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The Housing Trust Fund will be used to create or preserve 4,300 affordable housing units. The funding in this NOFA will be used for the new construction or substantial rehabilitation of developments targeting income groups that are currently the most difficult to reach, one of the three goals of the Housing Trust Fund. During a three-year period, approximately $70 million of the $130 million NYC HTF total will be used to subsidize projects that target hardto-reach households, those whose earnings are either below or above the incomes usually targeted by federal affordable housing subsidies. The $70 million will contribute towards the development of an estimated 2,450 apartments for these families. The first two years of funding will produce 1612 affordable rental and co-op units. "After two highly successful years for the Housing Trust Fund, we are once again asking affordable housing developers to apply for funds," said HPD Commissioner Shaun Donovan. "Affordable housing remains one of New York City's most pressing needs. The Mayor's $7.5 billion New Housing Marketplace Plan will provide homes for 500,000 New Yorkers, more than the entire population of Atlanta. The Housing Trust Fund is an example of how we are using new and innovative sources of funding to accomplish this goal." In order to be eligible for funding consideration, proposed projects must include a minimum of 20% of units affordable to hard-to-reach households. NYC HTF subsidies will provide up to $50,000 per unit for all units that serve households earning up to 80% of the HUD Income Limits. Hard-to-reach households are defined as those whose earnings are at or below 30% of the Income Index ($23,050 for a family of four or $16,150 for a single person), or between 61% and 80% of the Income Index ($46,001 to $66,350 for a family of four or $32,301 to $43,000 for a single person). Preference will be given to applicants who demonstrate project readiness, incorporate the most units affordable to hard-to-reach households with the least amount of subsidy and commit to more than the required period of affordability. In addition, preference will be given to those applications that include elements of sustainable design. In the first two years of the Housing Trust Fund nearly $49 million was awarded to fund 1612 units of affordable housing from the Greenpoint Williamsburg waterfront to the northwest Bronx. 445 units are affordable co-ops and 1167 are affordable rental units. Applications for the new NOFA will be accepted starting immediately. The application submission period will remain open while funding is available. Proposals will be reviewed by HPD. Funding will be awarded on a rolling basis and based on application completeness, feasibility and the extent to which proposed projects meet the competitive criteria and threshold requirements. Electronic versions of the NOFA are available on HPD's website and hard copies may be made available upon request. Completed applications should be submitted by mail to: NYC Department of Housing Preservation and Development, NYC Housing Trust Fund, 100 Gold Street, Room 9-W1, New York, NY 10038, or submitted electronically to schrayl@hpd.nyc.gov. The New York City Department of Housing Preservation and Development's (HPD) mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency and is implementing Mayor Bloomberg's New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing. The New Housing Marketplace Plan is the largest municipal affordable housing effort in the nation. As part of Mayor Bloomberg's PlaNYC, HPD is working to create homes for almost a million more New Yorkers by 2030 while making housing more affordable and sustainable. HPD also encourages the preservation of affordable housing through education, outreach, loan programs and enforcement of housing quality standards.
The FBI, of course, plays a major role in investigating mortgage fraud-and its caseload has more than tripled in the past five years. But while the  FBI focusing on the perpetrators, what
can one do to protect oneself from becoming a victim of mortgage
fraud?Plenty, says Special Agent Scott Broshears, a mortgage fraud supervisor who works at FBI Headquarters in Washington, D.C. "And while some of these steps may require you to do a little extra work now," adds Agent Broshears, "in the long run it may save you aggravation, money, and even your house." * Get referrals for real estate and mortgage professionals when you want to buy or sell a home. And once you do, check out their licenses with state, county, or city regulatory agencies. Most of these people are exceedingly honest and above-board-it's just a small percentage who have given the overall profession a black eye. * Do your own research into what other homes in the neighborhood have sold for. Also, look into recent tax assessments of neighborhood homes. * Beware of "no money down" loans. These are a gimmick used to entice people to buy a home they really can't afford. * Don't let anyone (i.e., a realtor, mortgage broker) talk you into making a false statement on your loan application, like overstating your income or lying about where your down payment is coming from. * Never sign a blank document or a document containing blank lines. Be sure to read and review all loan documents signed at closing. If you don't understand what you're signing, get an attorney who can review the documents for you. Financial difficulties? If you're a homeowner who's having a tough time making your mortgage payments, be aware of e-mails or web-based ads from companies who claim they can help you eliminate your mortgage debt while all you have to do is pay an up-front fee for them to do the paperwork-it's a scam. And, if you've been told by your lender that you are facing foreclosure, don't fall for any of the fraud schemes out there, including the one where a perpetrator convinces a homeowner to sign over the house deed "temporarily"-for a fee, of course. The homeowner not only loses the up-front fees, but the perpetrator often turns around and sells the house out from under the owner. The best advice if you find yourself in some financial difficulty? Contact your lender before your situation gets too bad, says Agent Broshears. "The lenders don't want your house," he explains, "and most will work with you to help you keep it. Plus, they're already dealing with a large number of foreclosures on homeowners who didn't seek their help in time-they don't want any more."
