My Views and Reviews

Truth About Credit Reports

There is no quick fix trick in the credit repair legitimate. But plagued thousands of advertisers premium credit repair. If you can do what they are to be claimed as trade secrets.

• The Map Act 2009 came into force in February 2010 will be difficult to increase your credit lines and cheaper credit. Only legitimate methods and sustained efforts pay off.

• Did you know that when you wrote your letter of protest in pink, is more likely to be read by a man instead of computers.

• Did you know that about 79% of credit reports are inaccurate. But a majority of people who start the credit repair and abandon half way of receiving negative reactions from the Credit Bureau or debt collection agencies. Clean your credit report is your right. – Everything is not Sola dispute letters. You must have your application meets a man at the credit bureaus and credit card companies cleared a negative for your credit report.

Rush Card

Are you the kind of person who always shops online or is fond of using credit cards in purchasing items?

Using credit cards these days is one convenient way to shop or pay the bills, but if you didn’t use it wisely – you will end up having headache because of the high interest charges and the possibility of falling into debt. 

One way to stay away from debts, but still enjoying most of the convenience of credit card is by using an alternative to it- the debit card. Some consumers are using a prepaid type of debit card like RushCard. 

RushCard is a prepaid Visa debit card which allows you to spend only the amount you deposited in your account, which means that there are no costly overdraft or interest fees you have to pay. Your limit is set by the amount of money you put on the card and it’s safer since you can access your money anytime and anywhere just like the power of other types of debit cards. You can add money to RushCard in many convenient ways like direct deposit, in-person cash deposit, or even through Paypal. RushCard carries the Visa logo which means that it can be used at millions of locations worldwide to withdraw cash, make everyday purchases, shop online, or pay bills.

If you are looking for credit card alternative, go check out RushCard features and benefits to see if that’s what you’re looking for.

How to Detect Debit Card Fraud

Debit card fraud occurs when a criminal gains access to your debit card number and, in some cases, PIN, to make unauthorized purchases and/or withdraw cash from your account. There are many different methods of obtaining your information, from unscrupulous employees to hackers gaining access to your data from a retailer’s unsecure computer.

When your debit card is used fraudulently, the money is missing from your account instantly. Payments you’ve scheduled or checks you’ve mailed may bounce; you may not be able to afford necessities, and it can take awhile for the fraud to be cleared up and the money restored to your account.

How to Detect Debit Card Fraud

Fortunately, it doesn’t take any special skills to detect debit card fraud. The easiest way to spot problems early is to sign up for online banking, if you haven’t already. Check your balance and recent transactions daily. The sooner you detect fraud, the easier it will be to limit its impact on your finances and your life. If you see unfamiliar transactions, call the bank right away. If you’re the forgetful type, start hanging on to the receipts from your debit card transactions so you can compare these against your online transactions.

If you don’t want to bank online, you can keep tabs on your recent transactions via phone banking. In the very least, you should review your monthly bank statement as soon as you receive them, and check your account balance whenever you visit an ATM or bank teller. However, it can take much longer to detect fraud using these methods.

9 Easy Ways to Protect Yourself

While you may not have any control over hackers and other thieves, there are many things you can control that will help you avoid becoming a victim.

• Get banking alerts. In addition to checking your balance and recent transactions online daily, you can sign up for banking alerts. Your bank will then contact you by email or text message when certain activity occurs on your account, such as a withdrawal exceeding an amount you specify or a change of address.

• Go paperless. Signing up for paperless bank statements will eliminate the possibility of having bank account information stolen from your mailbox. Shredding existing bank statements and debit card receipts using a diamond-cut shredder when you’re done with them will greatly reduce the possibility of having bank account information stolen from your trash.

• Don’t make purchases with your debit card. Use a credit card instead, because it offers greater protection against fraud. If you do make debit card purchases, don’t use your PIN – tell the cashier to select the credit option. The money for your purchase will still be withdrawn from your account right away, but you won’t expose yourself to PIN theft.

