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CardRatings.com Founder Curtis Arnold Weighs in on New Restrictions to Free Credit Report Offers

Little Rock, AR (PRWEB) April 12, 2010

Curtis Arnold, founder of consumer education site CardRatings.com, weighed in on the implications of new Federal Trade Commission (FTC) rules governing free credit report offers, which took effect April 2.

The FTC imposed rules on companies that offer services using free credit reports as an incentive to attract customers. The new regulations require that free credit report offers clearly differentiate themselves from the AnnualCreditReport.com Web site, through which individuals are entitled to free credit report information annually. The regulations also restrict advertising and paid offers on AnnualCreditReport.com.

Arnold, a nationally recognized consumer educator and advocate, says the new laws are a boon to consumers. “I think this is a positive step for consumers. As the editor of CardRatings.com, I have always strived to promote awareness of one’s own credit reports and credit scores. It’s unfortunate that some companies have taken advantage of people’s desire to manage their credit reports as a way to sneak in unwanted services. The end result has been major confusion among consumers.”

Since 2003, Americans have had the right to a free annual credit report at AnnualCreditReport.com with no strings attached. Other sites have since proliferated, claiming to offer credit reports for free. In actuality, these sites–which frequently ask for consumers’ private information and credit card numbers–often tack on trial offers for credit monitoring services or even unrelated items such as magazine subscriptions that are billed later. These extras are not always prominently disclosed, and consumers are further misled by advertising that reinforces the claim that these credit reports are free.

Offering something for free in order to get you to try and perhaps buy a service is a legitimate marketing technique, and reputable firms make cancellation and/or refunds easy to get. Yet many who sign up for free credit report offers–only to be billed for services they did not want–report poor experiences or even scams.

Because the operative word here is “free,” those who charge for credit reports are not subject to the new regulations. Arnold explains how some companies are taking advantage of this: “Be mindful that some companies, including respected credit bureaus, have already developed clever ways to avoid the FTC’s regulations. For example, the popular site FreeCreditReport.com that is owned by Experian (the one with the catchy little TV commercial jingles and three hapless guys) is now charging customers $ 1 and then donating the $ 1 to charity.

“Pretty creative way to dodge the law and tout your charitable efforts, don’t you think?”

A new article on CardRatings.com explains common tactics of companies offering free credit report services, as well as the ways in which the FTC rules should curtail practices that mislead consumers. In particular, the FTC now requires that:

    Sites advertising free credit reports prominently disclose to consumers that they are entitled to an annual credit report through AnnualCreditReport.com or through a designated toll-free number;
    These sites offer clickable links to the Federal Trade Commission and AnnualCreditReport.com Web sites;
    The three major credit bureaus participating in the AnnualCreditReport.com Web site delay advertising or paid upgrade offers until after a consumer has completed his or her request for credit reports; and
    Television and radio advertising for free credit reporting services as of September 1 include disclosures about related trial offers and refer potential consumers to the AnnualCreditReport.com Web site and toll-free number.

CardRatings.com has been educating consumers about credit cards since 1998 and has been featured by hundreds of media outlets, including The Wall Street Journal, Good Morning America, The New York Times, and The Today Show. Thanks to consumers, CardRatings.com has become the most comprehensive free source for comparing credit card offers and has helped over a million people find the best credit cards for their individual needs.

Curtis Arnold is available for interviews on this topic and others relating to the changing trends in the credit card industry.

To interview Curtis, please contact:

Jessica Austin

650.578.6880

jessica(at)cardratings(dot)com

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Texas Credit Card Fraud and Theft Crimes Increase Due to New Technology; Houston Defense Lawyer Analyzes Texas Criminal Penalties

Houston, TX (PRWEB) July 21, 2011

As technological advances have caused identity theft to become a significant threat, more people are becoming victims of electronic credit card fraud and identity theft in Texas. Many of these electronic crimes are the result of RFID, also known as radio frequency identification. RFID is a type of technology that uses radio waves to transfer data from a chip found in the object to a reader or scanner.

The RFID chip is often found in many credit cards, passports and driver’s licenses, and allows cardholders to simply swipe their credit card or other form of identification in front of a scanner or receiver that reads the card’s information. RFID readers are readily available for purchase online for a fee.

