Consumer complaints to the Consumer Financial Protection Bureau were up 31% in the first five months of 2020, compared with the same period last year, and many of these new
Consumer complaints to the Consumer Financial Protection Bureau were up 31% in the first five months of 2020, compared with the same period last year, and many of these new complaints specifically mention the coronavirus crisis.
The CFPB relays consumer complaints about loans, credit cards, bank accounts and other financial products to financial institutions. For people who are dissatisfied or otherwise frustrated with their direct interaction with a financial company, this complaint process can offer recourse, often within a few weeks. During a nationwide financial crisis, it stands to reason, these frustrations would run high.
On March 4, the CFPB received its first complaint mentioning the COVID-19 pandemic. That first complaint was about canceled travel and the inability to get a refund despite global travel warnings. Over roughly the next three months, through May 31, the cutoff date used in this analysis, the agency received 1,309 complaints mentioning the pandemic.
Our analysis looked at all complaints filed with the CFPB from Jan. 1 through May 31, 2020, and posted to its database by June 1 at 9 a.m. EDT. These complaints are not necessarily representative of consumer experiences as a whole, but they tell interesting stories of hardship in uncharted financial territory.
In the first five months of 2020, the CFPB received 142,782 complaints, 31% more than in the first five months of 2019.
Complaint narratives hint at financial strain causes
When someone files a complaint with the CFPB, they go through a series of multiple-choice selections and enter a narrative describing their gripe. That narrative can be made public, if the complainant consents, giving us the opportunity to mine those narratives for certain words, sentiments and overall trends. If they don’t consent, the complaint basics ” such as financial product, issue and associated company ” are still published, minus the detailed description. Of the complaints filed through May 31, 2020, just 33% were published with a narrative.
By searching those narratives for words including “covid,” “coronavirus” and a handful of related terms, we found 1,309 complaints specifically mentioning the pandemic. Although only a small portion of published complaints included a public narrative, considering the rise in overall complaints, it’s likely many of the others were also related to the financial impacts of the pandemic.
Among all complaints with narratives, those mentioning job loss, unemployment or a related set of synonyms were up 34% when compared with the same period last year.
Mortgage, credit card and credit reporting complaints most common
Having “incorrect information on your credit report” was the most commonly cited complaint issue in the first five months of 2020 and 2019. But among 2020 complaints explicitly mentioning “covid” or related terms, “struggling to pay mortgage” is the top issue ” accounting for 16% of that subset.
Among pandemic-related complaints, more than one-quarter (26%) are tagged with “mortgage” as the primary financial product. In reading through those labeled as mortgage complaints, we found many consumers frustrated with the lack of relief provided by mortgage forbearance offers. Namely, the consumers were unhappy that lenders required full repayments of delayed installments ” known as a balloon payment ” at the conclusion of the forbearance period.
Take action: Borrowers seeking mortgage forbearance may be able to negotiate different terms with their lender if a balloon payment isn’t feasible. Some lenders may allow repayment of the forbearance amount across several months or tack it onto the end of the loan term, though this isn’t always the case. Loan modification is another relief tool. It restructures your mortgage terms entirely.
The second most commonly cited financial product in coronavirus-related complaints are credit or prepaid cards, accounting for 23%. Combing through complaints tagged with credit cards we found many people frustrated by credit card issuers closing inactive accounts with no warning.
Take action: Having a credit card canceled unexpectedly can eliminate one source of emergency funding in tough financial times. Unfortunately, credit card issuers aren’t required to notify account holders before closing an inactive account. Occasionally using a credit card for a tank of gas or a trip to the grocery store can be enough to keep the account open and available when you need it most.
“Credit reporting, credit repair services or other personal consumer reports” is the third most common financial product category complained about in coronavirus-related narratives. Generally, these products are the most commonly complained about throughout the year, and while they account for just 20% of those explicitly citing the pandemic, they are 60% of the total complaints filed so far in 2020.
