Hotels have been recognized as one of the biggest hot spots for credit card hackers according to a news reports in early February.  In a report issued in February 2010 by an information security company called Trustwave Spider Labs, hotels ranked highest in those industries that fell victim to stolen credit card information. Of the data stolen, 98% was debit and credit card information.  38% of the data was stolen from credit cards used in the hotel industry. 19% was from financial service companies.  Lowest on the list was manufacturing industries at 1.4%.  Credit card theft is said to be the easiest and quickest way to get access to cash.

Theft of credit card information can be done in a variety of ways.  Remote access computer applications are common ways that hacker’s access unauthorized information.  These remote applications allow another person to gain control over computers from a distance.  Remote users manipulate the computers that store the credit card information from the hotels gaining access to secure data from their outside location.  This remote access was to blame for over 40% of the attacks on the credit card information. …Read more

Your Social Security number is unique to you alone and is one of the most important things you need to protect to ensure your identity and credit remains safe. Unfortunately, there are many consumers that do not guard their Social Security against potential theft. It can be very confusing to understand when it is okay to give out your Social Security number and to whom. As more and more business transactions are conducted online and over the phone, consumers need to understand how secure their social security number really is.

When It’s Okay and When It’s Not

There are a ton of forms we must fill out in our lifetimes. Visiting the doctor or dentist means filing out forms that call for your Social Security number. If you go to college, chances are good every paper you fill out will ask for your Social Security number. If you plan to borrow money, lenders will want your Social Security number. If you get a driver’s license, you will need your Social Security number. It is becoming increasingly normal for a variety of industries to require your Social Security number. …Read more

Most people you ask can easily recall those memorable FreeCreditReport.com commercials heard so frequently all over the television and radio, offering consumers a free copy of their all-important credit report and portraying episodes of life for a poor guy who didn’t check in on his own credit. While the URL for that particular site does look promising, the advertising use of the word ‘free’ is misleading and the Federal Trade Commission wants the credit monitoring industry to be a whole lot more clear.

Where the FTC Stands on ‘Free’
The FTC has imposed new guidelines that require websites and advertising on television, radio and in print to clarify what sites are really trying to sell. In essence, companies that are offering free credit reports are doing so to lure consumers into signing up for credit monitoring services. These monitoring memberships typically charge consumers each month for updates on credit activity. Membership dues are usually automatically withdrawn from consumer accounts. Unfortunately, many consumers are unaware of how the set up works and end up paying for a service they don’t want or need because they are confused. …Read more

Many cardholders are more than familiar with the recent credit card interest rate rises in recent months, prior to the new Credit Card Act just enacted that prevents the increase without sufficient notice. These rises essentially stemmed from the credit card companies trying to recoup losses suffered from account holder’s defaults and before the new laws, there was little consumers could do about the changes in interest rates that occurred.

However, now that consumers and the industry are trying to get back on good terms, there is a way to prevent credit card interest rates from making an impact on consumers. Consumers who wish to stay on the good interest rate side of the equation need to stay vigilant about paying off their monthly balances.

Pay In Full Each Month
Consider that if you pay your balance in full each month before the due date, you are essentially bypassing the interest rate entirely. By paying the full debt within the time of the allotted grace period, your loan from the credit card company is free. This all comes down to consumer financial responsibility and smart spending. If you don’t have the cash to back up the purchase, you have no business charging to the card. Except in extreme emergencies, you should always have the cash on hand before charging any purchase. …Read more

More and more consumers are opting to ditch their credit cards in an effort to shrink their personal debt and rein in their spending habits.  Though most financial experts agree that consumers don’t need an excessive number of credit cards, they advise against going without the plastic altogether and recommend keeping at least one on hand for emergencies.

Before deciding whether or not to give up on your credit (at least for now), consider this:

Credit cards aren’t just handy for spur-of-the-moment accessory-buying sprees; they can actually help to pay for many of the necessities of life—clothing (though not every purse on the rack or every pair of shoes that catches your eye), food, and, yes, shelter.  Plenty of folks with healthy credit scores use their plastic to make mortgage payments and major purchases for their home, such as furniture or carpeting.  Credit cards are also helpful when you just don’t have the cash on hand, but do need to buy a few things (again, perhaps not every new gadget in the electronics department).  Showing that you are actively working to pay off the debt you’ve accumulated will make you very attractive in the eyes of the bank the next time you need a loan for college, a mortgage, or a car.  If you’re over 21, keeping a positive credit score is just a smart thing to do, as securing an apartment or house, and in some cases, a job, could hinge on this. …Read more

For the first time in history, it appears that consumers are prioritizing their credit card bill payments over their mortgages—choosing to pay down the balance they’ve accumulated on their cards over making their house payments.

A recent report compiled by credit bureau TransUnion showed that 6.6 percent of people were on time with their credit card payments but behind on the mortgage in the third quarter of 2009; the same report showed that only 4.9 percent were behind in mortgage payments in the third quarter of 2008.

This shift in priorities is just one of the big changes Americans are facing in the wake of the housing market’s bust, rising unemployment, and mounting personal debt.  People are focusing their energies on paying off their credit card debt because so many homeowners have seen the values of their homes dip dramatically and the mortgage is almost an afterthought.   An increasing number of folks have accepted that a foreclosure on their home is in the not-too-distant future and don’t want to put any more money into their homes than they already have.  They reason that credit cards are simply more valuable—they can be used to purchase essentials like food , gas, or clothing right now and be paid off at a later date; the money needs to be in the account for a mortgage payment and many folks just don’t have it on hand. …Read more

Many consumers are getting fed up with doing business with banks and are shopping around for more affordable alternatives to these institutions’ charges that can quickly add up.   Many dissatisfied bank customers are happily making the switch to credit unions, but before you close your account at your neighborhood bank, it’s important to know the similarities and differences between the two. …Read more

2010 has given way to credit card companies coming out once again in full force, mass mailing credit card offers to potential borrowers.  Synovate is a company that tracks credit card solicitations.  According to their research, credit card companies are hitting the pavement marketing their offers harder than ever before.  Synovate estimates that in the last quarter of 2009, 398 million card offers were sent out to consumers.  This was a 46% increase from just the third quarter of 2009.  These unsolicited offers did dramatically decrease from the 668 million offers that were sent out in 2008. …Read more

Like much of the rest of the civilized world, credit card lenders are catching on to the endless possibilities of social networking.  But rather than reconnect with old friends, more and more companies have ulterior motives as they browse through users’ information. They are using sites like Facebook and Twitter as a means to evaluate card applicants.

The reason?  There is a certain school of thought that subscribes to the idea that a person should be judged by the company he keeps; in other words, if your profile contains suggestive or questionable pictures of you or your friends, or any other information that might be considered off-putting, lenders may see you as a credit risk and deny your application. They may also discover facts about your life in which you were not as forthcoming about on your application for a loan or line of credit. …Read more

Recent financial woes that are being felt, not only in the U.S., but all over the globe, are providing opportunities for enterprising scam artists. Steve Cox, President and Chief Executive of the Council of Better Business Bureaus high lighted that people who lost their jobs last year became prime victims in job related scams.

Check the Application

Some enterprising fraudsters offered fake job propositions in hopes of bilking applicants. One scam involved consumers having to pay in advance to have a prospective ‘employer’ check their credit report. Part of the application process included a ‘link’ on the employer site where applicants could provide their statistics. It also included the necessary information regarding credit card numbers and banking credentials. What the consumers found out when they received their credit card bill, was that their information was not used for employment purposes but instead used to sign up for credit monitoring services that charged a monthly service fee to their cards. …Read more