An investigative story on June 16 by Joel Eisenbaum of KPRC Local 2 News in Houston reports many people are unaware of the RFID technology in their card, and their banks usually don’t tell them the chip is in their card. A security expert interviewed in the story claims the scanners or readers can read credit card information within seconds, including the type of card, the card number and the expiration date of the card.

Identity theft or identity fraud is up all over the county, according to a survey published by the Federal Trade Commission in 2009. The survey reports Texas has one of the highest rates of complaints for identity theft in the United States, which is about 130.3 people per 100,000.

Houston white collar attorney Matt Horak states, “Any individual who purchases an RFID reader can walk past a person’s wallet and gain their credit card information without their knowledge. These individuals can be charged with serious white collar offenses, including identity fraud and credit card fraud, if they are caught.”

According to chapter 32 of the Texas Penal Code, an individual who takes another person’s credit card can be prosecuted in Houston for credit card fraud, which can either be a state jail felony or a felony of the third degree, depending on who the theft was committed against.

Stealing another person’s identifying information can be prosecuted in Texas as identity fraud, which can result in a state jail felony, felony of the third degree, felony of the second degree or felony of the first degree, depending on the number of items obtained from the theft.

“Anyone who is caught using another person’s credit card information could also be charged with various theft offenses, depending on the how the stolen information is used and the amount stolen from the victim,” advises Horak, a theft lawyer in Houston.

Chapter 31 of the Texas Penal Code defines theft crimes as ranging anywhere from a Class C misdemeanor to a felony of the first degree, depending on the value of the property stolen, the type of victim, and the type of offender.

According to Horak, “Identity fraud and credit card fraud usually result in felony convictions in Texas, and depending on the degree of the crime and the circumstances surrounding the offense, penalties can range anywhere from 180 days in jail to 99 years in prison, in addition to a possible $ 10,000 fine.”

The penalties for misdemeanor theft offenses can range from a fine not more than $ 500 for a Class C misdemeanor to a one year jail sentence and a fine up to $ 4,000 for a Class A misdemeanor, according to Chapter 12 of the Texas Penal Code.

Matt Horak of the law firm Matt Horak, Attorney at Law, PLLC is a Houston criminal defense lawyer who represents individuals accused of theft and white collar offenses throughout Harris County, Texas and surrounding areas in Montgomery County, Brazoria County, Fort Bend County, Liberty County, Galveston County and Waller County.

©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

More Misdemeanor Theft Press Releases



Australians Could Soon Get Really Cheap Credit if Credit Report Reforms Adopted

Melbourne, Victoria (PRWEB) August 12, 2008

Australians could be set to get cheap credit if the credit report reforms proposed by the ALRC are acted upon by the Commonwealth Government, says independent credit checking website, checkmyfile.

Experts at checkmyfile, Australia’s online credit checking website, believe if consumer credit payment records are shared with Australia’s credit agencies, not only will this bring down the cost of Australian credit to UK and US levels but also ensure injudicious lending is controlled properly.

Barry Stamp of checkmyfile says: “Australian consumers have been paying much more for their credit than UK and US consumers. This will hopefully become a thing of the past if the current credit report proposals set out by the ALRC are acted upon quickly.

The ALRC is backing an increase in the type of data lenders can share with the credit reference agencies, and have backed the sharing of consumer payment performance data. “This is proven to be the most valuable data for spotting consumers falling into financial difficulty, and without it, lenders cannot lend as responsibly as they could.”

Stamp adds: “It is a ludicrous claim by some commentators that giving lenders access to more comprehensive credit report data will lead to reckless lending.

“To drive down the cost of credit, legislators need to allow lenders to share credit payment performance data with the credit reference agencies. Better credit report data means sharper lending decisions, which helps reduce the extensive costs of debt collecting, which cuts dramatically the cost of credit “.

Checkmyfile has no doubt that sharing more credit report information about consumers is good for consumers. From its experience in the UK, where it has been providing online credit reports to consumers since 2000, and where ‘positive’ credit reporting is accepted as the norm by both lenders and consumers.

Even the ALRC proposals would leave the Australian credit report system trailing the UK, which has seen an expansion in the information shared with the credit reference agencies. Recent behavioural changes, which include records of cash machine withdrawals and minimum payments being made, have been supported by UK consumer groups as a positive step to combat consumer over-indebtedness, as they are considered warning signs of over-indebtedness.

“At the moment, Australian lenders and consumers are flying blind, comparatively speaking,” concludes Stamp.

