example of scams can be when a victim is contacted and asked to send money to claim a prize, or to send money to a stranger who claims to need funds to get out of a country, or a person wants to purchase something from you using a money transfer method or a stolen credit card.

 

Other scams involve offering victims a loan but money is needed first to secure the loan, there are romance scams that involves a person asking for money, newspaper scams that offer rewards or loans but they need money upfront, or fake family scams which involves a person claiming to be a long lost family member who needs money.

 

All scams prey on the emotions and the trusting emotions of a victim. Scamming uses the victims emotions as a tool to get money, social security information, other personal information, and credit card or banking information. Never give money or personal information to anyone you don’t know or who asks for the information, unless you absolutely know you can trust the person. A common scam is that of winning a prize in a sweepstakes. Remember that a legitimate sweepstakes will indicate “no purchase necessary” and will not ask you to pay for processing or shipping fees.

 

A big mistake is to assume a company is legitimate because they have a website. Look for a physical address and contact information, research the company online, and with the Better Business Bureau. Review their return policy and any warranty for any products you purchase. When shopping online, try to use well known companies as one way to prevent being scammed.



Fraud Scams:

 

The Federal Trade Commission (FTC) will hold a conference February 17, 2010 to announce a crack down on job and work-at-home frauds. This will take place at the Federal Trade Commission, in Washington, DC. . Instructions will be posted on the FTC’s Web site beforehand and they will have a video that will be posted on their website. When people are victims of identity theft, the (FTC) which is the nation’s consumer protection agency, suggests some steps that can be taken as soon as possible.

 

* Keep records of conversations and copies of all correspondence.

* Review credit reports and contact any of the 3 nationwide reporting agencies to put a fraud alert on your credit reports to prevent an identity

   thief from opening any more accounts in your name. TransUnion: 1-800-680-7289, Fraud Victim Assistance Division, Equifax: 

   1-800-525-6285, Experian: 1- 800-397-3742.

* Check credit reports periodically for fraudulent activity.

 

The two types of fraud alerts are the initial alert and an extended alert. The initial alert stays on credit reports for at least 90 days and is appropriate in cases of missing or stolen wallets or when you have been taken in by a “phishing” scam. When an initial fraud alert is on credit reports, you’re may be able to get one free credit report from each of the three major bureaus.

 

An extended alert stays on credit reports for seven years. It can be placed on reports when you have been a victim of identity theft and you provide the agency with an “identity theft report.” You may be entitled to two free credit reports within twelve months after placing the alert, from each of the three major agencies. They will remove your name from marketing lists for prescreened credit offers for five years unless you request them to put your name back on the list.

 

To place either alerts on credit reports or to have them removed, you must provide proof of your identity. This would include your SSN, name, address, and other personal information the reporting company requests. When businesses see alerts on credit reports, they must verify your identity before issuing you credit. The business may try to contact you directly and this could cause delays when trying to obtain credit. Make sure all information is kept current on reports.



Equifax I Card

 

 

Equifax along with Google, Verizon, VeriSign, Paypal, CA and Booz Allen Hamilton launched the Open Identity Exchange (OIX) at a conference in San Francisco. The OIX is a non-profit that works to build trust in the exchange of online identity credentials for public and private sectors. They have been approved as a trust framework provider by the U.S. Government. Equifax, Google and PayPal are the first identity providers certified by OIX to issue digital identity credentials that will be accepted for privacy-protected registration and login at U.S. Government websites.

 

 

"The opportunity to deliver our proven technology and its privacy features to the government sector is truly exciting," said Ron Carpinella, vice president,Equifax Identity Management. "OIX is the means catalyst that will enable better, more secure and user-centric capabilities in government and industry digital services." Trust frameworks are a way for a website to trust identity, security, and privacy assurances from another site (the "identity provider") acting on behalf of a user. The OIX will make sure that identity providers meet the security, privacy, and other identity requirements set out by a particular trust framework. Equifax is an expert in identity management and verification to the open trust platform initiative.

 

The Equifax I-Card is among the first commercial products to launch from members of the Information Card Foundation (ICF), a non profit organization that strives to develop a simple, secure digital identity on the Internet. A digital identity management solution, the Equifax I-Card contains information to conduct online transactions or verify identity. Equifax announced that its I-Card was the first to provide the highest level of authentication security, level 3, in the marketplace. Order a credit report, from Equifax.