• Stick to bank ATMs. They tend to have better security (video cameras) than ATMs at convenience stores, restaurants and other places.

• Destroy old debit cards. Some shredders will take care of this for you.

• Don’t keep all your money in one place. If your checking account is compromised, you want to be able to access cash from another source to pay for necessities and meet your financial obligations.

• Beware of phishing scams. When checking your email or doing business online, make sure you know who you’re interacting with.

• Protect your computer. Use firewall, anti-virus and anti-spyware software on your computer, and keep it updated regularly.

• Use a secured network. Don’t do financial transactions online, when using your computer in a public place and/or over an unsecured network.

What to Do If It Happens to You If you learn that your debit card information has been compromised, contact your bank immediately to limit the damage the thief can do, and limit your financial responsibility for the fraud. Make contact immediately by phone, and follow up with a detailed letter stating the full name of the bank employee you spoke with, details of the fraudulent transactions, and any ideas you have about how your account may have been compromised. Ask your bank to waive any NSF fees that may be incurred because of the fraud, and to restore the fraudulently withdrawn funds to your account.  Hopefully, you won’t have any trouble resolving the issue directly with your bank, but if you do, you can contact a legitimate consumer advocacy group such as Privacy Rights Clearinghouse. There are also government organizations to contact if your bank isn’t cooperating. The agency to contact depends on the type of bank you use.

• The Federal Reserve Board of Governors handles complaints for state-chartered Federal Reserve System banks, bank holding companies and branches of foreign banks.

• The FDIC deals with state-chartered, non-FRS banks.

• The National Credit Union Association handles federally chartered credit unions.

• The Office of the Comptroller of the Currency (OCC) oversees national banks.

• The Office of Thrift Supervision keeps an eye on federal savings and loans and federal savings banks.

• The Federal Trade Commission handles everything else. If you’re not sure which one to call, start with the OCC. If you will have trouble making any of your monthly payments because of the fraud, contact those creditors, explain the situation and ask if they can do anything for you. This step is extremely important, as failure to do so implies your unwillingness to pay them. However, if they know about your hardship, they may be willing to work with you to reschedule payments.

Conclusion Anything you can do to make a thief’s work more difficult, whether it’s staying on top of your balance, spreading your cash out across multiple accounts or making purchases with credit cards instead of debit, will help safeguard your checking account and decrease your chances of becoming a victim of debit card fraud.

Credit card debt doubles in less than four years

BRUNEI’S total credit card roll-over balance in the third quarter stood at $343.6 million, Second Minister of Finance Pehin Orang Kaya Laila Setia Dato Seri Setia Hj Abdul Rahman Hj Ibrahim saidyesterday.

That’s a 100 per cent rise from the $172.8 million recorded in 2005, the minister told members of the State Legislative Council (LegCo) during their meeting where he explained the rationale for the tightening of credit card regulations in a country with a population of approximately 400,000 people.During discussions at the Dewan Majlis, Pehin Orang Kaya Laila Setia Dato Seri Setia Hj Abdul Rahman stated that based on the Ministry of Finance studies, in September 2009, a total of 70,704 credit cards were issued to the lower income group (or individuals with monthly earnings of $1,500 and below).The number was equivalent to 44.32 per cent of total card holders in the country.“During the same time frame, the number of credit cards issued has seen an increase of 58 per cent from 101,243 cards to 159,332 cards. Based on the collective interest of two per cent per month (26.9 per cent per annum), that means interest payments of all credit card holders amount to $92 million,” Pehin Dato Hj Abdul Rahman said.

The second minister also stated that 90-day non-performing credit cards accounts have also increased to a total of $111.5 million over the same period.Pehin Dato Hj Abdul Rahman also addressed that the increase of minimum card payment from two per cent to five per cent and eventually eight per cent in June is necessary. If a consumer continues paying two per cent a month, he will never clear his credit card debt, he explained. The directives tightening regulations on credit card debts were issued on the last day of 2009 by the Ministry of Finance to regulate the distribution and use of credit cards to curb mounting consumer debts in Brunei.

