Con Artists Offer Phony Medical Debt Relief Scams
Medical debt has increasingly become a major burden for American families, particularly those who are forced to care for chronic conditions or who suffer major medical emergencies.
As medical debt rises, many consumers have turned to safer methods of debt reduction by contacting credit relief agencies or researching how to begin filing Chapter 7 bankruptcy.
Other people, though, have fallen prey to scam artists who offer illegal methods of medical debt relief. By learning more about the common traits of these scam artists, you may better equip yourself to avoid falling into their grasp.
According to a recent report in the Washington Post, the Federal Trade Commission has ramped up its efforts to track scam artists that offer “last-dollar frauds,” or scams that prey on people who are in deep financial distress.
Recent economic events have only emboldened these criminals, as they find more and more potential victims who are financially desperate.
As reported by the Washington Post, here are several scams to look out for:
- Credit card interest rate reductions. Som
More Credit Cards for Consumers even as Delinquency Rates Rise
Although delinquency rates remain near historic lows, the latest data shows, they are slowly starting to rise. At the same time banks are starting to untie the purse strings and have been issuing more credit cards in the last three months.
TransUnion, the third largest credit bureau in the U.S., recently reported that of the people who were issued credit cards in the last three months, 25.2% of the new customers had credit scores of less than 700. This is a strong increase from the same period last year when 23.0% of new customers, who had less than perfect credit scores, were given a credit card.
Because of the increase customers, the credit bureau is not reading too much into the bump in delinquency rates. The rise could be more just a shift in numbers than a rising trend. Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit explained that banks are taking on more risk by giving cards to people who don’t perfect credit, so it is not surprising to see the increase.
“We are still well below historical norms. In
How debt solutions help you repay debts and lead a stress-free life
When you are over-burdened with multiple debts and you cannot manage them by yourself, you search for options as to how you can pay off your debts. In this situation, you look for suitable debt solutions that will help you repay your debts on time. Paying off your outstanding debts on time is very important on your part so that you can reduce yourself from the burden of debts. So, you need to choose the right debt solutions that will help you solve your debt problems with ease.
3 Types of debt solutions
This article will help you know about 3 types of debt solutions by which you can pay off your outstanding debts.
- Debt snowball – Debt snowball helps you pay off your debts.
- You make a list of all your debts in ascending order from smallest to the largest debt.
- You need to pay a minimum amount on every debt.
- You need to check how much extra you’ve to pay on your smallest debt. The
How to Fix Your Credit after Identity Theft
For the most part, technology is a universally beneficial entity. Advances have changed the faces of communication, science, and information. On the opposite end of the spectrum, confidentiality has become more difficult to safeguard. In a world where information is a click away, identity theft has plagued the lives of thousands. If you are a victim, learning how to fix your credit is the first step in overcoming this trial. Follow the steps below to fight for your financial privacy.
- File a police report. Identity theft is a criminal act that should be taken seriously. Contact your local sheriff’s department and file a police report as soon as possible. The police may be able to catch and prosecute whoever stole your information. An official record will also reinforce your claims of fraudulent charges if creditors or credit bureaus ask for further information.
- Call your lenders. Advancements in technology have led to advancements in identity protection. C
IRS Ups Audits of Prisoners’ Taxes
In its latest report, the Treasury Inspector General for Tax Administration (TIGTA) said as the IRS continued to catch frauds in their efforts to game the system, it has increased its review of prisoners’ tax returns by almost three times. Monitoring tax returns and catching crooks is never easy and the IRS has allowed more than 140,000 taxpayers to claim credits of $140 million erroneously, according to the TIGTA report.
In an official statement, J. Russell George the TIGTA said, “Overall, the IRS’s performance during the 2011 filing season has been successful. The IRS continues to face challenges relating to first-time homebuyer credit repayments, verification of the adoption credit and several energy-efficiency tax credits,” as he highlighted the main areas where the IRS needed to tighten surveillance.
At the same time, George expressed his satisfaction that the IRS was taking significant steps to weed out applications for “credits that we have found to be problematic.” One thorny issue has been fraudulent claims for credits from prisoners. For a long
American Bankruptcy Institute Reports Decrease in September Filings
According to the American Bankruptcy Institute , fewer Americans filed for bankruptcy protection in September, as consumers reduced their spending, household debt and other borrowing.
Consumer bankruptcies, which are typically filed under Chapter 7 or Chapter 13 of U.S. bankruptcy law, fell 17% to 108,517 in September from 130,329 a year earlier, and are down 10% for the first nine months of this year, based on data from the National Bankruptcy Research Center.
The ABI also reported that the number of total consumer bankruptcy filings for 2011 are on track to be down from those filed in 2010.
This monthly statement, as reported on www.reuters.com, comes amid ongoing worry about the state of the international economy, unpredictable financial markets and high unemployment here at home.