Recovering from Bankruptcy:

Published 10/28/2009

 

It is possible to get credit after bankruptcy even though it hits your credit report and credit scores hard. Bankruptcy can stay on credit reports up to ten years. It could take years to get qualified for loans with good rates and terms but rebuilding credit is the most important thing to do. The only way to rebuild credit is to get credit and demonstrate that you can be responsible.

 

Clean up your credit report by making sure that obligations that were eliminated as part of the bankruptcy are not shown as open and overdue. If this happens, contact the credit bureaus and ask that those accounts are reported as part of the bankruptcy. Correct any other information that is not correct as soon as possible.

 

To rebuild credit, apply for secured cards which require a deposit, revolving credit cards, auto loans, student loans, and later mortgage loans. When searching for secured cards, look for a no application fee, a reasonable annual fee card that reports to the three major credit bureaus (Equifax, Experian and TransUnion), and converts to an unsecured card after some months of on-time payments. Don't use over 30% of your total available credit limit as this can harm credit scores. A couple of years after your bankruptcy has been closed, you may be able to get a FHA loan with good terms if you have maintained good credit habits.

 

Open a checking account and don't bounce checks. Establish contact with bank managers so in the future you may be able to get a loan. Pay rent on time and ask the manager if they will report good payment habits to a major credit bureau.

 

Learn from your mistakes and monitor finances so bankruptcy is not pursued a second time. Get on a budget, do not overspend, live within your means. Don't get a big mortgage and have payments that are too high for your budget. Many consumers file bankruptcy because of having a large mortgage note that can not be paid. Start a savings account to prepare for a possible job loss, medical bills, or other emergencies. If you have a student loan, which typically are not discharged in bankruptcy, make payments on time, pay more than the minimum, as paying down the debt is one way to rebuild credit scores.

  

Auto loans are another way you can start to rebuild your credit, even though you may have extremely high interest rates after bankruptcy. Try to make a big down payment and choose a loan that doesn't have a prepayment penalty. You could try to refinance the car to a lower interest rate later as your credit gets better.



Chapter 13 Bankruptcy

 

Chapter 13 filing may be a method of bankruptcy for consumers who don't want to lose their assets and they want to retire as many debts as possible. This type of bankruptcy can have less pressure. Some debt balances can be partially discharged and the person agrees to a monthly payment to a trustee to be distributed to remaining creditors. Any bankruptcy is a mark against your credit record, yet Chapter 13 filings are often seen as a bit less serious than Chapter 7 bankruptcy. You would need to see specific bankruptcy information regarding your area of residence.

 

Chapter 13 bankruptcy can allow you to keep property like a mortgage or auto if you have income and not much debt. For Chapter 13 bankruptcy, the court approves a repayment plan that allows you to pay off a default during a period of three to five years, rather than loosing your property. It is often best if facing bankruptcy to contact a trained financial person to give advice and help with bankruptcy issues.



Chapter 7 Bankruptcy

 

It can be possible to file bankruptcy and retain personal belongings like a home, auto, and household goods if the state bankruptcy exemptions can be used to protect personal items. There is a risk of losing property when bankruptcy is not filed and creditors sue you and attach to your bank accounts, garnish your wages, and seize your property. This can make life difficult for just having basic necessities in life.

 

Once bankruptcy is filed, your creditors can be referred to a bankruptcy attorney or legal helper. Creditors usually can't pursue a non-filing spouse, unless they are legally a co-debtor on the debts. Also, bankruptcy should not be reflected on the non-filing spouse's credit report. The law does vary from state to state so ask a bankruptcy attorney about how it will affect your spouse. Creditors, the bankruptcy court, and the IRS will receive a notice of the bankruptcy and an employer will not be notified unless they are a creditor. Bankruptcy is public record and anyone who wants to find out that you filed bankruptcy can get that information.

 

Sometimes there is concern about renting a place to live when bankruptcy has been filed. There could be some difficulties when leasing companies have strict policies regarding applicants with blemished credit. You could appear to be more of a risk than other applicants. You may want to consider offering an extra month security deposit to help overcome any concerns.

 

Bankruptcy will stop a lawsuit and can prevent creditors from placing a lien on a home or garnishing wages. When a home is being foreclosed or an auto is about to be repossessed, often bankruptcy may prevent the foreclosure action or repossession from proceeding. One option could be to consolidate the mortgage or automobile balance and make payments on those debts over time through some type of payment plan and Chapter 13 bankruptcy could help save a house and auto.

 

Some consumers file bankruptcy when they are have thousands of credit cards debts or high medical bills with no hope of ever paying the debts and they file Chapter 7 bankruptcy to get a fresh start in life. There are events that can occur that cause consumers to have to file bankruptcy. It could be a sudden loss in income, a family medical catastrophe, or injury. Usually it is hard to determine if bankruptcy is the right decision and it should be carefully considered.