The regulations provide guides on how banks are to determine credit limits they extend to clients based on their monthly income and that minimum repayment on credit cards will be increased to eight per cent in June as compared to two per cent previously and five per cent now.

Clients who cannot maintain their credit card accounts with a certain bank are to settle their outstanding obligations within 36 months and can only have an issued credit card from the bank in which their payrolls are deposited. If he chooses to maintain a credit card account with another bank, he is required to keep a fixed deposit to gain a credit card of the same amount.International and local banks have already launched their campaign to gun for payroll accounts, unleashing within days of each other in February cash offers for salary accounts in a bid to lock in clients for their credit card business. Standard Chartered Bank’s special promotion rewards customers who transfer their salary to the bank will be guaranteed cash rewards. Hongkong Shanghai Bank Corporation (HSBC) was the first bank to introduce a promotion on payroll, offering cash prizes of up to $50,000 and 100 mobile phones to be given away to existing customers with their salary assigned to the bank and for customers who eventually transfer their salary.

Baiduri Bank is holding a series of lucky draws with 15 draws worth $1,000 from March to June and a grand draw in July where the first place winner gets a $100,000 savings gift voucher. Bank Islam Brunei Darussalam, the latest to enter the race, has come up with a Credit Card Care Programme whereby they consolidate consumers debts into one financing solution with a lower interest rate.

New Credit Card Laws Are Now In Effect: Six Ways You Can Save ...

Love them or hate them, credit cards are part of our lives.  In the U.S. there are about 700 million credit cards, about two for each American, charging an average interest rate of 13.5 percent.  And a lot of us have been fed up with high fees and unfair practices that cost us big.   A new law could bring a lot of changes in your credit card bills.  It’s called the Credit Card Act of 2009, but most provisions didn’t take effect until February 22nd, 2010.

First the good news: the law fixes some of the credit card industry’s most annoying and costly practices.  The bad news: there are loopholes and ways for companies to charge you more.  More detailed information is available from the Federal Reserve but here’s the rundown:

Six Ways You’ll Save Money With The New Credit Card Law

1.  No more universal default
Universal default was the long-hated practice of the credit card company raising your interest rate if you were late in paying a completely unrelated account with another creditor.  That’s gone.

2.  Your interest rates won’t go up too fast
Under the new law, promotional interest rates are required to last at least six months for existing accounts. For new accounts, your interest rate will stay the same for the first year.

3.  Fees are restricted
Those costly over-the-limit fees are prohibited now – so if you’re over the limit, your transaction will simply be declined, unless you agree to opt in to a setup that allows you to go over the limit and pay the extra fees.  And credit card companies cannot charge you a fee for making a payment whether through mail, phone or electronically.  (Although note they can still charge you for making a payment with the help of a live customer service rep.)

4.  Higher-interest balances get paid first
Suppose you have a credit card with multiple balances at different interest rates.  Under the old rules, your payments would be applied to the lower rate balances first – leaving the higher-rate balances to accrue lots of costly interest charges over time.  No more.  Now, your payments will go toward the balance with the higher interest first, which means you pay down the debt faster, with less total interest.

5. Billing statements will have more information and more advance notice
From now on, your credit card statements will have a lot of information that could save your money.  You’ll be informed of penalties for late payments.  And you’ll be told just how long it will take you to pay off your balance if you only make the minimum payment, so you can plan to pay off your balance faster and save interest.  Also, your credit card company has to mail your bill at least 21 days before the due date and give 45 days’ notice of changes in your APR (annual percentage rate), fees, and other terms of your agreement.