Cuomo reached a settlement against ESI and CIGNA Life Insurance Company ("CIGNA") that recovers $27 million for the New York State Health  Insurance
Program ("NYSHIP") and the New York State Department
of Civil Service. NYSHIP is the fund New York State uses to pay
for the health care plans for more than one million New York
State employees and their dependants. Cuomo's lawsuit alleged that ESI, subcontracted through CIGNA as the Pharmacy Benefit Manager ("PBM") for the State's over one million employees and dependents, regularly engaged in the practice of "drug switching." Drug switching occurs when a PBM seeks to increase profits by contacting a patient's doctor without the patient's knowledge and switching the drug it purchases for the patient so that the PBM increase their profits. "At a time when New Yorkers are struggling to pay rising health care premiums, today's landmark $27 million agreement cracks down on PBMs that put profits ahead of patients' health," said Attorney General Andrew Cuomo. "The message is clear: companies that switch patients' drugs without informing them will be prosecuted to the fullest. Today's announcement peels back the shroud of deception and forces pharmacy benefit managers to abide by a new standard of transparency." ESI is the nation's third largest PBM and serves as the intermediary in the provision of prescription drugs to consumers. They negotiate with pharmacies for pricing of the dispensing of prescriptions and with pharmaceutical manufacturers for rebates and discounts that get passed on to the health plans. ESI provides these services for approximately 50 million individuals nationwide. The New York State Department of Civil Service contracted with CIGNA -- one of the largest insurers in the United States -- to manage the Empire Plan's prescription drug benefits. The Empire Plan covers more than 1.17 million active and retired State employees and their dependants. CIGNA then subcontracted with ESI to administer the Empire Plan drug program and handle all of the plan's pharmacy claims from 1998 to 2005. The lawsuit alleged that ESI made misrepresentations during their 1999 contract talks regarding the amount of discounts ESI could obtain for the State, which induced the Department of Civil Service into signing a contract. The lawsuit further alleged that ESI inflated prices for generic drugs through various schemes and engaged in drug switching programs to get rebates from manufacturers. ESI also diverted manufacturer rebates to themselves instead of to the Empire Plan, which inflated the costs of prescription drugs in the Empire Plan. Today's settlement recovered $27 million from ESI and CIGNA that will go back to the NYSHIP. This is the largest settlement of its kind for this type of matter. In May 2008, ESI settled with 28 states for similar type conduct for $9.3 million. Today's settlement also ends the common practice of "drug switching" by ESI and other PBMs subcontracting with CIGNA. Drug switching occurs when a PBM contacts a patient's doctor without the patient's knowledge and replaces the drug a consumer has been prescribed with a different brand medication. "These companies need to understand that when a New Yorker orders and expects specific medications, patients should get what they pay for," added Cuomo. "Today's announcement forces pharmacy benefit managers to abide by a new standard of transparency." Under the settlement, any consumer now served by ESI and other PBMs subcontracting with CIGNA will receive clear notice that a drug switch was initiated by the PBM. Consumers will be advised of their right to refuse a drug switch and may choose to continue taking their regularly prescribed drug. Furthermore, ESI may not switch a patient's prescription if the cost of the new drug exceeds the cost of the current drug, if the current drug's patent will expire within six months, if a generic equivalent is available for the current drug, or if the prescription has already been switched within the past two years. Additionally, under the