Saving Consumers From Financial Frauds And Potentially Perilous Purchases
While there may be some bias on my part, I think one of the most important services Snopes offers its readers is the ability to save themselves and their pocketbooks from an expensive scam. Remember the infamous Nigerian Prince who emailed asking for your help? Well, hes still around and hes not alone.
Snopes helps millions of readers identify fraudulent claims and email scams.
Too much of what ends up in our inboxes these days are scams: dishonest attempts to separate us from our money, states the sites Scams page, a color-coded list of popular scams the site has proved or debunked over the years. The stories addressed include email chains and telephone frauds, such as a series of swindlers posing as IRS workers to collect personal information.
Many of the money myths addressed by Snopes seem to have one thing in common: they all sound too good to be true. Who doesnt want to make a $1,000 for cashing a check? And all your problems can be solved if you just claim your foreign lottery winnings! According to David, sometimes all it takes to fool someone out of their funds is inserting some statistics.
generally speak to something that people already believe, or confirm something they want to believe. Thats kind of what people cling to, he said. Theres a lot of market for you just say something authoritatively and people will believe it. A lot of memes bank on that. Its full of numbers or stats, , How can you dispute this?’
The Average Credit Score In The United States
If you want to know the average credit score earned by people in the United States, the answer can be found from FICO data. FICO stands for Fair Isaac Corporation. FICO® Scores are some of the most commonly-used credit scores in the country, although there are many different credit scoring formulas in use.
According to FICO, in September 2018, the average credit score in the U.S. reached 704 on a scale of 300 to 850. This is a record high average FICO® Score. It’s up from 686 in October 2009 — and it’s a three point increase from the previous record average score.
The fact the average FICO® Score in the U.S. has hit 704 is a very good sign, because it suggests people in the country are becoming more creditworthy. A score of 704 is considered to be a good credit score, while a score above 740 is considered very good and a score above 800 is considered exceptional.
What Is Pci Dss
The Payment Card Industry Data Security Standard is an established information security standard which applies to any organization involved in the processing, transmission, and storage of credit card information. Created and overseen by an independent agency, the PCI Security Standards Council , PCI DSS is designed to improve the security of payment card transactions and to reduce credit card fraud.
The PCI SSC was founded in 2006 as a joint venture between the five largest payment card brands . Its goal was to create a clear and interoperable set of standards for protecting consumer information. Although the SSC does not enforce compliance itself, the PCI DSS is now widely accepted and applies to all organizations dealing with credit, debit, or cash card information, regardless of size or industry.
Some key terms come into play when discussing PCI DSS:
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Conservative Drags Alexandria Ocasio
If anything has already been established in 2019, it’s that Conservative men love to hate on Alexandria Ocasio-Cortez. At this point, it doesn’t seem to matter what she’s done or hasn’t done, or whether there is any truth behind the claims leveraged against her, the troll train has left the station and shows no signs of slowing.
The latest to hurl complaints towards Ocasio-Cortez is the author John LeFevre, who first came to viral fame for his Goldman Sachs Elevator account, and now is experiencing a fresh wave of infamy for his factually incorrect insults lobbed at the young Congresswoman.
How To Build Up Your Credit Score
Your FICO® Score is solid, and you have reasonably good odds of qualifying for a wide variety of loans. But if you can improve your credit score and eventually reach the Very Good or Exceptional credit-score ranges, you may become eligible for better interest rates that can save you thousands of dollars in interest over the life of your loans. Here are few steps you can take to begin boosting your credit scores.
Check your FICO Score® regularly. Tracking your FICO® Score can provide good feedback as you work to build up your score. Recognize that occasional dips in score are par for the course, and watch for steady upward progress as you maintain good credit habits. To automate the process, you may want to consider a credit-monitoring service. You also may want to look into an identity theft-protection service that can flag suspicious activity on your credit reports.
Avoid high credit utilization rates. High , or debt usage. Try to keep your utilization across all your accounts below about 30% to avoid lowering your score.
Consumers with good credit scores have an average of 4.7 credit card accounts.
Seek a solid credit mix. No one should take on debt they don’t need, but prudent borrowingin the form of revolving credit and installment loanscan promote good credit scores.
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John Lefevre Claimed That Alexandria Ocasio
It’s only February but 2019 is already proving to be the year of Alexandria Ocasio-Cortez and her ‘radical politics’, which have got US conservatives rattled.
