Sunday, July 27, 2014

ProPublica: USA Discounters sets a debt trap for military servicemembers


Paul Kiel writes on ProPublica about a company, “USA Discounters” (link) , based in Virginia Beach, that invites US service members to shop and then sues them when they fall behind, using legal loopholes to garnish incomes if overseas servicemembers can’t appear in court. This reminds one of practices in the debt collection industry from companies that buy the debt of others.  The link from Kiel is here.    

Thursday, July 03, 2014

NCOA verification of new accounts would require one step with physical mail


My suggestion to use the USPS NCOA procedure, and forcing financial institutions to check it before issuing loans (September 25, 2006), would depend on the idea that financial institutions actually notify account holders by mail of PINS that require verification.
 
I often get spam emails for credit card bills for accounts that I don't have.  Sounds like ID theft, doesn't it.  But my credit reports never show these accounts.  So these emails (pretending to be from Royal Bank of Scotland, Barclays,  and Naval Federal Credit Union, among others) seem to be just plain spam.  But they get through AOL's filters.