settlement ESI agrees to new rules for contracting that will make its business practices transparent to health organizations and consumers. ESI will disclose to its customers and potential customers its pricing methods, the amounts of payments received from manufacturers, the percentage of manufacturer payments it retains, the factors it uses to calculate targeted discount rates, and the current discount rate for each generic drug. In August 2004, a lawsuit was filed in New York State Supreme Court by the Office of the Attorney General based on an audit from the New York State Office of the State Comptroller and a complaint from DCS. The case was pending before Judge Richard Platkin. "Prescription drug costs are already sky high. The fact that this provider deliberately inflated drug costs is shameful and wrong," State Comptroller Thomas P. DiNapoli said. "Several state agencies worked diligently together and tapped the unique expertise of their staff to ensure that Express Scripts was held accountable for its actions. Our combined efforts paid off and Express Scripts is being forced to pay back taxpayers." This case was handled by Assistant Attorneys General Cathy Young Thomer, Carol Hunt, and Brant Campbell, and Legal Assistant Eileen Saddlemire, under the supervision of Health Care Bureau Chief Timothy A. Clune and Deputy Attorney General for Social Justice James Rogers. Consumers with questions or concerns about health care matters can call the Attorney General's Health Care Bureau at 1-800-428-9071 or visit www.oag.state.ny.us/health/health_care.html.
Slamming is the practice of switching utility suppliers without the customer's knowledge or duping them into a bad deal. Targeting residents and businesses, brokers use fast-talking telemarketers and salesmen to lure customers with promises of rates lower than those of Con Edison.  Sometimes they learn
account numbers and switch gas or electric service without permission.
Salespeople even masquerade as Con Ed employees to get the job
done.Other methods include using salespeople to persuade low-level employees of midsize and small businesses to switch to the energy brokers. By the time the bills arrive, hidden charges have turned promised low rates into high ones. For example, Vincent Cirello, director of purchasing for Equinox Fitness clubs, was shocked when he started crunching the numbers on his company's utility bills: They had somehow skyrocketed $30,000 in three months. "I checked into it and found out what happened," he said. "I was slammed." Equinox is just one of many businesses, including electronics chains, supermarkets and restaurants - along with residential customers - victimized by slammers. They are small gas and electric brokers known as energy-service companies - companies that emerged in the past 10 years after utility deregulation as an alternative to Con Ed. The idea was to promote competition between natural-gas and electricity providers and offer consumers lower prices. In midtown Manhattan, for example, 17 such companies sell electricity, and 19 companies sell natural gas. The energy-service companies buy electricity and gas from wholesalers to sell on a retail basis, using Con Ed's pipelines and cables. In the competition for the hundreds of millions of dollars in potential energy profits, some companies use deceptive marketing techniques. Con Ed says about 30,000 customers a month are switched to the so-called ESCOs, of which about 900 later say they never authorized the switch. They're switched back when the broker can't show proof of consent, said Michael Clendenin of Con Ed. The state Public Service Commission recorded 2,680 complaints between January 2007 and this past April. Smaller businesses, the elderly and consumers with limited knowledge of English are the usual targets, according to the commission and the New York Consumer Protection Board. "Many consumers are still being taken advantage of by the unsavory marketing practices used by some ESCOs," said Mindy Bockstein, head of the consumer board.
