Identity Theft Techniques & Government Response

May 10th, 2009Auto Loan, Auto Maintenance, Auto News, Bad credit auto loans, Identity Theft No Comments

Techniques for obtaining information

* Stealing mail or rummaging through rubbish (dumpster diving)
* Stealing payment or identification cards or the information on them (pickpocketing, “drive-by” scanning of RF-enabled cards/tags)
* Eavesdropping on public transactions to obtain personal data (shoulder surfing)
* Stealing personal information in computer databases (Trojan horses, hacking)
* Infiltration of organizations that store large amounts of personal information
* Impersonating a trusted organization in an electronic communication (phishing)
* Obtaining castings of fingers for falsifying fingerprint identification.
* browsing social network (MySpace, Facebook, Bebo etc) sites, online for personal details that have been posted by users
* Simply researching about the victim in government registers, at the internet, Google, and so on.

Legal response

The increase in crimes of identiy theft lead to the drafting of the Identity Theft and Assumption Deterrence Act.[3] In 1998, The Federal Trade Commission appeared before the Subcommittee on Technology, Terrorism and Government Information of the Committee of the Judiciary, United States Senate.[4] The FTC highlighted the concerns of consumers for financial crimes exploiting their credit worthiness to commit loan fraud, mortgage fraud, lines-of-credit fraud, credit card fraud, commodities and services frauds. The Identity Theft and Assumption Deterrence Act (2003)[ITADA] amended the U.S. Code, s. 1028 – “Fraud related to activity in connection with identification documents, authentication features, and information”. The Code now makes possession of any “means of identification” to “knowingly transfer, possess, or use without lawful authority” a federal crime, alongside unlawful possession of identification documents.

In the USA, until 2003, dealing with consumer crimes involving legally attributed personal identifiers was the jurisdictional responsibility of the local and state authorities. Identification documents are a different story, addressed in Title 18 > Part I > Chapter 47 s.1028 of the U.S. Code. The unlawful use of identification documents is historically a federal offence. In response to the consumer issue of “identity theft”, the U.S. Congress passed the Identity Theft and Assumption Deterrence Act (2003) amending Title 18 > Part I > Chapter 47, s. 1028 to include the unlawful use of a “means of identification” [s,1028 (d)(7)] making it a federal crime alongside identification documents. The title of s.1028 is, “Fraud related to activity in connection with identification documents, authentication features, and information”. The Act also provides the Federal Trade Commission with authority to track the number of incidents and the dollar value of losses. There figures relate mainly to consumer financial crimes and not the broader range of all identification-based crimes.[5] Punishments for the unlawful use of a “means of identification” were strengthened in s.1028a, allowing for a consecutive sentence under specific conditions of a felony violation defined in s. 1028c.

If used to commit another crime in the commission of identity theft in the United States (if charged federally) include:

* Class B Felony: 6-20 years in Jail and a fine up to $10,000
* Class C Felony: 2-8 years in Jail and a fine up to $10,000

If charges are brought by state or local law enforcement agencies, different penalties apply depending on the state.

Identity Theft

May 8th, 2009Auto Loan, Auto Maintenance, Auto News, Bad credit auto loans, Credit Union, Debt Consolidation No Comments

Although there is no universal definition, simply stated, it occurs when someone fraudulently assumes another’s identity. In the physical world, a person’s identity is concrete and is supported by legal documents.

In the online world, how ever, a person’s identity is less tangible. Some digital data, such as passwords, account names, screen names, and logins, may not be considered elements of a person’s legal identity. Yet such data can be “identifying” and provide access to other When a person asserts an identity to another party, the latter authenticates the farmer’s identity in one of three general ways.

The most common method for two parties who have no previous relationship is to use an identifying document such as a card, badge, or license. Another method involves some
kind of secret knowledge, such as a password, handshake, obscure fact, or personal knowledge. Finally, they can use physical characteristics and recognition, especially between individuals who have an established relationship.

