Safeguard Your Identity with an Active Duty Alert

9 07 2015

Safeguard Your Identity with Active Duty Alert

Featured in AFCPEs The Standard April 2015

Credit or Debit Cards: Which is Safer to Use?

5 02 2014

Under the Electronic Fund Transfer Act, consumers aren’t responsible for more than $50 if a lost debit card or fraudulent charge is reported within two days. If the loss is reported 60 days after a statement containing fraudulent charges is mailed, a consumer’s liability jumps to $500. If an unauthorized debit transaction is reported more than 60 days after the statement is mailed to the consumer, the damage can be unlimited.

Fraudulent charges on a credit card can be reversed in 24 hours or less, but it can take up to two weeks to have funds restored to a debit card account. In the meantime, bills or other expenses could pile up.

And here’s our Poll question for our readers.

How to Control your Credit

26 08 2012

Youth Credit Card Marketing

18 06 2012

Did you know?

The Credit CARD Act of 2009 places strict limitations on marketing and issuing credit cards to young people.  Consumers under the age 21 must show proof of income to repay credit card bills or have an adult co-sign if they want accounts in their own name.  Also, those ‘free tshirts/hats’ offers are banned from college campuses.


What does that Word Mean on my Credit Card Billing Statement?

19 03 2012

Many credit cards holders are unaware of credit card statement definitions.  For example, a Grace Period is the time between a transaction date (aka the date the item was purchased) and the time payment is due (aka payment due date) to avoid interest charges.  Consumers can visit the Consumer Finance Protection Bureau for their definition list.

What Would You Do? You Found a Lost Credit Card

28 02 2012

What would you do if you found a credit card on the ground?  Would you pick it up or walk right past it?  Maybe you would pick it up and hand it to a store clerk (if found in a store).

Fast forward and you chose to pick up the card and you didn’t have an authoritative figure to hand it over to.  Scared?  No worries – safeguard the card until you have access to a telephone.  Dial the card’s customer service number (located on the reverse side of the card) and inform them you have found a credit card.  The customer service representative will place a note in the account indicating the card was lost and found.  This is a blessing to the person whom lost the card especially if they have not discovered the card is lost!  This will save the cardholder potential money from unauthorized purchases because you had called the card in as lost and found!  You are trustworthy because you chose to make that call.

Now, imagine if that same card got into the wrong hands?  Scared?  Big worries – someone can potentially use the card fraudulently.  It is the cardholder’s responsibility to call in lost credit cards within 48 hours to reduce their liability of owing money on non-authorized purchases.  Normally, the cardholder is responsible and liable for only the first $50 of fraudulent purchases.  Most homeowner’s and renter’s insurance policies cover your liability for theft of both debit and credit cards as well.

Lastly, protect what’s in your wallet.  Write down the contents of your wallet and safeguard that list – usually in a safe deposit box or safe at home.  This way if your wallet is lost or stolen you reduce the feverish attempts of trying to remember what your wallet housed.

Follow these tips for calling in a lost card and always remember to keep your eyes on your personal property!

Bringing Expired Debt Back to Life

3 01 2012


When a debtor agrees to make even one payment on any expired debt, the clock restarts the old debt obligation.  This process is called “re-aging.” 

Let’s rewind, if a person has not made payments on their debt, they receive negative hits on their FICO Score (read more about FICO Scores here, here, here).  However, eventually the statute of limitations frees up their debt obligation.  But when paying on the old debt this clock begins when that old debt is repaid one’s credit report will show “settled” which will also negatively affect your FICO Score because it wasn’t noted the account was paid as agreed.

Pay attention to the fine print before opening any stream of credit.

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