Pierre Money Mart Blog

Why steal another persons credit card numbers when you can get your own under an
assumed identity? I watched a disturbing report a couple of years ago concerning the head of a security firm; who incidentally refused to have an Internet connection at home, or carry out any personal transactions online. He challenged workers within the organization to see how much information they could collate regarding him; using only the Internet as a tool.

The pile of documentation that was gathered within a couple of weeks was frightening. The file he was presented with was over two inches thick and contained amongst other things a certified copy of his birth certificate. With that type of information, a person could obtain a credit card, a drivers license, etc. etc. and happily build up huge bills under his name. There are many documented cases of identity theft and it has ruined innocent people’s lives.

There are many “spy” services out there, that for only a few bucks are quite willing to provide anyone with enough information to begin building a usable personal profile. It’s legal to provide this sort of information which includes court records, bankruptcy details, marriage and birth certificates. Even more disturbing is that a number of these services are provided by our Governments.

If you should start receiving strange bills for items you didn’t order from companies you have never heard of, don’t disregard them as billing mistakes. You may be the victim of identity theft. Contact your bank manager and law enforcement authorities immediately; it’s better to be safe than sorry.

Whether netizen or web master, we can’t stop credit card fraud or identity theft, but we can minimize it by being aware and taking responsibility for the amount of information we give away or store.

There’s no doubt that someone who’s shopping for an image car has different needs than someone who wants to get decent gas mileage. But here is heavily price driven and this has remained its mainstay feature over the years. Continuing this tradition, we give a segment-wise break up of vehicles on a price basis below:

Economy segment (up to Rs0.25mn)
Maruti Omni, Maruti 800, Padmini

Mid-size segment (Rs0.25-0.45mn)
Premier 118NE, Ambassador Nova, Fiat Uno, Zen, Hyundai Santro, Daewoo Matiz, Tata Indica, Maruti 1000, Contessa

Luxury car segment (Rs0.45-1mn)
Peugeot 309, Tata Estate, Sierra, Esteem, Ceilo Executive, Honda City, Mitsubishi Lancer, Ford Ikon, Opel Astra, Fiat Sienna, Opel Corsa, Daewoo Nexia, Hyundai Accent

Super luxury segment (Above Rs1mn).
Mercedes Benz and other imported models

When it comes to deciding which car to buy, logic is thrown to the winds as the heart rules over the head. But if you frame out the reason why you want a car, you can actually narrow down your search and get what best meets your needs. Keep asking yourself, “How am I going to use this vehicle?” The longer the list, the better. We’ve provided some examples below. Don’t restrict yourself to these, but use them as a guideline for your potential choices:

1. commute to and from work
2. go on extended (1 week) family vacations
3. go camping
4. do daily errands (must have cargo space for 8-plus bags of groceries)

Now go back through these reasons that you want and need this vehicle, and underline the most important points. You’ll probably find three or four primary uses that will make up 80 per cent to 90 per cent of the vehicles actual use time. Based on your answers, begin crossing out, the major vehicle groups’ as well individual vehicles that don’t fit your vehicle use profile. Any Multi Utility Vehicles will better meet your need.

You may find that even after performing this “negative elimination”, you might still have several categories left. Perform this elimination process in an iterative fashion and you are sure to whittle it down to a single group choice.

In a country where consumers owe more than $1 trillion on their credit cards, estimates of $2 billion to $3 billion in credit card fraud losses may not seem all that terrible. That comes out to just two to three one-thousandths of one percent. But it is terrible to victims of fraud. Though they may be protected financially, they are forced to endure major inconvenience. Additionally, we all pay for the costs of fraud in the form of higher prices, higher interest rates and increased inconvenience.

Some types of credit fraud that occur include:

* Identity theft: the unauthorized use of personal identification information to commit fraud or other crimes
* Identity assumption: long-term victimization of identification information
* Fraud spree: unauthorized charges on existing accounts

Sources of fraud
Just as there are various types of credit fraud, there are also different ways that credit thieves gather your personal information:

* Using lost or stolen credit cards
* Stealing from your mailbox
* Looking over your shoulder
* Going through your trash
* Sending unsolicited email
* False telephone solicitation
* Looking at personnel records

Discovering fraud
There are several warning signs that credit fraud may be occurring:

* Your credit report contains inquiries or information about accounts that you did not open
* Strange charges show up on billing statements
* Bills arrive from unknown or unfamiliar sources
* You receive calls from creditors or collection agencies

Collectors only have a certain amount of time to sue you for payments. The first thing you should do is determine if the statute of limitations for collecting a debt in your state have past. If the debt is older than the statute of limitations, tell the bill collectors they are wasting their time by harassing you for an uncollectable debt, as the original creditor or the assigned collection agency cannot take you to court to get a judgement.

After 7 seven years (in most cases), a negative mark and the related collections will disappear from your credit report. If the debt has gone unpaid for 7 years, then it can no longer legally remain on your credit report. You can challenge this listing on your credit report and it will come off. Please note: the amount of time a late payment can appear on your credit report has nothing to do with the statute of limitations. Very important distinction. Even though a debt may no longer legally appear on your credit report after 7 years, you could still be sued for the debt if the statute of limitations for your debt in your state is not If the debt is gone from your credit report AND the statute of limitations is up on this debt, you’re home free! If enough time has passed for both the legal debt collection statutes of limitations and the credit report limitations has passed, don’t worry about the debt! If your debt meets both of these conditions, it is uncollectable and it
done!

When a person declares bankruptcy the Office of the Superintendent of Bankruptcy notifies the credit bureau. This information stays on your credit bureau report for 6 – 7 years. You can start to re-establish your credit by doing the following:

* Talk to your banker and say you want to re-establish your credit rating;

* Open a savings account;

* Be a regular and persistent saver. Use the common techniques I am sure you have heard of:

1) Pay yourself first;
2) Take your next raise and save it;
3) Save 5 % of your pay;
4) Have your savings come right off your pay and into a separate savings account;

* Take out a small loan using the savings account as collateral, and then pay it back;

* Apply for a secured credit card. Using a secured credit card is a quick way to rebuild your credit rating.As you make regular payments your credit history looks better and better;

* Pay your credit card balances on time.

Anyone who has had their car repossessed will tell you that the experience is traumatic and difficult. Aside from losing a car–and the upset that goes with a repossessed car–that consumer’s credit will suffer. Usually that means it will be more difficult or expensive to get credit in the future.

Even worse, creditors usually sell repossessed cars at private auctions for wholesale prices. These auctions generally net far less for these vehicles than a car dealer would charge for the same vehicle. The creditor then applies the sale proceeds to the balance remaining on the consumer’s conditional sale contract. If the money from the sale doesn’t cover the amount the consumer still owes on the contract, there is a “deficiency” that the creditor will then try to collect from the consumer.

However, consumers have some legal defenses against the creditor’s right to claim and collect a deficiency. The creditor cannot collect a deficiency unless it sends the consumer a Notice after repossession that exactly complies with law.

For example, the Notice must tell the consumer how much to pay to redeem the car (pay it off), and itemize that amount. Usually the Notice must tell the consumer exactly what she must do, including how much she must pay, to reinstate the contract (bring it up to date). The Notice must allow consumers to request extra time to redeem or reinstate, and provide an extension form that gives instructions. The Notice must tell the consumer the name and address of the person to whom she must send payment to redeem or reinstate, and give an address where she may pick up her vehicle if she redeems or reinstates. If the Notice does not include all of these items–and a few others–then the creditor is prohibited from collecting a deficiency from the consumer.