Reading through the narratives, we found many complaints centered on accounts being reported delinquent to credit bureaus despite being in forbearance or another payment modification program. Delinquent accounts on your credit report can make it more difficult to access new or increased lines of credit. Under the terms of the coronavirus relief package passed by Congress in March, participation in loan forbearances or other creditor hardship programs should not negatively impact the credit of someone whose account is otherwise in good standing.
Take action: When working with financial institutions, it’s important to ask explicitly whether suspended or late payments will be reported to the credit bureaus and to keep an eye on your credit reports for errors in the months afterward. Because of the pandemic, the CFPB has extended the time credit bureaus have to resolve such errors from 30 to 45 days.
Using the statistical programming language R and Google Sheets, we analyzed consumer complaints received by the Consumer Financial Protection Bureau by the date a complaint was received. The full complaint database was downloaded at 9 a.m. EDT on June 1, 2020. Because complaints aren’t published on the database until a company responds (or 15 days after initial receipt, whichever comes first), complaints received before our cutoff date of May 31, 2020, will continue to be added to the database in months to come, so the totals will change.
Single complaint records could be duplicate issues, filed by a single consumer more than once. Because the complaints are anonymized, we did not account for this.
When searching for complaints specifically related to the coronavirus pandemic, we searched for the following terms: “coronavirus,” “covid,” “pandemic” and “quarantine.” When searching for complaints specifically related to job loss, we searched for the following terms: “unemployment,” “unemployed,” “job loss,” “laid off” and “lost job.” All searches ignored letter case.
More From NerdWallet
COVID-19 and Your Money: A Guide Mortgage Relief Programs During the Coronavirus Crisis How to Get Student Loan Relief During the Pandemic and Beyond
Elizabeth Renter is a writer at NerdWallet. Email: [email protected] Twitter: @elizabethrenter.
Exposition highlights breadth of Black-owned businesses in Harrisburg and Central Pennsylvania
The beating heart of Black entrepreneurship in South Central Pennsylvania came out of the kitchens, the spare rooms, the garages, basements and literally whatever other business incubator space you can think of to command one of Harrisburg’s main stages Friday night.
The event is the “Black Is Beautiful Expo & Networking Event,” a free, business exposition put together by Urban Revolution Marketing at the Crowne Plaza Hotel on Second Street specifically to showcase the products and services offered by Black and minority-owned businesses in and around Harrisburg.
It’s also a chance for winter-weary residents, in one stop, to see what’s been created around the city while the coronavirus pandemic has been raging.
The show continues Saturday evening from 5 p.m. to 8 p.m. at the Crowne Plaza. All attendees are given a temperature screening upon entry – which is free – and are asked to wear masks and practice social distancing.
We’re not kidding about the pandemic part.
While “Black is Beautiful” features a handful of mainstays like Music Man Multimedia and the Texas Roadhouse restaurant, the expo floor was riddled with folks like Cecelia Davis, who in the wake of a recession lay-off from a local bakery, decided to go into business for herself and has now birthed her Cece’s Cake Shop.
“The big word was essential, last year,” Davis explained. “I felt very unessential being the one that was laid off… It motivated me though, because I knew that I had a skill (in cake decorating), I knew that I knew how to bake, which was kind of the other half of it. So it was just really a matter of figuring it out on my own.”
It’s much the same story for Shirley Reynolds, a Harrisburg woman who, after getting laid off from her job at Hollywood Casino, decided to re-direct her energies into a longtime interest in natural healing. She sells a variety of homemade candles and bath products through her online store, “Nature’s Abyss.”
“This is a great opportunity for everybody. I know it definitely is for me,” Reynolds said.
Reynolds said she liked the casino job, but the layoff last year put some things into focus for her: “The owners of the casino, people go to work to support his dreams and his goals. But I’m the only one that’s going to support mine… so I’m trying to get where he is with my business.”
Some of the businesses showing this weekend are a little farther along in their development.
Like Cebrum George II, a Carlisle man who over the last few years has parlayed a set of skin care products he initially developed for his family into full-time business called NuBorn Skin.