Prevent identity theft. One of the most damaging crimes in the world today is identity theft. Similar to someone robbing your home, when a thief steals your identity, it can feel like a personal, intimate attack on your person. But unlike a break-in, an identity thief can continue to manipulate, rob and terrorize you for years after the initial theft occurs. The impacts of identity theft are growing and as the Internet becomes more prominent in our lives, so too will identity theft makes its way into our everyday lives.

Identity theft is when a person uses your individual information in a malicious way. They can find out your name, Social Security number, credit card, mother’s maiden name, email address, mailing address and much more. Once they have this information, it is a race against time as they buy cars, electronics, open new credit cards and much more with your information. Sometimes, you won’t find out about the financial issues until years after it has occurred.

Bad Credit Car Loans

May 5th, 2009Auto Loan, Auto Maintenance, Auto News, Bad credit auto loans, Credit Card, Credit Scores, Credit Union, car buying process No Comments

Everyone needs a car irrespective of his or her credit score. Having a bad credit score does not take away your right to own a car. A bad credit history may include arrears, default, county court judgements, bankruptcy, etc. Due to some unavoidable circumstances, you may miss out at your monthly repayments. This is bad for your credit score. A late payment has an adverse effect on your credit score. Default on the loan repayment is even worse.

Another thing that has a negative effect on the credit score is bankruptcy. If you find it difficult to pay monthly installments because of high rates of interest, you can take out a low rate loan and consolidate your debt into a single, affordable loan. If even this does not help, then you will have to file for bankruptcy. When you are declared bankrupt, you are discharged of all your debt obligations. However, bankruptcy remains on the credit score for a number of years. During all this period, you will find it very difficult to obtain a fresh loan.

Do not get depressed. You can take out a bad credit car loan to buy a car. Bad credit loans are specifically given to those who have a bad credit history. The rates of interest on bad credit loans are higher than the rates on other loans. Before applying for a bad credit auto loan, take a look at your credit score. You might be able to repair your credit score. Talk to your lender and he might help you repay your loan. He might even waive off some part of your unpaid loan balance. Explain your reason for default and the new lender might offer you a loan at a better rate of interest.

Your next step is to find a bad credit car loan. You can apply for a auto loan over the internet. Get a car loan as per your needs and financial position. Once you get a bad credit auto loan, make regular payments as per the loan terms. This will improve your credit score. Once your credit score improves, consider refinancing your car. The second loan will carry a lower rate of interest than your first loan. This will help you save a lot of money.

Auto Loan / Lease Calculator 1.1

May 3rd, 2009Auto Loan, Auto Maintenance, Auto News No Comments

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Understanding Auto Loan Terms

May 2nd, 2009Auto Loan, Auto Maintenance, Auto News, Bad credit auto loans, Bankruptcy, car buying process No Comments

Applying for an auto loan is the first step that most people take when they want to buy a new or used car. Auto loan terms include the interest rate, length of the loan, and your monthly payment. The interest rate and the length of the loan will determine how much you will pay each month. While you will have to opportunity to pay your loan off sooner, you will have to make the minimum monthly payments so that you do not default on the loan.

The interest rate you receive from your lender is based on the following:

  • Credit history
  • Amount of the loan
  • Federal interest rates
  • Amount of down payment
  • Length of loan

The more you can put down on your new car, the lower your interest rate will be. This is because you will not need to borrow as much from the lender. You will also look more reliable to the lender if you are willing to spend some of your own money when buying the car. If you have poor credit or no credit at all, you may be offered a loan at a higher interest rate. While this will cost you more money each month, once you have paid off the loan, your credit will improve. This means that you will qualify for a lower rate the next time you apply for a loan.

If you have good credit, there are ways to find lower interest rates. Start by comparison shopping when looking for lenders. Not all lenders are the same, and you may find one that can give you a great interest rate that will allow you to pay your car off sooner. Begin with your bank or credit union, then try the finance department at a dealership, and then look for lenders online that may have even lower interest rates.