 Albany, NY, JUly 23, 2008: For New Yorkers who want to join the
fight against climate change, there is no better place to start
than at home. That is because the energy used in homes often
comes from the burning of fossil fuels at power plants, which
contributes to smog, acid rain and global warming. So the less
energy a home uses, the less air pollution that home generates.The New York State Energy Research and Development Authority (NYSERDA) is providing simple and cost-effective tips to help homeowners reduce their energy bills and help the environment at the same time. "The average New York household really can make a positive impact on the environment simply by using energy wisely," said NYSERDA President and CEO, Paul D. Tonko. "If everyone in New York took some small steps to improve our environment the impact would be tremendous. We're hopeful that all New Yorkers will join us in this effort." Here are five simple ways to save energy at home and help protect the environment: 1. Replace your five most-used incandescent light bulbs with ENERGY STAR® qualified compact fluorescent light bulbs (CFLs), and save approximately $60 annually. CFLs use 75 percent less energy and last 10 times longer. 2. Home electronics, such as VCRs, DVD players, CD players and cell phone chargers, use 75 percent of their energy when they are in the "off" position. Unplug seldom-used items from the wall or plug all home electronics into a power strip and turn off the power strip when you leave. You can also use electronics that have earned the ENERGY STAR and use up to 60 percent less energy than other electronics. 3. Upgrade your decorative or holiday lighting with energy-efficient Light Emitting Diode (LED) Holiday Lighting strands. LED Holiday Lighting strands last up to 11 holiday seasons, rarely burn out and will save you up to $100 per year on your energy bill! 4. Turn off the lights when you leave home or leave the room. There is no need to pay to light rooms that you are not using. This one of the easiest ways to reduce global climate change and lower monthly bills. 5. Purchase appliances that have earned the ENERGY STAR. The U.S. Environmental Protection Agency (EPA) and Department of Energy (DOE) label the most efficient appliances, such as refrigerators, clothes washers, dryers,and air conditioners so that consumers can easily find appliances that will help reduce monthly energy bills and reduce environmental impact. NYSERDA uses innovation and technology to solve some of New York's most difficult energy and environmental problems in ways that improve the State's economy. Visit www.GetEnergySmart.org or call 1-877-NY-SMART (1-877-697-6278) to learn more ways to save energy.
 New York, July
23, 2008: Open windows
offer relief from the summer heat, but for kids in a vertical
city, they also pose hazards. To prevent needless falls, the
Health Department is urging New Yorkers to make sure their window
guards are in place. City law requires apartment building owners
to install window guards in units with children under age 11.
Likewise, anyone caring for kids age 10 and under must inform
the landlord and install approved window guards."Window guards prevent falls and protect children," said Dr. Thomas R. Frieden, New York City Health Commissioner "But only if landlords and tenants are proactive about using them. Even if you don't have children living at home, it's a good idea to install window guards if children visit frequently." Five New York City children have fallen from windows in four boroughs since April. The children, all under the age of 5, survived with abrasions, bruises and some head injuries. But any of the falls could have been fatal and any of them could have been prevented by a properly installed window guard. Tenants whose landlords fail to provide window guards can call 311 to file a complaint. Landlords may also call 311 to report tenants who refuse to have approved window guards installed as required by law. If children 11 years or younger live in your apartment, or if you provide child care services in your apartment, you must: · Inform the landlord. · Let the landlord come in to install approved window guards. · Not remove window guards, even partially, once they are installed. · Not make alterations to window guards. Approved Window Guards and Proper Installation Every window guard must have a Health Department approval number on the inside stile and must be appropriate for the window it occupies. For information on approved window guards, where to buy them and how to install them, New Yorkers can call 311 and ask for the Health Department's Window Falls Prevention Program. The Health Department offers the following guidelines to determine if your approved window guards are properly installed: · On regular "double-hung" windows (pictured right), two L-shaped stops should be screwed into the window's track one on each side to keep the bottom window from rising more than 4 12 inches above the top bar of a window guard. If you don't have double-hung windows, you must use special window guards and approved stops. · Whatever the window type, it should not have an unguarded opening of more than 4 12 inches if children live in the unit. Approved limiting devices should be installed on any window for which a window guard is unavailable. · The window guard must be installed tight on both sides with one-way or tamper-proof screws approved by the Health Department. · A window guard installed in a rotting or insecure frame may fall out. Landlords must repair or replace insecure window frames and install approved window guards. · If a window guard must be removed to install an air conditioning unit, the job should be done professionally. The air conditioner must be installed with one-way or tamper-proof screws, and the side panels should be made of metal or another solid, rigid material. Additional recommendations to prevent window falls · Check window guards periodically to assure they are secure. If a window guard feels loose when you push or pull the bars, it could become detached or fall out if a child leans or climbs on it. · Never let your child play on balconies, rooftops or fire escapes, near elevator shafts, or in hallways with windows that do not have approved window guards. For more information about approved window guards, preventing window falls, or about your rights as a tenant, call 311 or visit http://www.nyc.gov/html/doh/html/win/win.shtml.
