In a recent lawsuit against a Kansas car dealership, an independent arbitrator found the dealership to be liable for more than $14.8 million in damages for customers whose information was falsified on their credit applications. For these customers, this resulted in higher loan payments and increased financial stress. In a report from Missouri Lawyers Media, the lead attorney for the 31 claimants, Ken McClain, said that the dealership was falsifying the information on the applicants’ credit applications. Information like income and job titles were inflated to ensure the applicants would qualify for larger loans, likely loan amounts that these customers would have trouble making repayments on. For example, McClain described that one claimant who works as a front desk clerk at a hotel was described as a ‘front end logistics specialist’ on the credit application submitted for her. With this falsified information, customers were receiving larger loans, which the dealership…
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Black Friday is over. Millions of people across the country crammed into stores to shop for the best deals. However, you should be aware that criminals take advantage of this shopping holiday to commit widespread identity theft. You may even remember the massive Black Friday data breach that occurred at Target stores in 2013. Hackers stole credit and debit card information from 40 million Target shoppers. Identity theft can destroy your finances. Your credit scores could suffer. You may be unable to access new credit until the issue is resolved. It could take months or even years to repair the damage. Fortunately, there are steps you can take to protect yourself from identity theft. Monitor your credit reports You should be regularly monitoring the information on your credit reports to spot instances of identity theft. Warning signs can include unfamiliar accounts and credit inquiries on your reports. You can obtain…
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Phishing is one of the most common types of IRS scams. Last year, the IRS reported a 400 percent increase in phishing scams during tax season. These scams involve sending tax filers fake emails to get them to reveal important personal information like Social Security numbers, birthdays or addresses. Emails may look and sound official. Some may look like they came from the IRS, or organizations like the Taxpayer Advocacy Panel. They may ask tax filers about topics related to refunds, filing status or confirming personal information. Fake emails often contain links to malicious websites. The emails may ask tax filers to update their e-file information, but will link to a fake and official looking website. These websites use scripts and hyperlinks that contain malware injections used to steal the information of tax filers. How Can You Avoid Phishing Scams? The IRS has several suggestions that can help filers avoid…
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