George has been working at his home-based business full-time for about five years now, selling at special events throughout the area and through a handful of retail shops. The pandemic, he said, forced him to sharpen his e-commerce game. “It’s a lot easier now, since I was basically forced to do that.”
He’s about ready now, George said, to search for dedicated manufacturing space for his face cleansers, moisturizers and beard conditioners.
And Regilynn Haywood, the proprietor of There She Glows day spa on Derry Street outside Harrisburg, has been in business for five years, but signed up to promote a new line of skin care products and to educate people about her new location in Swatara Township, which could have been out-of-sight and out-of-mind due to an eight-month pandemic shutdown.
“I’m here. I’m enjoying it. I love the vibes. I love who I’m meeting,” Haywood said. “I mean after Covid, you gain some connections, but you kind of lose your sense of community a little bit. So this is why I’m here. It’s to kind of feel a sense of community again.”
Some of the show was devoted to a different type of business – electoral politics.
Three of Harrisburg’s top-tier mayoral candidates – incumbent Eric Papenfuse, and his Democratic party challengers Otto Banks and Dave Schankweiler – had tables, as did incumbent Magisterial District Judge Sonia McKnight and city council candidate Robert Lawson.
They shared space with a number of community organizations like Young People of Color, Friends of Midtown, the Pennsylvania Diversity Coalition and Tri-County OIC.
The Harrisburg-based law firm of McNees, Wallace & Nurick chipped in with awards of one year’s worth of free legal services to five Black-owned businesses through its Legal Equity Advancement program.
The show is hosted by another Black-owned business, Urban Revolution Marketing.
After the success of an initial “Black Is Beautiful” expo in November, Urban Revolution CEO Bradley Wainwright said this month’s “Part II” was timed to fill a void created after the pandemic caused the cancellation of most of the Black History Month events around the city and region.
It was, by the looks of it, very much appreciated.
“I just wanted to come out and network with other people who are on the same mindset and just to support overall because this is what we need to grow in our Black community, is supporting one another,” said Harrisburg resident Mariah Lockette, who runs a financial literacy and credit repair business, Maximize With Mariah.
Florinda Smith, a retired city employee, was attracted to the show after seeing a television spot about it earlier this week.
“I love to support people who are doing things that empower one another in our neighborhoods and our community, and in the city. Because it’s what we need,” Smith said. “So I came down to check it out, and see what might catch my eye.”
Smith and Lockette both said they were impressed by the breadth and number of young Black entrepreneurs in the city.
“It’s very encouraging and uplifting to see, that the younger African-American men and women are doing things to leave a legacy behind,” said Smith. “To teach their children that you can do this, you can do whatever you want to.”
Show attendees who visit every exhibitor will be entered into a raffle for prizes, free products and free services, Wainwright said.
PGX Holdings, Inc. — Moody’s announces completion of a periodic review of ratings of PGX Holdings, Inc.
Announcement of Periodic Review: Moody’s announces completion of a periodic review of ratings of PGX Holdings, Inc.Global Credit Research – 26 Feb 2021New York, February 26, 2021 — Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of PGX Holdings, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 23 February 2021 in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody’s practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.PGX Holdings, Inc.’s (“Progrexion”) Caa2 Corporate Family Rating reflects the company’s unsustainable capital structure due to Moody’s expectations for continuing operating challenges from declines in revenue and earnings. The rating also reflects the overhang from the ongoing CFPB investigation that could lead to the need for the company to change its business model. Positively, the rating considers Progrexion’s leading market position within the credit repair services industry and strong profit margins despite margin compression.This document summarizes Moody’s view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Oleg Markin Asst Vice President – Analyst Corporate Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Karen Nickerson Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY’S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
How to protect from scams
Dear DO Line Readers: National Consumer Protection Week begins Sunday, Feb. 28. The Federal Trade Commission (FTC) and more than 100 federal, state, and local agencies, consumer groups and national advocacy organizations will participate in the 23rd annual National Consumer Protection Week (NCPW). It will run through March 6.
