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Title : Credit News: Another Website Selling People's Financial Information This Time In The UK |
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Credit News |
Websites Selling UK Bank Account and PIN Information
There has been another case of sites found to be selling people's financial and personal information. This time it's in the UK where tens of thousands of customers information are up for sale on these websites. The The TimesOnline was able to download 32 different people's data without paying a cent on getting this information. These accounts included data from a high court deputy judge and a managing director. As is noted in the original story by the TimesOnline, these accounts were offered as teasers to getting people to purchase more accounts from this website.
Apparently there were 2 lost CD's with over 25 million Briton accounts which were lost and still have not been recovered. In the black market the value of this information is said to be worth approximately $100 Million dollars. All of this information is very alarming despite the fact that these are isolated to Briton's and isn't affecting the US customers.
As we have been saying for quite some time here at Credit Repair Combat, there needs to be processes and procedures in place which mimic government security measures when companies handle people's financial and personal information. One suggestion is dividing peoples information so that not all data is included in one location or file. This makes it much more difficult for information about consumers can be used. You can read the full story by the TimesOnline at the link above.
Monday, December 03, 2007 @ 16:41:35 EST
(comments? | Score: 0)
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Title : Credit News: Credit Market Woes Will Hurt Economy |
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Credit News |
Housing Market is Crippling Consumer Loans and The Economy
As most of you probably have already heard, the credit markets are suffering in a big way due to the housing market and consumers defaulting on loans. As Credit Repair Combat has always pointed out, a good credit report doesn't necessarily indicate true credit worthiness and although most of the issues with the credit market right now have to do with sub-prime loans, it's still an indication that credit reports don't always indicate a true picture of someone who may or may not be credit worthy.
The current credit market woes are so serious this quarter that it's very likely going to affect the first quarter of 2008 and as you know if we go through another quarter such as this one, the country will officially be considered in a recession (it takes two consecutive bad quarters to be officially designated as being in a recession).
According to the National Association for Business Economics the gross national product is down 1.5 percent from 3.9 for July through September of this year. This is a huge decline and it's all attributed to the credit and housing market concerns. It was forecast earlier this year that the economy would grow by about 2.1 percent, an all time low since 2002, but with it now being forecast at a meager 1.5 percent for this quarter, the impact has been huge.
You can find a full article on this subject here at Associated Press
Monday, November 19, 2007 @ 12:21:12 EST
(comments? | Score: 0)
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Title : Credit News: Visa Agrees To Pay AMEX Billions To Settle Antitrust Lawsuit |
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Credit News |
Visa Pays 2.1 Billion in Damages To Settle Antitrust Lawsuit
In a 2004 Antitrust Lawsuit, Visa has agreed to pay American Express 2.1 in damages to settle the case which is said to be the largest amount ever paid for an antitrust lawsuit case. Three years prior the Supreme Court had ruled that Visa and Mastercard violated antitrust rules by preventing member banks from from offering rival credit cards, specifically American Express and Discover.
Both American Express and Discover soon filed suit and with Visa now settling with American Express will most likely also settle with Discover for the same offenses. Both Discover and American Express have indicated that they lost Billions is revenue because of this barring of their cards within their member banks.
It's very likely that we will see AMEX turning their focus on Mastercard now that Visa has settled it's suit with them.
In light of these recent developments some of the other big credit card companies such as Bank of America and Citigroup have both signed deals to offer American Express Branded credit cards in an effort to ensure that they don't fall prey to breaking any of the antitrust laws that Visa is now paying for.
For an in depth story see the New York Times Story
Sunday, November 11, 2007 @ 11:29:28 EST
(comments? | Score: 0)
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Title : Credit News: Security Breach Exposes 40 Million Credit Cards |
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Credit News |
Security Breach Exposes 40 Million Credit Cards
MasterCard yesterday warned of a security breach at Tuscon, AZ-based CardSystems that dwarfs recent reports of financial data loss. The company is reporting that information on up to 40 million credit cards may have been exposed at the third-party credit card payment processor, 13.9 million of those belonging to MasterCard customers.
CardSystems processes over "$15 billion in Visa, MasterCard, American Express, Discover, on-line debit and EBT transactions annually", according to the company's website.
The breach was discovered, in part, by fraud protection mechanisms employed by MasterCard, according to a statement. The companies then traced the problem to vulnerabilities within CardSystems' network, which allowed an unauthorized person to gain access to card-holder data. In a differing account, CardSystems does not make mention of MasterCard's involvement, but says that the breach occurred on May 22, 2005. On the following day, the company contacted the FBI.
Friday, October 26, 2007 @ 11:22:24 EDT
(Read More... | 7951 bytes more | comments? | Score: 5)
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Title : Credit News: Credit Repair Combat is now on IRC! |
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Credit News |
Credit Repair Combat is now on IRC!
We are proud to announce that Credit Repair Combat has gone live via our own chat room! Stop by and chat with us live online where you can get answers immediately for your credit repair needs. No longer do you have to wait to discuss your credit repair strategies, and you can meet with us and discuss removing inaccurate, derogatory and negative items from your credit reports.
If you have never chatted in a chat room before don't worry, you can download a chat script (program) here at our SITE or at XShellR8 a leading chat script download site and get help on learning to get involved in online live chat. You can visit XShellR8 at HERE where you can download script that will allow you to join us free within our new chat room.
If you are already familiar with chat rooms and chatting online then point your chat script to #CreditRepairCombat on irc.ircgnet.net : Port 6667-6669.
We'll see you there!
Friday, October 26, 2007 @ 11:17:43 EDT
(comments? | Score: 5)
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