Is Your Bank Protecting You From Identity Theft?

Identity theft and stolen credit card or debit card information can be devastating to your credit. Credit card charges racked up in your name can ruin your credit score and may take months or even years to fix.

I know many people who have had their credit card information stolen and all have had their fraudulent charges resolved very quickly. More and more banks continue to strength their security. Some more than others.

For the third year in a row, Bank of America has been named No. 1 among the top 25 U.S. card issuers in Javelin Strategy & Research's annual Card Issuers Identity Safety Scorecard.

"Our customers consistently tell us that issues related to fraud and identity safety are of the utmost importance to them," said Bob Shiflet, Bank of America's Global Consumer Fraud Prevention executive. "That's why this achievement is so important for us. We know how much fraud protection matters to our customers and we're proud of all we do to help keep our customers safe."

Bank of America works hand in hand with customers to protect their entire relationship against fraud, rather than focusing on individual products and channels. Working together, lines of businesses such as Global card Services and eChannels & Customer Solutions are able to provide industry leading prevention, detection and resolution practices across the enterprise.

For example, among those practices noted in the Javelin scorecard are Bank of America email and mobile alerts, which an increasing number of customers choose to take advantage of each year. In fact, recent Javelin survey data indicates 65% of U.S. households rate financial alerts as useful in helping detect fraudulent activity or in managing their finances.

"We know more and more customers are turning to eSolutions to help them manage their accounts," said Kirk Lindsey, Channel Delivery and Execution executive for eChannels and Customer Solutions. "That's why we are continually making improvements and adding new online alerts to notify our customers when activity occurs on their accounts. Our bankofamerica.com site truly offers all our customers the ultimate online and mobile banking experience with safety, security, convenience and control."

Javelin Strategy & research is the leading independent provider of nationally representative, quantitative research focused exclusively on the financial services industry. In its annual Identity Safety Scorecard, Javelin scores 25 of the top U.S. credit card issuers against a benchmark of criteria for customer safety features essential to fraud prevention, detection and resolution.

This year's scorecard ranked Bank of America highest, 80 points out of a possible 100. More Information about the scorecard is available on Javelin's website. Check it out and see how your bank ranks.

HOW TO PROTECT YOURSELF AGAINST FRAUD

-Make sure your computer always has up-to-date versions of both anti-spyware and anti-virus software.

-Install all security updates offered by your software providers.

-Reduce the amount of mail you receive containing personal information.

-Make sure requests for sensative personal, financial, or account information are legitimate, particularly if they are made in an urgent or threatening tone.

-Do not share IDs or passcodes with anyone, and use a different passcode for each of your online accounts.

Do I need To Get a Lawyer If I am Having Trouble Paying My Debts?

You do not need a lawyer if you are experiencing credit or debt problems. You can negotiate debt re-payment with credit card companies or creditors yourself without any help from an attorney. You can work making changes to your credit report on your own. Especially now a days you are probably seeing TV commercials, hearing radio ads, and even magazine and newspaper ads every where you turn with attorneys who are offering you help reducing your debt and helping you avoid bankruptcy. Most of what they offer you can do yourself by following the suggestions in this blog.

I had a friend who I had helped clear up her credit report and she had consulted a credit counseling agency after we had cleaned up her report pretty good just to see if it could be cleaned up any further. The credit counseling company just about offered her a job after seeing how well she had done on her own. They admitted she had done everything they would have done for her. So repairing your credit can be done on your own. It may be time consuming, but it is worth the work to get your credit report cleaned up. There are times when an attorney can be helpful to you though. If you have been dealing with credit reporting agencies about entries that are incorrectly being reported on your credit report and you have sent letters and made phone calls for several months with little progress, it could be a good idea to see an attorney. As I said it can be time consuming, but if you have been diligently working on getting your credit report cleared up and are getting no where an attorney may be your next step. This does not mean that you should be paying a fat retainer and getting billed by the hour. Start by finding an attorney who will write a simple letter on your behalf to the credit reporting agency. Usually letterhead from an attorney will get much more attention from creditors than another letter from you and just might get you to where you need to go. If other services are needed from the attorney see if you can negotiate pricing upfront.

I have friends who had charge offs and all of a sudden years later get a knock at the door to be handed a court summons regarding their unpaid debt. If you get served with court papers, you may want to consult an attorney to at the very least review them and help understand them. If you are being sued for nonpayment of a debt and have no defense, you will probably be throwing away good money after bad to hire an attorney to defend you in the case. If you find you are unable or don't know how to reach a settlement with the creditors attorney yourself, you can hire a lawyer for the specific purpose of working out a settlement.