If possible, wait until federal interest rates have dropped. This will also get you a lower interest rate. The last way to lower your interest rate is to take out a smaller loan by paying more upfront or by choosing a loan that will take less time to repay. Most auto loans will require you to put a minimum of five hundred dollars down on the car before you buy it. If you can put more down, your loan will be smaller, which means it will take less time to pay off.

The length of your auto loan will affect the interest rate you receive as well as your monthly payment. Auto loans are usually available in two, three, five, and seven year loans. The longer the loan term, the less your monthly payment will be. You will be paying more in interest costs, however. You should choose the length of your loan carefully. While you may want to pay your car off as soon as possible, you want to also make sure that you can make consistent monthly payments. Choose a monthly payment that you are able to comfortably pay each month.

Even though you may have taken out a five year loan, you may be able to make double payments or pay a little more each month so that the loan will be paid off faster. If you earn a promotion or find a better paying job, this may be the perfect opportunity to pay your car loan off. It is important to check your loan agreement, however, to make sure that there aren’t any prepayment penalties. This will actually cost you more to pay the loan off before it is due.

Now that you understand what loan terms are and how they can affect your auto loan, you should create a budget to determine your monthly payment including interest and car insurance. If you have been pre-qualified for an auto loan, this will give you a price range to stay inside when looking for a car. This will also help reduce the amount of time it will take to find a car. Your budget should also contain monthly bills, living expenses, and other loans you may have. Compare your monthly outgoing expenses to your current income. This will give you an idea of what to expect when it comes time to begin repaying your loan.

Repaying an auto loan is a great way to improve or build credit. There is a lot of responsibility that is required when you take out an auto loan. One or two missed payments and your car may be repossessed. Avoid this by making regular monthly payments for the life of the loan. Building solid credit may take a few years, but if you pay all of your bills and keep your monthly spending to a minimum, you will qualify for future loans, including car loans and mortgage loans, that have a lower interest rate, which will allow you to pay the loan off sooner.

Getting the Best Deal on a Bad Credit Auto Loan

April 29th, 2009Auto Appraisals, Auto Loan, Auto Maintenance, Car Loans, Economics, The Fair Credit Reporting Act No Comments

You wanted an auto loan but the bank rejected your application. Of course, you wanted to know why you were being denied and with a sinking heart you hear that your credit score is so low that you are defined as a subprime customer. Of course, you will ask again what this subprime label is. Subprime means that you are a borrower with bad credit. This means that your credit score is below the score acceptable to the lending institution. The bank computes the credit score using various categories, which are payment history, outstanding balances, and length of credit history, new credit and types of credit used.

Not the end of the world

Being considered a bad credit customer is not the end of the world. You can still obtain an auto loan by applying for a bad credit auto loan. But here is the catch: a bad credit auto loan always means you will get higher interest rates. Luckily, there are many lenders who are willing to approve an auto loan with bad credit. Once you find one of these lenders, the next step is to negotiate the best interest rates that you can get.

First, evaluate your credit report and look for any errors. There is always a possibility that your credit report has a lower score than it should. If you find any errors, contact your credit offices and request for them to correct any errors.

Second, your credit report will tell you your credit score. If not, there are credit bureaus that can give you that information online. Knowing your score and that you have bad credit will give you a sense of where you stand if you get an auto loan.

Third, never apply for auto loans from a car dealership. They always have cuts on these deals and are therefore not giving you the best deal. Try to find your own bank or lender before going to a car dealer.

Fourth, look around at different banks, credit unions and online auto loan lenders. The rates vary from one to another. The more choices you have, the greater the chances that you will get a better rate. If you have a checking account, it might be better to ask your bank for a loan. Many banks tend to give credits to those who are regular clients.

The credit union is also a possible alternative. Before, credit unions would only give auto loans to members but this has changed in the past years. Non-members are now included for consideration.

Fifth, start immediately improving your credit history to move out of the bad credit category. Pay your bills on time and don’t overextend your credit. It usually takes two years to be able to improve the state of your credit so be patient.

A bad credit auto loan is a good choice for people with less than perfect credit. Consumers should take steps to know their credit score and work to improve their credit situation through patience and hard work.

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