Whether she’s expertly dismantling the US election system or actually convincing Fox News viewers that her tax proposals make sense, she seems virtually unstoppable.
Even when people are trying to , something always seems to backfire, leaving the perpetrator with egg on their face.
The latest instance of this comes from the author John LeFevre, best known for creating the infamous .
On Thursday he attempted to shame the newly elected congresswoman by claiming that she had a low credit score, two evictions, an ’empty resume’, and pointing out that until recently she couldn’t afford an apartment in DC.
LeFavre seemed to be spreading misinformation about Ocasio-Cortez on Facebook before she was sworn into Congress, which was attempting to discredit her and make her look unfit for her job.
This ‘fake news’ would have soon became obvious to LeFavre as users began replying to the tweet with links to the fact-checking website Snopes,which debunked the false claims.
Pci Dss Reporting Requirements
Youre required to regularly report your PCI DSS status, whether you are compliant or non-compliant. Reporting on time, regardless of status, can prevent a nonrefundable, non-validation data-security fee.
The standard PCI validation documents are universal which means you can use the same validation document to report to all the payment brands. The PCI DSS status reporting requirements are determined by the number of American Express Card transactions you process in a given year.
These reporting requirements apply to both Merchants and Service Providers.
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Improving The Credit Rating System
Experian launched Experian Boost last year which offers customers the chance to boost their scores by linking their online banking data.
FICO also unveiled a new model last year that could help Americans without a substantial credit history. Through the UltraFICO Score people who opt in can allow their banking account information to be factored into their scores. The system would look at how long account have been opened and the frequency of activity and evidence of saving.
The new services from FICO and Experian are targeted at people who are new to credit or rebuilding their credit after some past missteps, says Ted Rossman, industry analyst at CreditCards.com.
FICO says seven out of 10 consumers that show a three-month average savings of $400, without negative balances, will see an increase in their FICO score.
This all sounds fine to me, although I think looking at bank account balances could be a slippery slope, Rossman says. What if $400 today became $1,000 tomorrow? Or $10,000? Those thresholds would be much harder to meet. In general, Id rather keep credit scoring to how well you manage your money, not how much money you have.
Staying The Course With Your Good Credit History
Having a Good FICO® Score makes you pretty typical among American consumers. That’s certainly not a bad thing, but with some time and effort, you can increase your score into the Very Good range or even the Exceptional range . Moving in that direction will require understanding of the behaviors that help grow your score, and those that hinder growth:
Late and missed payments are among the most significant influences on your credit scoreand they aren’t good influences. Lenders want borrowers who pay their bills on time, and statisticians predict that people who have missed payments likelier to default on debt than those who pay promptly. If you have a history of making late payments , you’ll do your credit score a big solid by kicking that habit. More than one-third of your score is influenced by the presence of late or missed payments.
Utilization rate, or usage rate, is a technical way of describing how close you are to “maxing out” your credit card accounts. You can measure utilization on an account-by-account basis by dividing each outstanding balance by the card’s spending limit, and then multiplying by 100 to get a percentage. Find your total utilization rate by adding up all the balances and dividing by the sum of all the spending limits:
42% Individuals with a 698 FICO® Score have credit portfolios that include auto loan and 29% have a mortgage loan.
The 12 Pci Dss Requirements
PCI DSS consists of twelve requirements, organized under six major objectives delineated by the PCI SSC. Every requirement is a specific common sense security step that helps businesses satisfy the relevant objective. The objectives and associated requirements are as follows:
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Could This Backfire And Derail The Bill
While AOC is aiming to pressure her colleagues in Congress to provide more money in the next coronavirus bill, the unfortunate reality is that time is running out to provide relief before the end of the year — even if lawmakers do work through the holiday season.
As many as 12 million Americans could lose unemployment benefits on Dec. 26. And even if Congress passes a bill, it may already be too late to avoid an interruption in their income. Worse, lawmakers have been fighting for months about how to help Americans, and this latest bill is the first one that has come close to gaining enough traction to pass.
If progressives revolt against the bill and convince enough Democrats not to vote for it, that could potentially doom its passage. And efforts to provide more stimulus money to Americans could push the price of the bill to a level Republicans will no longer support, which could also mean it ends up dead on arrival in the Republican-controlled Senate.
The balance, in other words, is very precarious. And there’s a very real chance that a push for big changes to the bill — however well-meaning — could end up resulting in nothing getting done at all.