6. Safeguards for people under 21
Credit card companies used to market themselves aggressively to college students, encouraging young adults to rack up debt and take a long time (and a lot of interest) to pay it off.  Under the new law, consumers under 21 will need proof of their own sufficient income, or they’ll have to get a cosigner.

Six Loopholes That Could Cost You Under The New Credit Card Law

1. You could still pay high interest rates and fees
The new law does not put a cap on interest rates and fees – so buyer beware.  Shop around for a low-interest rate card.  Try a site such as bankrate.com to find better deals.

2. Your interest rate can rise for future purchases
Although the new law prohibits rate increases on your existing balances, your credit card company can raise rates on future purchases.  The new rate can apply to all purchases that are made 14 days after the company sends you a notice of the increase.  So you need to read your bills carefully, and stop using your card if you don’t want to pay the new interest rate on purchases.

3.  Watch out for more kinds of fees
With all these new restrictions in place, credit card companies are creatively inventing new ways to make money.   A lot more companies are charging annual fees for their cards now, or adding fees such as a charge for a paper statement.

4. Variable rates are still allowed
These provisions allow your credit card company to base their rate on the prime rate or other indicators that go up and down.  Right now, these indexes are pretty low due to the recession, but watch for your rates to rise when the economy improves.

5. Credit card companies can close your account or lower your limit without notice
For most other changes, issuers have to give you at least 45 days notice.  But there are two big exceptions: the company can close your account or lower your credit limit without notifying you first.  If it happens, call the company and ask them for an explanation.

6.  Be careful about deferred interest plans
You know those ads that entice you to buy furniture or appliances with no interest?  Be careful.  The new laws continue to allow these arrangements – and remember that if you don’t pay off the whole balance on time, you can be charged interest all the way back to the purchase date.

How to Stay on Top of Credit Card-Related Scams

It is no wonder that credit card-related scams are on the rise. Many credit card thieves and scammers have taken advantage of the countless Americans who are in some type of financial difficulty.

In short, they are preying on the most desperate Americans. Although this sad truth is all too prevalent in today’s society, there are a number of things we can all do to protect ourselves from credit card scammers. In particular, we need to know what to look out for. Here are some of the latest credit card-related scams that have come to light:

 
• You should never have to give up your credit card or banking numbers on a job application. This newest credit card fraud took individuals who were anxious for a job for a ride; these scammers faked jobs and lured individuals into thinking they were being hired for a position. As a result, many individuals willingly gave up their personal credit card and banking information on these fake job applications. The scammers made the applicants think that they were merely checking their credit report; instead, they took them for a ride by stealing their credit card information.

 

• You should never become involved with any type of debt assistance company before thoroughly checking their credentials. There have been a number of debt assistance scams that have convinced individuals to pay them a fee in return for either erasing or reducing their credit card debt by working with their creditors. Unfortunately, all they did was take off with these consumers’ money.

 

• You should never give your credit card numbers over the phone unless you initiate the call. Credit card phone scams have been increasing as of late, so it is important to pay close attention to anyone soliciting you and promising you lower rates. Never, ever give your credit card information to anyone who calls you; there is absolutely no way to verify who is making the call. If you have any question regarding whether it is really a legitimate call, ask for their name and phone number and immediately contact your credit card company to check the validity of the credit card offer.

What if a fire, flood, theft or any other disaster would destroy your lifetime work, your very important data base, all of your information? You must have some onsite backup solution, but what you really need is an online backup service that will help insure that the critical information is always available and secure.

We are living in times where data of any kind are at stake. Internet trespassing and theft has become an issue that endangers every site, with no importance to what it may contain. Although it may seem as having no importance it has been demonstrated that the so called hackers have made terrible disasters, to many business industries by braking into the most guarded data bases.

New recovery software has been developed, producing remarkable changes in the way business work. One of these would be Online Server Backup, which eliminates typical backup headaches. The ability to automate your backup and remove the data off-site to a secure backup with a click mouse button is now a reality. Initially it may seem expensive, but at a closer look, it is understandable since online backup technology utilizes a company’s existing telecom lines Online backup server eliminates all these traditional cost factors.