 

When considering to file for bankruptcy, get advice from someone who is familiar and experienced with bankruptcy laws. Especially if you own a home, auto, or other assets that you may want to try to protect. Get information about fees and speak with someone who can answer your questions. Bankruptcy may legally be reported to your credit report for up to 10 years, yet you can begin to re-establish credit immediately. Credit is your ability to borrow money and lenders consider many factors when deciding to loan you money. One of these is debt-to-income ratio. Filing bankruptcy eliminates some of your debts, thus reducing some of your debt-to-income ratio. Lenders need to make money and they can by charging interest fees. There are options for getting credit even if bankruptcy is on credit reports.



Bankruptcy Legal

 

Chapter 7 is known as liquidation or straight bankruptcy. This can be the simplest and quickest option for some individuals, corporations, or  partnerships. A trustee, which is appointed by the court, collects and sells your nonexempt property. The money from the sale is used to pay your creditors and you can keep any exempt property. You would need to check with your state, but exempt property could be such things as real estate, professional tools, books, unmatured life insurance, prescription health aide, veteran's benefits, disability or employment benefits, and proceeds from a judgment. There are state and federal exempt property lists. Most chapter 7 cases are no-asset cases or rather that there is not any nonexempt property for the trustee to sell. When you file for bankruptcy, you state whether your case is "asset" or "no-asset." 

 

Bankruptcy starts with the filing of an official petition and statement of financial affairs in bankruptcy court. You must provide a list of all your creditors and the amount of their claim, your properties, your income and details of your living expenses. Once you file for bankruptcy, creditors can't try to collect on your debts and this gives you a break from being sued. Creditors must prove to the bankruptcy judge there is cause for a collection action. Chapter 7 will not stop repossession or a foreclosure. Only by filing Chapter 13 can you delay a foreclosure. It is best to take some time when deciding whether to file and which chapter to file. You can't file again for two years and it is important to choose the right way to file from the beginning.



Bankruptcy Legal

 

For consumers considering bankruptcy, it may help to visit a bankruptcy lawyer, if the initial consultation is free. A lawyer can advise you of your rights and give valuable information about the types of bankruptcy and how it works. This may be a worth while visit if there is a lot of financial stress or there is the fear of losing assets. A bankruptcy lawyer or even a credit counselor should be considered when debts are more than you can cope with before making any final decisions or bad choices. Seek the help and support of family members when you need some input as to what option might be best for you to get out of debts.

 

Bankruptcy does have an impact on personal credit for ten years, but when debts can't be repaid due to financial, medical, or other hardships it may be the only option to have a new start. There are over 9 federal judicial districts that handles bankruptcy matters and  bankruptcy cases are filed in the bankruptcy court as they can't be filed in state court. Bankruptcy is a choice for some consumers as a way to liquidate their assets to pay debts or by creating a repayment plan. Most cases are filed under the three main chapters of the Bankruptcy Code, which are Chapter 7, Chapter 11, and Chapter 13.

 

In 2005, the Bankruptcy Code was amended and requires most individual debtors complete a special briefing from an approved credit counseling agency before filing a bankruptcy case. The United States trustee and the bankruptcy administrators maintain a list of approved providers that offer the special pre-bankruptcy briefing. Bankruptcy is not a quick method to get relief from debts and could take months before it is over after filing. Unfortunately, bankruptcy cases filed in federal courts for 2009 had increased from 2008. Consider seeking information about debt consolidation as an option for debt relief.



Bankruptcy Legal

 

Before rushing out to file Chapter 7 Bankruptcy, make sure you can qualify for it first. Only bankruptcy filers with mostly consumer debts and not business debts need to see if they qualify to wipe out all debts. Using Chapter 7 does not mean that you will be penniless, you could earn some monthly income and still qualify if there are a lot of expenses. One expense could be a high mortgage payment. 

 

Chapter 7 bankruptcy is for those people who really can't pay their debts. It is determined by looking at an average income over six months and then looking at certain monthly expenses. The expenses are then taken from the current monthly income. This gives a disposable income and the higher the disposable income is, the more likely you won't qualify for Chapter 7 bankruptcy.