The restitution comes from a groundbreaking fair lending agreement reached between the Attorney General's office and GreenPoint totaling approximately $1 million. Cuomo concluded that these minority borrowers paid more for GreenPoint loans arranged by mortgage brokers than similarly-situated white customers. GreenPoint has stopped making residential mortgage loans. "No business should even think about basing prices on a customer's skin color, ethnicity, or national origin," said Attorney General Cuomo. "In this case, we identified discriminatory practices and obtained restitution for hundreds of minority New Yorkers. Discrimination is not just immoral, it's illegal. There are clearly defined laws against discrimination and I will make sure that the full powers of my office will come down on any entity that does not follow them."  The
Attorney General's office initiated an inquiry into GreenPoint
after reviewing Home Mortgage Disclosure Act (HMDA) data showing
that GreenPoint's African-American and Latino customers were
more likely than white customers to receive high-priced loans
in New York. The Attorney General's office commissioned expert
statistical analyses to determine whether these pricing differences
could be explained by legitimate factors, such as borrower credit
scores. Based on these analyses, the Attorney General's investigation
concluded that, controlling for such factors, African-American
and Latino borrowers still paid more than similarly-situated
white borrowers for loans arranged by mortgage brokers. The Attorney General's office found that the racial and ethnic pricing disparities were largely due to differences in fees received by GreenPoint's brokers for arranging loans. These fees, which are components of the interest rate (APR) that customers pay, are left largely to the discretion of the broker. The investigation found that certain mortgage brokers throughout New York State collected far more compensation for loans made to African-American and Latino customers than to white customers. That resulted in minorities sometimes paying thousands of dollars more for each loan. The settlement requires GreenPoint to: · Pay approximately $1 million in restitution to certain African-American and Latino customers in New York who received loans between 2004 and 2006 from brokers who charged African-American and Latino customers more in fees than similarly-situated white GreenPoint customers. To date, the Attorney General has distributed over $900,000 to borrowers. The remaining funds will be distributed to not-for-profit organizations that provide consumer financial education in New York. · Take actions against specific brokers whose pricing practices contributed to the racial and ethnic disparities found, enhance monitoring of broker conduct, and impose stringent remedial measures against brokers who unjustifiably charge African-American and Latino customers higher prices. Cuomo continued, "We believe there is an industry-wide problem in which African-American and Latino borrowers are being charged higher prices. Following GreenPoint's lead, responsible lenders should increase monitoring of their employees' and brokers' conduct, and take necessary steps to ensure fair lending practices." The Attorney General's office is continuing the investigation into the pricing practices of several mortgage brokers who did substantial business with GreenPoint customers. GreenPoint cooperated throughout the case and set a model example by taking responsibility and providing restitution for the acts of the loan brokers it dealt with. Cesar Perales, President and General Counsel of the Puerto Rican Legal Defense and Education Fund said, "I applaud the Attorney General's office for extending its investigation and continuing to prevent this kind of unfair and illegal practice. These discriminatory lending practices destroy the dream many Latinos have of owning their own homes." Bryan D. Hetherington, Chief Counsel of the Empire Justice Center said, "Charging higher fees based on race or ethnicity is a blatant injustice that cannot be tolerated in New York State. Our diverse population deserves to be afforded equal opportunities without any disparity when looking to purchase a home. Attorney General Cuomo's investigation to ensure that civil rights are upheld in this segment of the mortgage industry will benefit New Yorkers across the state." Bertha Lewis, Executive Director of ACORN said, "We must continue to take action against lenders that discriminate against home buyers based on the color of their skin or background. Attorney General Cuomo's investigation strives to put an end to these abusive practices and we are proud to partner with his office in this ongoing effort." Mortgage brokers exercise much discretion in the fees they charge and the type of mortgage products they offer to customers. The Attorney General's office urges all customers to shop around when looking for a mortgage loan to avoid being charged excessive fees or placed in high-cost loans that do not meet their needs. Anybody who believes they have been the victim of discrimination or knows of discriminatory business practices are urged to call the Attorney General's toll-free hotline at (800) 771-7755. More information about what to do when shopping for a loan can be found at www.oag.state.ny.us. The case was handled by Assistant Attorney Generals Jeffrey K. Powell and Vilda Vera Mayuga of the Civil Rights Bureau.
