Consumer Information

Yesterday, the Federal Trade Commission released a statistical survey of fraud in America, and the figures are astonishing. The FTC report survey shows that 30.2 million adults, approximately 13.5 percent of the adult population have been victims of fraud so far this year.The main avenue for consumer fraud entailed deceptive weight-loss products, ensnaring about 4.8 million consumers. The consumers report two other methods involving fraudulent buyers club memberships and foreign lottery offers.The lottery scamsters enticed victims into giving out their personal bank account information by telling them that they had won a foreign lottery. Of course, the bank account information was needed to “transfer the winnings.” In the case of consumer scam involving buyers clubs, victims were sold “memberships” they had not purchased.The FTC consumer report shows consumer scams of several hues. The top ten consumer fraud on the FTC consumer reports*:1. “Fraudulent Weight-Loss Products (4.8 million victims)2. Foreign Lottery Scams (3.2 million victims)3. Unauthorized Billing – Buyers Clubs (3.2 million victims)4. Prize Promotions (2.7 million victims)5. Work-at-Home Programs (2.4 million victims)6. Credit Card Insurance (2.1 million victims)7. Unauthorized Billing – Internet Services (1.8 million victims)8. Advance-Fee Loans (1.7 million victims)9. Credit Repair Scams (1.2 million victims)10. Business Opportunities (.8 million victims)”The consumer affairs in regards to fraud are mainly handled by the FTC Bureau of Consumer Protection. The bureau’s mission is to protect consumers against unfair, misleading, fraudulent or deceptive practices. The Bureau addresses consumer complaints, protects consumer rights, develops rules for consumer protections, conducts investigations, enforces consumer protection laws, sues people and businesses who violate the law, and educates businesses and consumers about their fundamental duties and rights [http://www.gimmiethescoop.com/index.php/news-politics/democracy-now-fundamental-duties-of-a-citizen-part-1]The FTC is a consumer protection agency that not only offers consumer fraud protection but also shares and collects consumer fraud and identity theft information making them available to law enforcement agencies across the country.The consumer report found fraud cut across age, race, and education demographics. Young consumers between 35 and 44 were thirty-two percent more likely to be ensnared than consumers between 65 and 74 years of age. African American were 22 percent of the victims, Hispanics 18 percent, and Whites 12 percent. Furthermore, college educated consumers were less likely to be defrauded than consumers without a college degree*.The main avenues of fraudulent advertising as reported by consumers were*:• Print advertising, direct mail, includes catalogs, magazine and newspaper and advertising, and flyers and posters – 27%• Internet, includes Web sites, e-mail, and auction sites – 22%• Radio or television – 21%• Telemarketing – 9%• Others – 21%If it sounds too good to be true, it probably is. You must be constantly vigilant against offers or promotions that provide quick fixes, easy money, instant remedies to various ills, and income without effort. Remember, anything in life worth doing is going to be difficult, requiring you to challenge yourself. I live by this creed, if you imbibe it as well, you are less likely to deceive yourself and be deceived by others in life.*Source: Federal Trade Commission Consumer Fraud Survey 2007

The Fair Credit Report Act of the United States mentions that as per the FCRA and the FDCPA, all residents of the US under the federal law will need to supply and regulate the collection and submission of consumer information including consumer credit reports. Originally passed in the 1970s, the Consumer Credit Report Act forms the base of consumer credit rights.There are a number of customer credit reporting agencies that are setup in the United States which have established themselves as number one in terms of finance management systems. It is these systems that collect credit information from their clients and present a credit report which is in accordance with a number of obligations that are set up by the federal bureau of finance in the US. In the United States, there are three major Consumer Credit Reporting Agencies which form the base of the finance statement. These three CRAs are Experian, TransUnion and Equifax. These CRA systems do not interact with the information of the consumer directly but instead they use a system known as E-Oscar which furnishes all consumer finances and disputes.Apart from the major three CRAs available, there are a number of other CRAs that have set the standard of financial integrity for people that desire to keep their monetary gains in proper accordance. There is a term in the Fair Consumers Credit Reporting act that states ‘nationwide specialty consumer reporting agencies’. These are basically the third party finance management systems which are developed for the consumer to create effective credit reports which will reflect off their social security statements. Additionally, these FCRAs work co-operatively with the three CRAs to stick to the guidelines stated by the federal government.In order to get ones credit system finalized, it is imperative to know and understand that there are a number of reasons to get ones finances in order. When this is achieved, individuals will be able to ensure that they can gain the best possible credit score. Today, there are a lot of consumer credit reporting agencies that are set up in the world that offer their clients with the best of financial management services. With the success of the internet, most of these companies have gone online to help their clients get their reports right from the comfort of their homes. However, it is necessary to understand that along with the development of these consumer credit reporting companies being set up on the Internet, there are a number of bogus companies which are also set up so as to swindle customers. Hence, it is imperative to opt for the ideal credit reporting agency which would be able to help them. The best way this can be done would be to read a few reviews and depend on the feedback given by other clients who have used their services before. Doing so will ensure that individuals will be able to make the most of their finances.There are many online services claiming to offer the best credit report for your money, however, I have found that only one consistently provides the most accurate information at an affordable price.CreditScoreDirect.com is by far one of the best consumer credit companies on the web. Find out what your credit score is today.