 

You would need to know if your current monthly income is less than the median income for a household of your size, in your state. Then you would need to know if you have enough disposable income to repay some debts. Median income levels vary by state and household size, and each county. Each usually has  different allowed amounts for expenses like the basic necessities, housing, and transportation. There are some available online calculators to help you do the math. It can also help to seek the advice of a bankruptcy lawyer to determine if you qualify to file bankruptcy and which type to file. Consider trying to use other debt relief services instead of bankruptcy as an option.



Bankruptcy Legal

 

Bankruptcy law can allow a plan for a debtor, who is unable to pay creditors, to try to resolve the debts by dividing assets among the creditors. The division takes into account the interests of all creditors to have some equality. There are some bankruptcy proceedings that can allow a debtor to stay in business and use revenue to resolve the debts. A purpose of bankruptcy law is to let certain debtors to be discharged of the financial obligations after the assets are distributed, even if debts are not paid in full. Bankruptcy law is a federal statutory law contained the United States Code and Congress passed the Bankruptcy Code to establish some uniform laws throughout the United States. States may not regulate bankruptcy, though they can pass laws that govern some aspects of the debtor-creditor relationship. 

 

Bankruptcy proceedings are supervised by United States Bankruptcy Courts, and the courts are a part of the District Courts of the United States. United States Trustees were established by Congress to take care of supervisory and administrative duties of bankruptcy proceedings. Proceedings in bankruptcy courts follow the Bankruptcy Rules which were promulgated by the Supreme Court. Bankruptcy proceedings filed under Chapter 7, called liquidation, is the most common type of bankruptcy. An appointed trustee  collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Bankruptcy proceedings under Chapters 11, 12, and 13 involve the rehabilitation of the debtor to allow the use of future earnings to pay off creditors. Chapter 7, 12, 13, and some 11 proceedings is when a trustee is appointed to supervise the assets of the debtor. 

 

A bankruptcy proceeding can either be entered into by a debtor or initiated by creditors. After bankruptcy proceeding are filed, creditors may not try to collect their debts outside of the proceeding. The debtor is not allowed to transfer property that has been declared part of the estate subject to proceedings. Even certain pre-proceeding transfers of property, secured interests, and liens may be delayed or invalidated as the Bankruptcy Code establishes the priority of creditors' interests.

 

A recent decision, in 2005, by the Supreme Court, shifted the power towards the debtor. The Court held that assets in Individual Retirement Accounts (IRA's) are protected and exempt from withdrawal from the bankruptcy estate. This decision provided millions of Americans close to retirement with protection of their earnings. The Bankruptcy Prevention and Consumer Protection Act, brought about reforms in bankruptcy law, concerning dismissal or conversion of Chapter 7 liquidations to Chapter 11 or 13 proceedings. The law expands the responsibilities of the United States Trustees Program to provide credit counseling to individuals before they file for bankruptcy and even provide financial education to individuals before they are discharged from debt. It can be a good idea if bankruptcy is being considered, to be sure to first seek the help and advice of a bankruptcy lawyer or credit counseling agency to determine all options.

With our free sample credit and debt letters, you can dispute a credit report entry, stop debt collector calls, request debt validation, close a credit card, delete a credit report entry, report a billing error, optout of a higher interest rate, and challenge a debt's statute of limitations.
In addition to other bad habits, teens also need to stop wasteful spending. Read our free tips on how to teach kids money management, encourage them to save for college expenses and more. Download our free money management software to track expenses.
Free tips to easy stop bill collector calls and threats by learning your rights. Stop debt agency harassment, plus advice on how to negotiate settlements. Sample debt verification and debt settlement letters.
You have the right under federal law to stop debt collection agency calls. Tools and sample letter for you to send to stop harassing collectors. Also consider credit counseling and debt settlement.
Charging too much credit card debt? Free tips on how to stop credit card charges, plus free computer software to track expenses.
Tips on how to stop debt and save money. Plus free personal finance calculator downloads to create budgets, assist with bill payments and free checkbook register software.
Troubles and worries with mortgage high risk loans continue. Wachovia will stop offering a mortgage repayment option that allows borrowers to pay less each month than the bank charges in interest. Meanwhile, CountryWide faces a lawsuit in Florida for predatory bad credit lending. There are still good home loans and mortgage refinance options.
Can't payoff credit card debt because you keep charging and adding to the balance? Stop credit card abuse for greater financial security. Free tips for credit card debt reduction.
Are your credit card charges too high and you think you'll stop paying? Read our free tips.
Credit Counseling or Debt Settlement? Solutions and alternatives to payoff credit card debt and how to stop more debt from building.
Trouble paying your mortgage? Nonprofits offer free help to stop foreclosure.
Sample letter on how to stop collection agency harassment.
Remember when you used to get piles of preapproved credit card offers in the mail and through email? At one time, consumers received so many pre-approval offers that some people actually opted-out (by calling 888-5-OPTOUT) to stop receiving further offers.
Financial coalition to protect children by stopping funds to promoters. Review our teen credit articles.