NCPW is a coordinated campaign designed to focus on the importance of keeping consumers informed.
• • • •
We decided to participate in this Consumer Protection Week by checking out some of the worst money and phone scams so that our Daily News DO Line readers will be informed. We know that our weekly readers may recognize these scams from previous articles.
• Phone scams: The FTC says that people might a lot of money to phone scams – sometimes their life savings. Scammers have figured out countless ways to cheat people out of their money over the phone. In some scams, they act friendly and helpful. In others, they might threaten or try to scare people. One thing we can count on is that a phone scammer will try hard to get money or personal information to commit identity theft.
• Imposter scams: A scammer pretends to be someone you trust such as a government agency like the Social Security Administration, the IRS, or someone claiming there is a problem with your computer. The scammer can even have a fake name or number that shows up on your caller ID to convince you.
• Debt relief and credit repair scams: Scammers will offer to lower your credit card interest rates, fix your credit, or get your student loans forgiven if you pay their company a fee first. But you could end up losing your money and ruining your credit.
• Charity scams: Scammers like to pose as charities. Scams requesting donations for disaster relief efforts are especially common on the phone. We should always check out a charity before giving money. Also, do not feel pressured to give immediately while on the phone.
• Trials that are “Free”: A caller might promise a free trial but then sign you up for products — sometimes lots of products — that you are billed for every month until you cancel.
Here’s how we can stop calls from scammers:
• Hang up. When you receive a robocall, don’t press any numbers. Instead of letting you speak to a live operator or remove you from their call list, it might lead to more robocalls.
• Consider call blocking or call labeling. Scammers can use the internet to make calls from all over the world. They do not care if you are on the National Do Not Call Registry. That is why your best defense against unwanted calls is call blocking. Which type of call-blocking (or call-labeling) technology you use will depend on the phone — whether it is a mobile phone, a traditional landline, or a home phone that makes calls over the internet (VoIP). It is recommended that you see what services your phone carrier offers and look online for expert reviews. For mobile phones, you can check out the reviews for different call-blocking apps in your online app store.
• Don’t trust your caller ID. Scammers can make any name or number show up on your caller ID. That’s called spoofing. So even if it looks like it is a government agency or the call is from a local number, it could be a scammer calling from anywhere in the world. You can learn more about unwanted calls and what to do about them at ftc.gov/calls.
The FTC points out what to do if you already paid a scammer:
• If you paid a scammer with a credit or debit card, you may be able to stop the transaction. Contact your credit card company or bank right away. Tell them what happened and ask for a “chargeback” to reverse the charges.
• If you paid a scammer with a gift card, prepaid card, or cash reload card, contact the company that issued the card right away. Tell them you paid a scammer with the card, and ask if they can refund your money. The sooner you contact them, the better chance they will be able to get your money back.
• If you gave your username and password to a scammer, change your password right away. You should then create a new strong password.
• If you have given your Social Security Number to a scammer, visit identitytheft.gov to learn how to monitor your credit report to see if your number is being misused.
- Bad Credit12 months ago
All you Need To Know about Bad Credit Scores in 2020
- Bad Credit10 months ago
The General Car Insurance Review 2020
- News7 months ago
Financial Complaints Soared During Pandemic, Reports Say
- Credit Repair Companies1 year ago
How to improve your credit score
- Bad Credit11 months ago
How to Get an SBA Coronavirus Disaster Loan
- Bad Credit1 year ago
Bad Credit? Best Bad Credit Mortgage Refinance Companies • Benzinga
- News1 year ago
Global Credit Repair Services Market Demand and Status, Forecast 2025 | • CreditRepair.com • MyCreditGroup • The Credit People • Veracity Credit Consultants • TransUnion • MSI Credit Solutions • Lexington Law • USA Credit Repair
- Bad Credit11 months ago
Bad Credit Payday Loans Online