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

More Online Credit Checks Press Releases



For 2011, Consumers’ Total Credit Scores Should Be at Least 2,011

Norwalk, CT (PRWEB) January 5, 2011

According to Carrie Coghill, Director of Consumer Education for FreeScore.com, a consumer’s 2011 New Year’s goal should be to have his or her credit scores add up to at least 2,011.

Coghill stated, “You have three credit scores from the three major bureaus: TransUnion, Experian, and Equifax. If those scores total 2,011, you’ll have an average score of 670, which is a solid ‘B’ and acceptable for getting loans.”

According to FreeScore.com, “Directional letter grades associated with credit scores are as follows:”

Grade*    Score Range

A    741 – 850

B    641 – 740

C    541 – 640

D    451 – 540

F    300 – 450

*These are guideline-only grade ranges for scores. These grade ranges are simply directional and cannot be used as a “rule.” They are designed to help consumers better understand credit scores by translating them into rough “grade ranges.”

Recent mortgage lending tables from the fourth quarter of 2010 show how a lower credit score can cost mortgage applicants:

Credit Score/Interest Rate    

720+         4.30%    

700-719    4.44%

680-699    4.56%

660-679    4.60%

640-659    4.73%

620-639 4.90%

On a $ 200,000, 30-year, fixed-rate mortgage, the difference between a 4.375% interest rate and a 4.875% interest rate — just half a percentage point — amounts to $ 59.85 per month. That translates into over $ 21,500 over the life of the loan, which is more than 10 percent of the original loan amount.

For consumers to put themselves in position for better interest rates, Coghill recommends the following dos and don’ts:

1. DO pay all bills on time, every time. Every bill paid late can affect credit scores, while every bill paid on time builds a consumer’s standing.

2. DO keep all financial documents. That includes bills, bank and credit card statements, receipts, canceled checks, and so on for the last several years. This documentation will help a person dispute errors on a credit report, including unauthorized charges. If a consumer ever has to deal with identity theft, this information will help as well.

3. DO get credit reports. Consumers need to review their credit report from each of the major credit bureaus, TransUnion, Experian, and Equifax.

4. DO clean up errors on a credit report. Once a consumer has their credit reports, disputing negative items is the fastest, easiest way to remove them and thereby make certain that their credit scores reflect an accurate financial history.

5. DO reduce the level of debt. Focus on paying off credit cards, both because they have high interest rates and because they affect a credit score a lot.

6. DO minimize the number of inquiries on a credit report. Single inquiries (as from new credit applications you make) won’t have a big impact, but a number of inquiries in a short time period can damage credit scores.

7. DO keep open but unused credit card accounts, especially older ones. The longer the average account age and credit history, the better, so keeping old but unused accounts open can help because it shows a consumer to have a long credit history. Unused credit also improves a consumer’s ratio of used to available credit.

8. DON’T apply for or take on new revolving credit unless it is really necessary. If a consumer is already maxing out his or her available credit, new applications and additional debt may hurt a person’s credit standing. For example, FreeScore.com consumers ran “what-if” credit simulations and found that increasing credit on a credit card can drop a credit score by more than 50 points.

9. DON’T go bankrupt if there is any possible way to avoid it. Bankruptcy can take hundreds of points off a credit score — and years to overcome.

About FreeScore.com

FreeScore.com is the leading online consumer credit site, providing consumers with affordable, unlimited access to all three of their credit scores and complete credit profile. Launched in 2009 with an award-winning advertising campaign featuring actor, economist, and lawyer Ben Stein, FreeScore.com has serviced more than 750,000 members. Members have unlimited access to their credit scores from all three bureaus, a complete credit profile, and expert tips, articles, videos and other educational information about credit management. For more information, go to FreeScore.com.

“Like” FreeScore on Facebook

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Watch FreeScore on YouTube

The articles and information available are for educational and reference purposes only. They do not constitute, and should not be construed as, legal or financial advice. Any legal or financial principles discussed here are for general information purposes only and may differ substantially in individual situations and/or in different states or countries. For specific legal or financial advice, please consult a licensed attorney or a financial professional. FreeScore does not control or guarantee the accuracy of any information provided through external links from the articles on this website to any other website, nor does the FreeScore Privacy Policy apply to any personal information that may be collected via the external links.