  

 

 


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Credit Card Offers: Free credit card search makes choosing a credit card easy. Browse the most popular, best credit cards.

 

Credit troubles? Apply for a pre-approved credit card offer based upon your credit history. Poor and bad credit people can apply for a credit card to rebuild credit or to establish credit. If you have very bad credit, consider bad credit card offers such as a secured credit card like a prepaid Visa, no credit check cards or other types of a guaranteed card.

 

For very high risk people there are options other than a standard unsecured credit card, such as an online guaranteed platinum card for online store purchases, or possibly even qualify for a charge card or a discount card from retail stores like the WalMart card or the Sears card.

 

Prepay credit card offers: Apply for a debit card or a bank ATM card.

 

Rewards credit cards: In addition to perks such as a 0 intro balance transfer, major cards offer other benefits like a travel credit card that rewards free airline miles, a gas card, or family entertainment offers like the Disney credit card, apply for an unsecured platinum credit card.

 

Credit card interest rates: Some cards offer no interest and a 0 introductory period on purchases. There are also some with a special 0% balance transfer period so you can transfer balances from other cards to your new credit card.

 

Special credit card offers: Almost every credit card company will offer a spouse joint credit card account. Other special offers include no deposit credit card, business credit card, student credit card and shopping cards like a Christmas credit card. Read the fine print, compare the card benefits, rewards and ratings before you submit an online application.

 

Credit card company offers, including gold credit card and platinum credit card offers:

Visa credit card, such as the gold Visa card or the platinum Visa credit card.

MasterCard credit card, such as the gold MasterCard or the platinum MasterCard.

American Express card, such as the gold American Express card or the platinum American Express card.

Chase card, such as the platinum Chase card.

Discover card such as the gold Discover card or the platinum Discover card.

 

Before you apply, review all the credit card facts. Once you get the card right for you, read every credit card statement carefully and request credit card companies to stop credit card mail offers. Browse more credit card resources.

 

  

  

Auto Loan: Get free quotes and apply for a new or used auto loan or for auto refinancing.

Credit Report: Free credit report help to fix credit report errors and improve credit score ratings. You are entitled to one free credit report annually.

Debt Counseling: Get your expenses under control with credit counseling, an unsecured debt consolidation loan, debt management or negotiate debt settlement.

Free Credit Offers: Get no obligation, free credit offers plus financial tips to help effectively manage your personal finances.

Home Loan: Free multiple quotes from mortgage lenders. Apply for a new home loan and start building your financial security.

Mortgage Refinancing: 2nd mortgage loan and other types of mortgage refinancing for home remodeling, equity cash out or a debt consolidation loan and more.

Payday Loan: Easy approval bad credit unsecured loan with no credit check, no deposit and no security.

Personal Loan: Submit a short or long term personal loan application (if available), or apply for other secured or unsecured loan offers.

Personal Finance: How to file bankruptcy plus free bankruptcy forms. Create a household personal budget, balance a checkbook register, track expenses and more.
 

 

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Cons of Cosigning a High Risk Loan - Before you cosign a loan, be prepared for the worst.

*There's already doubt about the borrower's ability to repay, because he/she needed you to cosign due to their bad credit score.

*You are equally responsible for repaying the loan if the borrower doesn't cough up the cash.

*If the borrower makes a late payment, that could also affect your credit report score.

*If the borrower files bankruptcy for the debt and no longer has to repay it, you are still liable and can be sued for payment.

 

Advice: If you are asked to cosign a loan, assume the borrower will default and first ask yourself if you are able to make every payment. If so, instead of cosigning the loan, perhaps it would be safer for you to take out the loan solely in your name, and then you sub-lend that money as a person-to-person personal loan. You will make all the monthly payments regardless if the borrower repays you. With this alternative option, you will secure your good credit (and perhaps improve scores as well). Afterall; even if you choose to be a cosigner instead, you're still liable in the event of default.

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Credit Card Agreement Law - From prime to subprime, and from rewards cards to low limit bad credit card issuers, the new government law requires posting of Credit Card Agreements. Even if you are not currently a cardholder, the new law allows you to first preview credit card agreements, terms and conditions, before you submit your application. Compare agreements and terms of secured and unsecured credit cards so you can choose the best credit card offer for you.