If you are really considering filing for bankruptcy, you should contact an attorney for a free consultation. Ask an attorney you have dealt with in the past for a referral or contact your state, county, or city bar association for a referral to an attorney in your area who specializes in bankruptcy law.

Time Line For The Credit Card Accountability, Reponsibility, and Disclosure Act

The Credit Card Accountability, Responsibility, and Disclosure Act will go into effect in phases over the next year and here's what it means for you:

As of August 2009

1. Statements must be mailed 21 days before the bill is due (the current time limit is 14 days)

2. Issuers have to give 45 days notice for a change in interest rate (current is 15 days)

As of February 2010


3. Issuers can no longer raise the interest rate on an existing balance, unless the balance is more then 60 days late or a teaser rate expires.

4. Teasers rates must be in effect for at least six months.

5. Except for expiring teaser rates, the rate on new purchases cannot be hiked for the first year.

6. Payments in excess of the minimum owed must first be applied to the balance with the highest interest rate,and then to other balances in descending order.

7. Over limit fees may only be applied if the consumer opts in for approval on going over the credit limit.

8. Applicants under the age of 21 must have an adult co sign , or show proof of income for approval.

9. Issuers cannot offer free sign up gifts near college campuses.

10. Issuers can no longer practice "universal default" that is raise your rates if they learn you were late on another account.

11. Issuers must indicate on statements how long it will take to pay off a balance if the minimum payments are made.

12. In calculating finance charges, issuers cannot average in daily balances from the previous billing cycle.

As of August 2010


13. Cardholders assessed a penalty APR for late payments can reclaim the lower rate if they pay on time for six consecutive months.

This good news, but watch for credit card companies really trying to sock to you for as long as they can. In the long run this will be a great thing and should help people from heading down the road to bankruptcy.

How Bad Is The Economy When a Debt Consolidation Co Files Bankruptcy?

"One of the unfortunate consequences is that you are left without the service you have paid for," its Web site no reads, directing current clients to reach out to their own attorneys.

How can you help others if you can't help yourself? Debt Relief USA, also known as No Debt USA, couldn't even help itself any longer. Last month the debt consolidation company filled for Chapter 11 bankruptcy protection. The company has not only filed for Chapter 11, it is completely shut down, leaving customer without help, while it files for protection with $5 million in total liabilities and $4.65 million in assets.

The company may be facing investigations from the Federal trade Commission and by the Attorneys General of several states according to their Website.

Isn't crazy when those who are there to help with your debt go out of business?

Saving Money Going To The Movies

If you are anything like me and my wife you will spend lots of summer nights at the movies seeing all the latest summer blockbusters. But there is nothing wrong with saving money while you are out enjoying yourselves at the movies.

Theaters have kept price increases minimal amid the slowing economy, says Richard McKenzie, a University of California, Irvine economist and author of "Why Popcorn Costs So Much at the Movies, and Other Pricing Puzzles." For example, AMC and Regal Entertainment Group pushed up ticket prices in some areas by just 50 cents each.

The concession stand is where moviegoers are most likely to see price increases, although those are relatively small, as well. "Theaters want to keep the margin on concession items as high as possible, and on tickets, as low as possible," says Wesley Hartmann, associate professor of marketing at Stanford University. If $7 for a bag of popcorn shocks consumers, they'll most likely go without. But if ticket prices are too high, they may decide to skip the movie altogether and wait to see “The Proposal” when it comes out on DVD.

On other hand, discount opportunities are just as plentiful as they were last summer, and they can help you cut costs by as much as 70%. Here are nine ways to spend less on a trip to the movies:

Seek Out Freebies


Many theaters offer free showings of family movies during the summer. Regal hosts a Free Family Film Festival every Tuesday and Wednesday morning through the end of August, showing flicks like "The Tale Of Despereaux" and "Star Wars: The Clone Wars." Clearview Cinemas' Kid's Club kicks off an eight-week series of free movies starting July 2.

Clip Coupons


Your local Entertainment Book typically offers reduced-price movie tickets for as little as $6 apiece. Also, keep your eyes peeled for special promotions. Marriott is offering four free movie passes when you spend a weekend at a participating hotel or resort before Sept. 7.

Head to the Drive-In


If there's a drive-in in your town, then get behind the wheel. Moviegoers accustomed to state-of-the-art theaters may see these venues as old-fashioned novelties, but most drive-ins show new releases — and at the bargain price of about $7 a person for a double feature, says Jennifer Sherer Janisch, co-creator of Drive-ins.com, an online directory. (The Laurel Drive-In in Hazelton, Pa., for example, is currently showing "The Hangover" and "Taking of Pelham 123" for $7 per adult and $3 per kid.) Some drive-ins don't even charge for kids, while others offer bargain per-car pricing. Concession fare is often cheaper, too, Janisch says.