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

ThreatSTOP Releases ThreatCHECK to Help Fight Online Fraud and Stolen Logins and Credit Cards

Carlsbad, CA (PRWEB) December 01, 2011

ThreatSTOP, the developer of ThreatSTOP Botnet Defense Cloud, a cloud service protecting networks against botnets and malware using IP Reputation, has released ThreatCHECK, a tool to help keep people safe online, in time for the holiday shopping season. ThreatCHECK is a free applet for Windows users to check what ThreatSTOP knows about the IP addresses their computer connects to. This is the most reliable way to determine who the computer is really talking to. ThreatCHECK will provide a report identifying which countries the IPs are in, and call out known botnet and malware sites along with detailed research about them.

ThreatSTOP has the most accurate, continually updated, database of currently active botnet and malware sites. ThreatCHECK is easy to download and can be run in the background. ThreatCHECK enables users to ensure that their computers are talking to who they intend to, and not a cybercriminal gang in Eastern Europe hiding behind a seemingly legitimate website.

As more and more shopping moves on-line, more and more crimes are committed there. The holidays are the busiest days for online merchants as well as for the cybercriminals. Botnets, advanced persistent threats and criminal malware are widely recognized as the most serious information security problem today. The average number of web attacks globally doubled in 2010 from 10 million to 20 million , and the cost to consumers and organizations runs in the billions. Despite $ 20 billion spent annually on network security, 99% of networks are infected by malware. Criminals clearly have the upper hand as they attack—and profit—with very little cost and total impunity using victims’ own computers. No one, from the individual to the largest organizations, is immune.

“We are pleased to offer ThreatCHECK, a simple and free tool to help Internet users to find out the true identities of who they are really talking to online,” said Tom Byrnes, CEO and Founder of ThreatSTOP. “With ThreatCHECK, users can make sure that when they are going to their favorite online retailers, their computer isn’t also sending all their keystrokes to criminal syndicates. Simply checking with ThreatCHECK for a few minutes can potentially save a consumer thousands, and businesses millions, of dollars from stolen credit card numbers or credentials, lost data, cost of remediation and even fines for failing to comply with data security regulations.”

To download ThreatCHECK: http://www.threatstop.com/threatcheck

About ThreatSTOP

ThreatSTOP is the developer of ThreatSTOP Botnet Defense Cloud, a turnkey cloud service that uses IP reputation to protect networks against botnets and criminal malware. ThreatSTOP enables firewalls to block outbound “call homes” to command and control hosts as well as incoming attacks. It prevents data theft, increases network “goodput”, and reduces system load and attack surface. Updated in real-time and automatically distributed via DNS to firewalls, ThreatSTOP is deployed on customers’ existing equipment and can be activated within an hour without any network reconfigurations, retraining or manual updates. For more information, visit http://www.threatstop.com.

ThreatSTOP Contact:                    

Ken Liu, V.P. Business Development    

kliu(at)threatstop(dot)com    Tel: 760-542-1550 x 4250    Cell: 858-722-0912                    

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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Travel Tips to Safeguard Your Identity and Credit

San Diego, CA (PRWEB) May 27, 2008

Summer is in the air and many hard working Americans are planning out their vacation weeks for some well deserved rest and relaxation in a warm vacation spot. Many travelers are unaware that their sunny and warm vacation spot can be a hot bed for identity theft and fraud. Identity thieves exist all over the globe, but have been known to target unsuspecting and vulnerable tourists, who are loose with personal information.

Identity theft occurs when someone uses your personal information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes. The FTC estimates that as many as 9 million Americans have their identities stolen each year. The Federal Trade Commission estimated that consumer fraud and identity theft cost Americans $ 1.2 billion in 2007, and the statistics and victims are only increasing.

If you are planning on a summer vacation in the following states, be sure to take every possible precaution to keep your identity and finances safe. These are the top ten states for identity theft per capita basis.

1. Arizona

2. California

3. Nevada

4. Texas

5. Florida

6. New York

7. Georgia

8. Colorado

9. New Mexico

10. Maryland

Source: Consumer Sentinel

The metropolitan areas with the highest per capita rates of reported identity theft are Napa, California; Madera, California; and Greeley, Colorado but many other locations outside of the US are ripe with pickpocketers who can not only swipe your spending cash but also your identity. Do not let identity thieves ruin your vacation and your credit. Travelers can protect themselves and greatly reduce their chances of theft by following the advice below.

