The Worst Identity Theft Scams Of The Year

Author: Janna Weiss | Posted: 02-06-2008 | Comments: 0 | Views: 1 | Rating: (300) (?)

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Identity theft. Those two words can strike fear in the hearts of card holders everywhere. It seems like you can't trust anyone these days. Even friends and co-workers can access your information and open a line of credit in your name. Worse, businesses that drop the ball on their security measures have been breached by hackers to the tune of hundreds of thousands of dollars. Victims of identity theft usually do no wrong, but suffer the consequences anyway.



Here are three of the highest-profile identity theft schemes from the past year.



The Jetsetters



Jocelyn Kirsch and Edward Anderton were young, nice-looking, and had bright futures ahead of them. But they chose to use their powers for evil when they started taking the identities of friends and neighbors to pay for trips to the Eiffel Tower and other exotic locales. These college-aged fraudsters used their ill-gotten funds to finance a $3,000 a month luxury apartment and other high-dollar purchases. They were arrested in December when they went to retrieve a parcel of expensive lingerie that had been ordered in a neighbor's name. Now the two are headed to court to enter guilty pleas. The moral of this story? If you steal identities, you will get caught. If you steal identities from people you see every day, you will get caught fast.




The Hannaford Breach



This incident was a costly lesson in security measures, and why stores should be ever-vigilant. Hackers installed Trojan software and packet sniffers on computers at 300 of Hannaford's locations. Thousand of shoppers were potentially affected by this breach. Hannaford issued a warning to customers who used credit or debit cards in their stores between December of 2007 and March of 2008. Card numbers and expiration dates were stolen, and the total damage from the incident hasn't yet been totaled. What can we learn from Hannaford? Keep your security up to date. If you have to cut costs somewhere, don't sacrifice your customers' safety to do so.



No Rest in the Southwest



Arizona had the dubious distinction of being the very worst place in America for identity theft. The rampant fraud affected almost 300,000 residents last year. The financial damages totaled $147 million. Why did this happen? An investigation has been opened to answer that question. Called 'Identity Theft 911', this study wants to know why 25% of Arizona residents have fallen prey to identity theft in the past six years. Some possible reasons include lack of government action, the increasing market for methamphetamines, and illegal or fraudulent employment.



In many cases, identity theft victims haven't done anything wrong, except place their trust in people who abuse or neglect it. Do your part to protect your identity by enrolling in a credit monitoring service. Use online banking to keep real-time tabs on purchases made with your accounts. If you notice anything odd, contact your credit card company immediately. Many of them have measures in place to keep identity theft damage to a minimum.

Car Loans Made Easy

Author: Vas Kara | Posted: 06-02-2008 | Comments: 0 | Views: 2 |

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Over 2.4 million new cars hit the UK's road in 2007, and the figure is not expected to be muchlower in the year to come. Everyone wants a new car and increasingly people are using loans to afford them. Halifax released figures last year showing that 67 per cent of those taking out loans to buy cars are men, mostly around January and August when the new number plates come out. But what should you be looking for if you decide to splash out on a flash new motor? This article will provide all the info you need to consider when buying a car on credit.

The big decision you must make is choosing the type of credit arrangement you want. There are millions of different products out there, and they are all packed with mind boggling small print and thousands of additional terms and conditions. Obviously you are going to have to get down study them eventually, but the task will be a lot easier if you have some idea of the basic options available.

One popular option is hire purchase. With this method you hand over a deposit, and then pay off monthly installments until the car is yours. Most dealerships will let you buy a car off them this way. The interest rate on hire purchase can vary though, and you should compare the price of borrowing the money elsewhere. Some dealers will look to push you into an arrangement that will not necessarily be the best deal for you, so it is worth looking at the cost of borrowing before you head off to look at cars. The advantage of hire purchase is that the loan is secured on the car, so there is no chance of losing your house if you fail to keep up with repayments.

Personal contract purchase (PCP) is similar to hire purchase in that you put down a deposit and then pay monthly installments. With PCPs though, there is also a lump sum that must be paid at the end of the installments in order for you to own the car outright. This sum, the minimum guaranteed future value (MGFV), is often quite large, but gives you the option of buying the vehicle there and then, walking away with nothing, or switching to another PCP plan and getting a new car. PCPs usually have lower monthly repayments than hire purchase meaning you can afford a better car. They do work out more expensive in the long run though.

