Unclaimed Property Blog

If you ever felt you didn’t have much say in how your credit card company handles you, think again. Below are some ways you can be in control, remember you are the consumer.

You don’t have to play (or pay) by their rules. A credit card company usually will have a minimum amount due. Are you one that pays just that amount? Well this is cleverly calculated to keep you forever as a customer. For example a $4,500 balance will take 44 years to pay off at the minimum amount due. This is even if you don’t put another red cent on the card.

How can a credit card company make money? Let me count the ways…

One credit card company is showing that it does have concerns for the consumer. MasterCard International launched an initiative to help credit card-accepting merchants tighten up their protection of personal consumer information. They are also taking actions to entice merchants into incorporating security for the consumer.

The credit card association is working with merchants to provide them with information, tools and support to help safeguard consumer information.

The effort is designed to combat credit card fraud amid increasing concerns about identity theft. It comes after a series of high-profile security breaches involving credit card data.

With the ever changing technology we can now give our children a credit card which will control spending.

An Arizona company has introduced a debit card, which uses a V-chip-like computer control, letting parents set spending limits, review statements and even select where it can be used. For example, parents can make sure their children’s debit cards work at gas stations but not liquor stores. This card is called the Allow Card.

For the parent it is a way to teach the child about money and for the child it is really easy to use and they do not have to worry about carrying money around.

You have heard about credit reports, but what do they really report? What does your credit report say about you?

It reveals how prompt you are in paying back loans, how much money you could borrow should you decide to go on a spending spree, and how many times you’ve applied for credit. What it does not reveal is your salary or business debts (unless you personally guaranteed a loan).

Your credit record also might not reflect all of your credit accounts—such as travel, entertainment, gasoline card companies, and credit unions—since some of these creditors do not supply information to the credit reporting agencies. Your deposit information, such as your saving’s account balance, are not part of your credit report.

Per current law you are entitled to one free credit report per year. However there are other ways in which you could get a free report.

If you believe your credit report has been used to perpetrate a fraud, you get a free copy of your credit report! OK, that may not be the happiest freebie ever.

Here are four other instances when you’re eligible for a free copy of at least one credit report:

If you have been denied credit for any reason and a credit report was used in making the decision, you have a right to a free look at this report. You have 60 days to mail proof of rejection to the reporting credit bureau to get your freebie.

Now-a-days it seems like the mail box is just more bad news. The credit card bills are coming in faster than the money. This is the case for more Americans than ever before. This is now backed up by a new survey.

The survey finds that low- and middle-income families are acquiring credit card debt to pay for essentials at the same time that business practices in the credit card industry are making this debt more costly and harder to manage.

There are many gift cards available and many variations as to their redemption. If you are confused, you are not alone. Here are some facts behind why one would feel confused.

Beneath a bold promise saying, “Treat this card like cash,” a card may say in smaller, lighter print, “Expires within one year unless otherwise designated by law except in California, Delaware, Rhode Island, and Illinois where there is no expiration.” Some cards do not have any disclosures.

Pennsylvania law is silent on one of the ugliest trends in gift cards: fees assessed for “maintenance” or “dormancy” that can quickly erode the value of a gift. Thanks to such fees, a gift card can become worthless even without an expiration date.

Identity theft is a big concern for many these days. Safeguarding your Social Security number is the most effective action a person can take. What about a State? California is taking some action to help the consumer.

California’s newly enacted privacy law offers a better option to limiting the use of Social Security numbers, the law allows a consumer to place a “security freeze” on his credit report. The freeze prohibits consumer-credit-reporting agencies from releasing the consumer’s credit report or any information from it without express authorization from the consumer.

The deals look great, some even too good to be true. But before you click to commit to that purchase you should do a safety check. Below you will find some helpful hints to avoid being scammed.

Go with reputable companies you’ve heard of, such as Amazon.com. These sites put their name on the line.

The bigger company will also have deals that they will follow through on. The promise of a computer for $50 isn’t always what is advertised with a less reputable company.