Archive for February, 2008

Will Payday Loan Fraud Payback Time Ever Come?

Filed February 28th, 2008 Julie Ann Fidler

The Federal Trade Commission (FTC) is holding three payday loan services accountable for not disclosing annual percentage rate information on its internet ads. American Cash Market, Inc. Anderson Payday Loans, and CashPro dba MakePaydayToday.com boasted low loan fees in online advertisements without mentioning that their APRs range from 460-782 percent. Talk about some costly cash! […]

FTC Chair to Leave

Filed February 28th, 2008 joshua

The chairwoman of the Federal Trade Commission is expected to resign and take a top-level position with Procter & Gamble, according to The New York Times, which cites The Wall Street Journal for breaking the story. The paper reports Deborah Majoras will step down from her position and that William Kovacic will take her place. […]

Beware Fake Check Scams

Filed February 28th, 2008 joshua

The U.S. Postal Service has adopted a theme of “Don’t Fall for a Fake Check Scheme” during the annual National Consumer Protection Week, March 2-8. Scams often include a check in the mail that will be accepted at many banks. People receiving the check are then asked to wire that cash overseas, but when it […]

Comcast Goes Totalitarian?

Filed February 27th, 2008 Julie Ann Fidler

Comcast is already in hot water with the Federal Communications Commission (FCC) for blocking subscribers’ internet access. Now, according to ConsumerAffairs.com and SaveTheInternet.com, the corporate giant cable company has admitted to paying employees and others to fill seats at an FCC hearing Monday in Cambridge. The totalitarian tactic reportedly blocked more than 100 people from […]

BlueHippo Settles with FTC

Filed February 27th, 2008 joshua

BlueHippo Funding and BlueHippo Capital have agreed to refund consumers about $5 million in a settlement reached with the Federal Trade Commission. BlueHippo is known for offering new computers to consumers with bad credit. However, the FTC charges the company failed to inform clients that they cannot get a refund for their computers, even if […]

Mortgage Crisis Prompts Calls for Home Loan Document Changes

Filed February 25th, 2008 joshua

Several home loan experts say if home owners had been able to read and understand all their documents when they signed them, they may not have be in such dire straits now, according to Reuters. Critics say an easy-to-read and understand breakdown of every loan should be prepared so borrowers know what terms they are […]

Experian Sues LifeLock for Fraud

Filed February 22nd, 2008 joshua

The credit reporting firm Experian is suing the identity theft protection firm LifeLock for allegedly placing false fraud alerts on consumer credit history files, according to ComputerWorld magazine. Experian says LifeLock is engaging in deceptive and fraudulent behavior. It says the business model for the relatively new firm is built around false and misleading advertising […]

Consumers Win with Supreme Court 401(k) Ruling

Filed February 22nd, 2008 joshua

While the Supreme Court was ruling against victims of defective medical devices Wednesday, it did rule that workers can sue employers for mismanagement of 401(k) plans. This decision could impact more than 50 million workers and includes more than $3 trillion invested, according to a report from The Tampa Tribune. The high court ruled unanimously […]

New York AG Investigates Health Insurance Cos.

Filed February 19th, 2008 joshua

New York’s Attorney General Andrew Cuomo is investigating the health insurance industry to figure out why policy holders are paying more out-of-pocket. In a New York Times article, Cuomo wants to know why when a patient seeks help outside of the insurer’s network, they pay substantially more than they would otherwise. Last week we reported […]

Post Office Sends Out ID Theft Warning

Filed February 19th, 2008 joshua

Just two percent of identity theft starts with the mail, but the Postmaster General wants to reduce it to zero. In the coming weeks, expect a letter in the mail from Postmaster General John Potter telling you that the Postal Service will continue to work hard to be the most trusted federal agency and protect […]