Both of these options are available only from dealers, and it can often be cheaper to take out a personal loan. Taking out a loan has the added advantage that you own the car outright from the moment you start making payments. If the loan is secured on your house then there is always the risk of finding yourself homeless though. It is generally cheaper to borrow money from a bank than a dealer, especially if you shop around. But banks are becoming increasingly fussy about who they hand out thousands of pounds to, and it make take some searching to find a cheaper deal that will accept you with a blemished credit history.

The last way of getting yourself a new car is personal contract hire (PCH). The big problem with this scheme is that you never actually own a car, and just rent one off the dealer instead. There are big advantages to this though. The payments are often cheaper than with PCPs or hire purchase, and you always have the option of getting a new car at the end of every deal. If driving a brand new car is a must then this is the deal for you. Maintenance and servicing is often included, and with the second-hand car market increasingly weak, PCHs are beginning to look more and more attractive. There is always a catch though, and unfortunately these arrangements are not widely available.

Once you have worked out which of these plans you think will suit you the best, the only thing to do is to shop around. Price comparison websites are a great way to compare lots of palns at once, and after consulting them and your dealer, you should be able to find the deal that is cheaper for you. Don't get drawn in by flashy introductory offers which cost a fortune in the long run. Use the APR, which calculates the cost of the loan across its entire length, to assess which product will be cheaper in the long run. At the end of the day the more legwork you do, the more likely you are to find a great deal. So do your research, get some comfy shoes on, and good luck.

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Refinancing Mortgage: Low Payment And Low Interest Rates

Author: Rony Walker | Posted: 06-02-2008 | Comments: 0 | Views: 2 |

Those seeking a financial alternatives are often caught thinking that low payment refer to low interest rates. They should be aware that low interest rates vastly differ from low payment. With this in mind, they can veer away from dubious loan agents who will rush them to a new mortgage with high interest rates and add-on fees.

Watch What They're Saying

When it comes to prices and fees, the words "50% off" or "slashed prices" can hook the bargain hunters. The same happens to individuals looking for an affordable refinancing mortgage program. There seems to be confusion because people think that "low" fees or "no closing fees" are for real or even applies to the interest rates.

Unscrupulous companies use these kinds of teasers to lure would-be borrowers, making them believe that they're getting a good deal. And before they can make up their minds, they are maneuvered into an ARM. A month after the contract takes effect, the borrowers are jolted awake to a nightmare. The interest rate has adjusted to a higher rate, and they are paying the fees that were supposed to be non-existent.

If you see these attractive offers, veer away from these companies. Their offers do not add up. Analyze this - the attorney who works on the legalities of the closing of the contract has to be paid. Would the company pay for it from their own pockets? Of course not. They'll have to get the money from you - lumped into your refinance mortgage loan.

Low Payment

A low payment for a refinancing mortgage loan is not about a new mortgage with low interest rates. The said low payment refers to the fees involved in the processing of the loan. You may be paying for the following: origination fee, loan discount or points, appraisal fee, credit report fee, lender's inspection fee, mortgage insurance application fee, assumption fee, underwriting or documentation, mortgage insurance, annual assessment, title charges, and settlement or closing fee.

Borrowers going to the mortgage company should have ready cash on hand to pay for fees that can run in the hundreds of dollars and more. This confirms that refinance is not cheap, nor getting any cheaper. Borrowers should indeed be ready with cash to get more cash. So a low payment mortgage should be reviewed carefully.

Low Interest Rates

Interest is the payment on the money borrowed by the lender. This is how mortgage companies earn their keep. At this time, interest rates are at their lowest and a refinancing mortgage loan is highly recommended, but borrowers should be warned that mortgage companies are stricter with their requirements.

Borrowers can get lower interest rates for their mortgage if they have good credit scores, have been paying the first mortgage amortizations on time, and have a 20% equity on their homes. If you are facing an ARM reset, get a refi to switch to a fixed-rate mortgage. A refinancing mortgage scheme offers you this chance and the opportunity for a cash-out option if you're qualified.

Low Fees and Low Interest Rates

Do take some time to do a little bit research on lower fees and lower interest rates. Some companies do charge lower fees, but find out if these are added up to your monthly amortization payment. Who wouldn't want to pay low fees for a refinancing mortgage and enjoy lower interest rates?