Hotel safes- If you plan on brining personal information with you on vacation, a good idea is to use hotel safes. Lock up all valuables in room safes while you are out on the town. Include laptops, passports, receipts, and other documents that may contain personal identifying information that a thief could use. Suitcases can be easily picked or cracked open, a hotel safe is a much safer bet for safeguarding your information, and also hotels will often insure personal documents and objects if they are somehow stolen when locked in a hotel safe.

Pickpockets and travel pouches- Pickpockets are prevalent in nearly every major city and tend to target high traffic areas that attract business and vacation travelers. Many studies indicate that wallets stolen in tourist spots frequently lead to identity theft, which can cost you much more than your spending cash. To guard yourself against pickpocketers, do not carry any unnecessary documents in your wallet. Leave all cards with Social Security Numbers on them at home or in your hotel safe. If necessary, carry your personal documents in a different pocket then your wallet. It goes without saying, never leave your wallet or purse unattended even for a second.

Thieves have been known to target women with loose, dangling purses. Lost out-of-towners or foreigners carrying a lot of cash, and parents distracted by their kids or babies, so stay alert. Leave bills at home- Travelers often take advantage of quiet evenings and downtime in hotels to catch up with bookkeeping and paying bills. Many vacationers and business travelers forget that many people have access to your hotel room. Victims have reported that account information and check information has been stolen from hotel rooms. Leave your bills at home. You are on vacation anyway, save the number crunching for your return.

Using rental computers- If you are using Kinko’s computer rentals and other cyber cafe computers while on the vacation, it is essential that you protect your personal/financial/password information. At several Kinko’s in the New York City area, a cyber-scammer installed software that recorded the keystroke information gathered from people using the computer rentals and was able to obtain the personal information of 450 people. Avoid performing any financial transactions or accessing personal information on rented computers. If you need to access and use a password protected account from a rental computer you should cut and paste the password from a word document where the password is in the middle of random characters. This can make keystroke recording difficult for scammers.

These are just a few tips we recommend to keep your identity safe when travelling. A vacation should be a relaxing time but do not be lazy in protecting yourself from identity thieves. Remember according to the FTC, 52% of identity theft victims detected fraudulent activity by reviewing their own credit reports. Purchasing a credit report and credit monitoring services from a reputable credit reporting company, is a great way to keep an eye on your credit and quickly identify and address any fraudulent charges.

For more information on identity theft and credit reporting visit us at My Private Credit

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

New York Resident Retains Score Optimization Systems’ Credit Repair Services to Jump Credit Scores Over 100 Points for Home Loan Approval

Loan Approved

New York, New York (PRWEB) November 22, 2011

Jeff Hunt, a New York resident, was referred to S&S Private Capital’s credit Score Optimization Systems division by A Place Called Home Real Estate loan specialist, Kim Brunier when she was unable to get his loan approved based on the much stricter lending guidelines the banks have implemented. With the aid S.O.S. and its credit repair technology, A Place Called Home Real Estate was able to qualify Mr. Hunt for his home loan refinance saving him thousands of dollars in interest charges in the first year alone.

When Jeff was first referred to Score Optimization Systems, he had a mid score of 639, falling just short of the 640 threshold many lenders have set as their minimum FHA credit score requirement. Based on the strict guidelines lenders have turned to, Kim Brunier and her staff were unable to qualify him for his home loan refinance. “I could not believe one single point was keeping me from saving thousands of dollars on my current mortgage.” expressed Mr. Hunt. “S.O.S. not only pushed me above the 640 score requirement, but they increased all my scores above a 740 saving me thousands of dollars in interest making this the very best financial investment I could have ever made!”

S&S Private Capital, Inc. and its S.O.S. – Score Optimization Systems specializes in credit report repair and credit score optimization. In business since 1998, S&S Private Capital, Inc. has assisted more than 25,000 thousand clients like Mr. Hunt all across the country in obtaining their home loans and other financial goals. The credit consultants at S&S not only help their clients in removing negative items and optimizing their credit scores, but they also educate their clients in how to utilize their credit as a tool to obtain all of their financial goals while saving thousands of dollars each and every year in interest overcharges. “Having a great credit rating is the first step in achieving financial freedom and security, but understanding how to utilize your credit effectively is the key to a successful financial future.” stated Gene Schwalen, developer of Score Optimization Systems and CEO of S&S Private Capital Inc. More information about S.O.S. – Score Optimization Systems can be found at http://www.scoreoptimizationsystems.com.

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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