Tragic incidents such as 9/11, Hurricanes Katrina and Rita, and the recent earthquake in China have prompted individuals with criminal intent to solicit contributions purportedly for a charitable organization and/or a good cause. Therefore, before making a donation of any kind, consumers should adhere to certain guidelines, to include the following: * Do not respond to unsolicited (spam) e-mail. * Be skeptical of individuals representing themselves as officials soliciting via e-mail for donations. * Do not click on links contained within an unsolicited e-mail. * Be cautious of e-mail claiming to contain pictures in attached files, as the files may contain viruses. Only open attachments from known senders. * To ensure contributions are received and used for intended purposes, make contributions directly to known organizations rather than relying on others to make the donation on your behalf. * Validate the legitimacy of the organization by directly accessing the recognized charity or aid organization's website rather than following an alleged link to the site. * Attempt to verify the legitimacy of the non-profit status of the organization by using various Internet-based resources, which also may assist in confirming the actual existence of the organization. * Do not provide personal or financial information to anyone who solicits contributions: providing such information may compromise your identity and make you vulnerable to identity theft. To obtain more information on charitable contribution schemes and other types of online schemes, visit www.lookstoogoodtobetrue.com. If you are a victim of an online scheme, please notify the IC3 by filing a complaint at www.ic3.gov.
Whether you're a boomer, already retired, or much younger and paying into the program, here's a brief guide to how Social Security retirement benefits work:  Eligibility.
Generally, after you've contributed to Social Security for at
least 10 years you become eligible to collect a retirement benefit.
Those who haven't worked sufficient years may also qualify based
on their spouse's work record.Spousal benefits. If you're married and your earned benefit is less than 50 percent of your spouse's, you will be eligible for a benefit typically equal to half of his or hers. Spousal benefits also are available if you're divorced, provided your marriage lasted at least 10 years, you remain unmarried and are at least age 62. Survivor benefits. If your spouse dies and was benefitseligible, you (and children under age 16) may be eligible for survivor benefits. Benefit amounts vary depending on your age and other factors. Benefit calculations. Your benefit is based on earnings during 40 years of work. The five lowestearning years are dropped from the equation and each year not worked counts as a zero. This often occurs when women stopped working to raise children or care for ailing parents a triple whammy, since they also typically earn less than men and live longer. "Full retirement age" increases gradually from 65 for those born before 1938 to 67 for those born after 1959. If you retire at 62 your benefit will be reduced by 20 to 30 percent, depending on your birth year. This percentage reduction gradually lessens the closer you approach full retirement age. In addition, if you retire after full retirement age, your annual benefit increases by 6.5 to 8 percent per year, depending on your birth year. Annual statement. One tool to help estimate your potential benefits is the annual Social Security Statement mailed each year about three months before your birthday. Check this statement for any errors to your earnings record since that could impact future benefits. Tax implications. Keep in mind that if you start receiving Social Security benefits but continue working, you may be taxed on a portion of your benefit if your combined income is over a certain amount. For interactive calculators to estimate your retirement benefit under different earnings and age scenarios, go to "Plan Your Retirement" on the Social Security website (www.ssa.gov/retire2). The site also contains complete information on how Social Security works, eligibility issues, tax implications, how to apply and much more. For women weighing retirement options, another helpful resource is a program jointly developed by Heinz Family Philanthropies, the Women's Institute for a Secure Retirement (WISER) and Visa Inc. called the Women's Saving Initiative (www.practicalmoneyskills.com/womensave). This free site features a book called "What Women Need to Know About Retirement" that includes a detailed chapter on Social Security. It's available in an easily printed version, as well as an audio file that can be played online, in the car or on an iPod. Start researching your Social Security options now, while you have time to explore your options and beef up other retirement savings, if needed. Editor's Note: Jason Alderman directs Visa's financial education programs.