Check Out Independent Theaters

Wait a month or so for new movies to show up at a local independently-owned theater, and you can save more than 70%. The Kleeburg Marketplace Cinemas in Winston-Salem, N.C., is showing features like "X-Men Origins: Wolverine" and "Sunshine Cleaning" for just $2.50. Prices at Cinemark Movies 10 in Plano, Texas, range from $1 (early-bird first matinee, which can start as early as noon) to $2 (Friday and Saturday evening showings).

Buy in Bulk


At AMC Theatres, avid moviegoers can buy tickets in increments of 50 for $6 to $7.50 each. The tickets don't expire. There is one catch, though: the cheaper tickets cannot be used for special engagements (i.e., the first two weeks of a movie's release). You can also purchase bulk tickets at warehouse clubs. For example, Costco sells a five-pack of Regal tickets that can be used at any showing for $37.50. At a Regal theater in Chicago, that could translate to a savings of up to $12.50.

Avoid Reservation Sites

Go online and you'll end up paying more for your ticket. Movietickets.com charges a $1 surcharge; Fandango.com tacks on 75 cents to $2, depending on the area.

Trade Up on Snacks

If you're going to buy popcorn or soda, go big. "Per ounce, the smallest size of popcorn is twice the price of filet mignon," says McKenzie. Trade up for the larger size and you're paying less per ounce — plus, many theaters still offer free refills. Although that's not much of a deal for a solo viewer, larger groups will find it more cost effective than buying snacks individually.

Go at Off Times


Heading to the theater on a Friday or Saturday night is the most expensive time to go. In San Francisco, Cinemark charges an extra 50 cents per ticket on those nights. Theaters are also restricting matinee hours. New York's AMC Theaters offer matinee pricing ($6 instead of $12.50 for an adult ticket) only before noon.

Be Loyal

Joining the loyalty club at your favorite theater can pay off, even if you don't go to the movies that often. AMC Theaters' AMC Movie Watcher Rewards offers coupons for a free small popcorn each week, plus two points per ticket purchased. After you've earned 30, you'll get a free ticket. The Regal Crown Club awards one point per $1 spent. Rack up 150 points and redeem them for a free ticket.

These are just more examples of how to save more money and put the extra savings towards your debt. Remember you can still have some fun once in a while when you are working on paying off your debt. Be creative and fun. Paying off debt doesn't always need to feel like a chore.

How Do I Remove Incorrect Information From My Credit Report?

If you have reviewed your credit report and believe that some of the information it contains may be inaccurate, you can legally dispute it via mail or, for faster results, the Internet. Once notified of a mistake on your report, a credit bureau has thirty days to investigate and respond. If the information can't be confirmed, then the item or items should be removed.

For items that cannot be resolved online or that require copies of official paperwork or other supporting documents, use the sample Credit Report Dispute Letter below as a guide. Be sure to mail your letter and documents via Certified Mail for your records.

SAMPLE LETTER:

Your Name
Your Address
Your City, State Zip Code
Date

Name of Credit Reporting Agency
Dispute Department
Address
City, State Zip Code

Re: (Social Security Number & Date of Birth)

Dear Sir or Madam:

I am writing to dispute the following information in my file: (Identify disputed items by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) The items I am disputing have also been circled on the attached copy of the credit report I received.
This item is (inaccurate or incomplete) because (explain what is inaccurate or incomplete and why). I am requesting that the item be (deleted, changed, updated, etc.) to correct the information.

(If you are enclosing any documents, send copies only.)
Enclosed are copies of the following documents supporting my position: (List what you are enclosing, if applicable). I have also enclosed proof of my social security number and current address for your review. Please investigate and (delete or correct) the disputed item(s) as soon as possible, and inform me in writing of the outcome.

Thank you for your time and consideration,

Your name

Why Your Credit Score So Important

The first thing a potential creditor is going to look at when considering your credit application is your credit score. Unfortunately, looking at a credit report can be like judging a book by its cover. Your credit score directly impacts the credit and types loans such as: mortgages, car loans, credit cards, etc. that you apply for in the future. It can make difference with the current credit you have as well. bank are really checking these things these days. You could start to see your interest rates go up sky rate if your credit score starts to falter. Also, you may not qualify for a loan if your score is not high enough. The better your credit score is, the easier it is for you to obtain credit and it is more likely that the terms for that credit will be more favorable. A good credit score could reduce the amount of deposits required for utilities, have better insurance rates, and make it easier to get approved for an apartment.