Tag Archives: Credit Cards
Credit-Reporting Companies Agree To Major Changes To Reduce Errors
by Jim Puzzanghera, Los Angeles Times
The nation’s three largest credit-reporting companies have agreed to make it easier for consumers to correct mistakes, as well as to wait longer to list unpaid medical bills to allow more time for insurance payments, according to a government settlement announced Monday. The changes are designed to … Read More ›
‘Anonymized’ Credit Card Data Not So Anonymous, Study Shows
by Seth Borenstein and Jack Gillum, The Associated Press
The study shows that when we think we have privacy when our data is collected, it’s really just an “illusion” … . The use of so-called “big data” has been a lucrative prospect for private companies aiming to cash in on the trove of personal information about their consumers. Retail purchases, online web browsing activity and a host of other digital breadcrumbs can provide firms with a wealth of data about you – which is then used in sophisticated advertising and marketing campaigns. Read More ›
3 Ways To Track Down Your Old Debts
by Gerri Detweiler, Credit.com
When you’re on a mission to clean up your credit, there’s one task that may prove more difficult than you’d think: figuring out who you owe. That’s especially true if some of your debts are old, and have been sold by your creditors to collection agencies. These debts may be bought and sold multiple times, and some even remain in limbo for months or years. Tracking down the owner of a debt so you can pay it sometimes proves challenging. Here are three ways to find your debts so you can resolve them, along with three crucial things you need to understand when you do. Read More ›
Staples Confirms 1.16 Million Cards Breached In 115 Stores
by Laura Northrup, Consumerist
Staples says that about 115 of its stores were hit in this breach, out of a total of 1,400 stores in the chain. (If you’re wondering whether your local store appears on the list, you can download a PDF here.) … Staples says that its investigation shows that customer payment information that may have been stolen includes cardholder names, card numbers, expiration dates, and card verification codes. Read More ›
CFPB: College Credit Card Agreements On Decline; Debit, Prepaid Card Agreements Increase
by Ashlee Kieler, Consumerist
Now, instead of signing onto agreements for the more regulated credit cards, [banking institutions and colleges] are focusing on debit and prepaid cards, which generally have fewer consumer protections. In fact, a report from the Government Accountability Office earlier this year found there were at least 852 schools that had agreements with companies to market debit or prepaid cards to students in 2013. Read More ›
Why You Should Think Twice About ‘Buy Now, Pay Interest Later’ Deals
by Herb Weisbaum, Today
About half the retailers that offer some sort of financing program offer deferred interest plans, according to a recent survey by CardHub.com, a credit card comparison website. The report, Retailers with the Sneakiest Financing Offers, concludes that this is a “decidedly misleading and potentially harmful financing option.” Card Hub CEO and founder Odysseas Papadimitriou says these deferred interest offers are completely different from credit cards that offer zero percent interest on new purchases for a certain amount of time. Miss a payment on the credit card and you only pay interest on the unpaid balance – it’s not retroactive. Read More ›
‘Tis The Season For Store Credit Cards, But Tread Carefully
by Herb Weisbaum, Today
There are several reasons why so many stores want you to have their card. Marshal Cohen, a nationally-respected retail analyst at The NDP Group, told TODAY these cards build customer loyalty and create a sizeable cash flow. “A retailer can actually make good money on the interest,” he said. “Remember, Americans aren’t great at paying off their credit card balances.” One new credit card will probably have a small negative impact on your credit score. That shouldn’t be a problem unless you plan to apply for a loan in the next few months. Read More ›
Hacked vs. Hackers: Game On
by Nicole Perlroth, The New York Times
The impact on consumers has been vast. Last year, over 552 million people had their identities stolen, according to Symantec, and nearly 25,000 Americans had sensitive health information compromised — every day — according to the Department of Health and Human Services. Over half of Americans, including President Obama, had to have their credit cards replaced at least once because of a breach … . But if there is a silver lining to the current predicament … security experts say it is that computer security, long an afterthought, has been forced into the national consciousness. Read More ›
Protect Yourself While Shopping on Black Friday, and Beyond
by Ann Carrns, The New York Times
Over the past year, so many data breaches at retail chains and restaurants have come to light that it’s hard to keep track. So what does that mean for shoppers, as the holiday season gets underway? Although it’s unnerving to have any sort of card information stolen – whether by hackers or through an old-fashioned pilfered wallet – consumer and security experts say the fallout may be less damaging if shoppers avoid debit cards and use credit cards instead. Read More ›
Do You Ever Shop Anywhere? Congratulations: Your Data Will Be Hacked
by Kate Cox, Consumerist
The annual Verizon Data Breach Investigations Report finds that the vast majority of attacks, hacks, and breaches are motivated by plain old financial gain. Security expert Brian Krebs — the man who discovered and broke the news about both the Target and Home Depot hacks, among others — has delved into the markets where stolen card numbers are resold. When the cards stolen from Target were new, he found, they went for between $26.60 and $44.80 each. By February, prices were as low as $8 because the card numbers were less likely still to be valid. Read More ›
Home Depot Says 56 Million Credit/Debit Cards Compromised in Breach
by Chris Morran, Consumerist
The world’s largest home improvement retailer has finally given some idea about the number of accounts that may have been compromised between April and September: approximately 56 million. The Target breach in 2013 resulted in the theft of information of more than 100 million customers. Journalist Brian Krebs reports today that it looks like the Home Depot breach may have been confined to self-service checkout terminals at around 1,700 U.S. stores. Home Depot restated its previous claim that it doesn’t look like PIN information was stolen for debit card users. Read More ›
SB 383: Battle For Privacy In Online Purchases Falters After 2-Year Fight
CFC sponsored the bill to restore privacy protections, permitting online businesses to collect only a customer’s zip code and other limited information necessary to combat fraud or identity theft. Apple is leading the opposition; several industry lobbying organizations lined up against the bill. Senator Jackson plans to take up SB 383 for a Senate Floor vote in January 2014. Read More ›
Bill would restore online privacy
by Richard Holober, Los Angeles Daily News guest commentary
CFC Executive Director Richard Holober: “Next week California lawmakers decide whether to protect your privacy when you purchase downloads. Senate Bill 383 would restore privacy rules that a sharply divided state Supreme Court eliminated in a 2013 case involving Apple’s iTunes. Consumer groups support the bill. Tech companies are working furiously to defeat it.” Read More ›