Nowadays everything goes around the clock. Technology at a maximum speed evolution offers the solution for a maximum speed efficiency of work. Nothing can be done without having a computer and most of all without having constantly connection and access to internet provider. The latter offers a great deal of information and online programs which help you to be constantly on track with your work, in the event of problems or if you simply desire improvement. One of these online services, that provide you assistance and help, is the Online Backup Services.

Online Server Backup is using software that automates the uploading of selected files to a remote computer and it has the ability to restore files, using internet. Many providers offer a free trial period so that you can determine whether you buy it or not. The online service provider supplies you with software that has to be installed on the Pc or server you wish to backup.

The software allows you to select the files to backup and set up a backup schedule. Afterwards, your data will be normally encrypted to secure it from eventual trespassers, compressed to speed up transfer and reduce the amount of storage space required, and uploaded to the server at the service provider’s data center.

In case you wish to use online backup service, you have to know that the first time you will use online backup, it will take a long time. Of course, there is no exact time, because this depends on the amount of data you want to backup. Generally it is a matter of several hours, but it may also be a matter of days, before the software finishes backing up your selected data, because it has to not only storage your data, but also encrypt, compress and copy it onto the remote server.

Data problem has become a critical component in an organization’s disaster recovery and business continuity plans. Data is not only the foundation of business but remains a vital irreplaceable strategic asset. Faced with increasingly failed strategies of recovering lost data, disaster planning professional have no other alternative but look for new recovery solutions

Credit Card Connection

The use of Credit Card Connection as a means of payment has been used extensively. The way to get it fairly easily. Use it wisely can make a credit card as your financial rescue. But, if not careful, a credit card can make you a great debt that will destroy your finances Connection.

 Although using Credit Card Connection more freely and easily, but to remember is to use the same credit card you owe. When buying something, you do not need to spend money but enough to swipe a credit card. Purchase transactions are conducted in a period of one month accumulated a total of bills to pay.

 Flexibility and variety of benefits offered by credit card partially offset by the danger either temptation to buy and live outside the ability. It is also the danger of abuse and credit card fraud. Given the danger that threatens the use of credit cards is reversed, so act wisely.

Reflections on Credit CARD Act Day

Today most of the provisions of the Credit CARD Act went into effect.  It’s been widely noted in various media outlets.  The CCARD Act will surely cause some changes in the credit card industry’s business model.  I think there’s scant evidence that it’s going to cause the total cost of credit to go up, however.  The card industry has long been so clever in its product design that it wouldn’t leave any available consumer surplus on the table.  Instead, I think we’re going to see reconfigured pricing structures and smaller profit margins for card issuers (meaning greater consumer surplus). 

The CCARD Act’s fully effective date is time for some reflection on how financial services reform has progressed.  Two thoughts: 

First, we should recognize that the Credit CARD Act is the only regulation of the financial services industry to occur since the financial crisis.  That’s troubling.  There were and continue to be lots of problem practices in the card industry, but the crisis wasn’t about credit cards.  Federal regulatory agencies have passed some important regs, but they’re playing catch-up for a decade of neglect. 

Second, card issuers are going to engineer around the CCARD Act as much as they possibly can.  How fast will we see those changes?  (Some changes are already emerging, as a CRL study notes).  And how will regulators react?  Will the Fed (and OTS and NCUA) be more aggressive in using their UDAP powers?  Or will they only use them when Congressional action is threatened (as occurred with the CCARD Act)?  In other words, has a new regulatory culture emerged or are the existing consumer protection agencies unable/unwilling to respond to new billing tricks and traps as they appear?  How the agencies respond going forward is another test of whether we can rely on the existing regulatory structure or whether the only way we will get real consumer protection is a stand-alone Consumer Financial Protection Agency.