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Q9 How Will The American Opportunity Tax Credit Affect My Income Tax Return
A. You will be able to reduce your tax liability by one dollar for each dollar of credit for which you’re eligible. If the amount of the American opportunity tax credit for which you’re eligible exceeds your tax liability, the excess will be refunded to you up to the lesser of 40 percent of the credit or $1,000.
How The Loan Shark Prevention Act Would Work
The Loan Shark Prevention Act is built on one simple concept: establishing a national interest rate cap of 15% for all credit cards and consumer loans. It would not supersede state laws that set lower limits on interest rates.
It does leave room for one potential exception, though. The Federal Reserve would have the authority to let lenders raise interest rates in select situations when the 15% cap threatens “the safety and soundness of financial institutions.” However, even in this situation, lenders could only raise their interest rates above 15% for up to 18 months.
Although this act would apply to any line of credit or loan, two industries would be impacted the most: and short-term loans, such as payday loans and title loans. Since these products have average interest rates of more than 15%, the Loan Shark Prevention Act would prompt some significant changes.
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Who Is Oac Collections
OAC Collection Specialists, Inc., aka Oliver Adjustment Company, is a debt collection agency located in Baraboo, Wisconsin. They specialize in collecting debts for healthcare professionals.
You may see OAC listed on your credit report as a collections account. This can happen if you forgot to pay a bill and your account was sent to a debt collector.
Could Aoc’s Efforts To Increase Coronavirus Stimulus Checks Backfire
While it doesn’t influence our opinions of products, we may receive compensation from partners whose offers appear here. We’re on your side, always. See our full advertiser disclosurehere.
After months of fruitless negotiations, lawmakers appear to be closing in on a deal to provide more COVID-19 relief. The latest proposal, which has bipartisan support, would include stimulus checks of between $600 and $700 for most U.S. adults. It would also expand unemployment benefits, providing an additional $300 per week.
The plan could be voted on as early as Friday, when it could be attached to a broader spending bill necessary for continued government operations. And with lawmakers pledging they won’t break for the holidays until a deal gets done, this is the closest Americans have come in months to seeing more stimulus money in their bank accounts.
But the passage of the next coronavirus relief bill isn’t a sure thing yet — and efforts from Congresswoman Alexandria Ocasio-Cortez to get more money for struggling individuals and families could potentially end up backfiring.
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Your Rights When Dealing With Oac Collections
There are strict regulations about what a debt collector can and cannot do in the United States. For example, the Fair Debt Collection Practices Act prevents the use of abusive or deceptive tactics to collect any debt, whether or not you actually owe it. In addition, the FDCPA provides you with many rights to ensure that collection agencies dont take advantage of you. In particular:
- It is a violation of federal law for OAC Collection Specialists to report inaccurate or incomplete information on your credit report.
- Debt validation. Under the FDCPA, you have the right to validate a debt. Upon request, the collection agency reporting the information must prove to you, within 30 days, that the account is really your responsibility and the amount of money you owe is accurate.
- All personal debts are covered, including personal credit cards, auto loans, household bills, and mortgage payments.
- OAC Collections may not threaten or harass you, call you repeatedly, swear at you, or publicly publish a list of debtors.
- OAC Collections must be honest about who they are and what they are trying to do. They must notify you that they are a collection agency both orally and in writing.
- OAC Collections cannot threaten to have you arrested, and they are not allowed to threaten to take legal action if they have no intention of doing so.
Q18 How Do I Know If My School Is An Eligible Institution
A. A student can check with the educational institution. However, this link from the Department of Education, Database of Accredited Postsecondary Institutions and Programs, shows all accredited schools. If your school is found using this link, then it is an eligible institution and you can claim the American opportunity tax credit.
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What Credit Score Is Needed To Buy A Car
No matter your credit score, you can find someone willing to lend you money for a car.
Some lenders may deny you based on your credit, but rest assured, others will be happy to give you a loan at least for the right price.
The riskier you are as a borrower, the more interest youll pay.
Not only that, but youll also have to jump through more hoops to be approved .
Its best to avoid this if possible, and to do that, youll need to make yourself less risky to lenders.
Q12 Who Is An Eligible Student For The American Opportunity Tax Credit
A. For the American opportunity tax credit, an eligible student is a student who: is enrolled in a program leading toward a degree, certificate or other recognized post-secondary educational credential has not completed the first four years of post-secondary education as of the beginning of the taxable year for at least one academic period is carrying at least ½ of the normal full-time work load for the course of study the student is pursuing and has not been convicted of a felony drug offense.
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