In an agreement with Attorney General Cuomo's Office, H&R Block must pay $245,000 in penalties and costs for failing to post rules and regulations of its promotions at its offices and using false and deceptive advertising material to promote two sweepstakes games. H&R Block also must disclose that the purchase of H&R Block products is not necessary to enter any promotional contest. "H&R Block has agreed to implement the necessary changes so that all future promotions are in full compliance with New York state law," said Attorney General Cuomo. "This settlement, while directed at H&R Block, serves as a warning to companies to make sure that all sweepstake rules and regulations are clearly spelled out with absolutely no ambiguity."  H&R Block operates
400 retail offices in New York state. The Kansas City, Mo.-based
company conducted two sweepstakes games: "Double Your Refund
Instant Win Game" from January through April 2006 and "Toss
Out Your Bills Instant Win Game" from January through April
2007. In both games, consumers could win by means of a scratch-off
card, which was given to customers who purchased H&R Block
tax preparation services. New York state law requires companies
conducting sweepstakes to give consumers an opportunity to enter
and win without purchasing a product. H&R Block did not provide
this opportunity for non-paying consumers. The company's television, radio and print ads announced the ability to play if consumers had their taxes done by the company, and then directed consumers to H&R Block offices or hrblock.com for official rules on how to enter without a purchase. However, the "no purchase necessary" qualification was either: flashed on screen briefly with no verbal announcement in television ads; announced with rapid-fire language at the end of radio ads; or buried in a small footnote in print ads. The Attorney General's investigation found that no such information about entering the contest without purchasing a product was available at H&R block tax offices. In addition to paying $245,000, H&R Block must also: * Cleary post contest rules and regulations at participating H&R Block retail offices to enable non-purchasers to obtain the information for entry in contests * Conduct training to ensure that sales employees are able to direct consumers to the information regarding non-purchase methods of entry * Comply with all rules and regulations of promotions * Clearly disclose the availability of alternative methods of entry in all advertising that refers to the purchase of an H&R Block product or service as one of the means to enter the contest. Attorney General Cuomo urges consumers to consider the following guidelines before entering a sweepstakes: * No purchase necessary: It is illegal for a sweepstakes to require you buy a product or make a donation. * Be wary of claims of huge cash awards and prizes: If it looks to good too be true, it probably is too good to be true * Don't be swayed by celebrities: They are paid to appear and they don't guarantee a sweepstakes is reputable. * Be cautious: By participating in a sweepstakes, your name, address, and phone number might be sold to other solicitors * Never give away your credit card, bank account or social security numbers on entry forms. * Completely avoid any prize award that requires you first send money to cover taxes and other costs before the prize can be shipped to you. * Be skeptical of letters and post cards claiming to be "official" or "urgent." If the envelope is sent "bulk rate" or costs less than 33 cents to send, you can certainly bet that thousands of people are receiving the same notice. More consumer tips can be found online at www.oag.state.ny.us. To file a complaint about a sweepstakes, individuals are directed to all the consumer help line at (800) 771-7755. The case was handled by Assistant Attorney General Doris K. Morin under the supervision of Assistant Attorney General In-Charge Judith C. How
"Heat can be miserable for all ages, but potentially life threatening for older persons," according to Lois Aronstein, State Director, AARP New York. Here are 10 tips for dealing with a heat wave: 1. Relax and put off chores and any strenuous activity 2. Stay indoors during the hottest times of the day. 3. Close your shades to keep out the sunshine. 4. If you do not have air conditioning, stay on the lower-level in your home-heat rises. 5. Check with your local agency for cool places you can go such as libraries and public buildings, or a mall with air conditioning. 6. Wear light-weight, loose fitting clothing and protect yourself from the sun by wearing a hat, sunglasses or use an umbrella. 7. Drink plenty of water even if you are not thirsty. This helps keep your body cool. 8. Avoid alcohol or caffeinated beverages. 9. If you have a chronic medical condition, talk with your doctor about additional precautions you should take to prevent heat related illness. Some conditions and medications may place you at higher risk. 10. Neighbors, friends or family should check in on older people in their homes to make sure they are not suffering from the heat.McCarthy of the Attorney General's Westchester Regional Office.
Seniors are particularly at risk because they often live on fixed incomes, face increased medical costs and are looking for ways to make their savings keep up with inflation. Here are a few troubling frauds making the rounds:  Retirement investment
scams. If you're over 50, your mailbox has likely been flooded
with offers to attend freelunch financial seminars that
promise to significantly boost your retirement savings returns.
While some are legitimate, others use highpressure sales
tactics to steer seniors into risky, feeheavy investments
or annuities, or sell them products they don't need or that are
impractical for their situation.Before entrusting your hardearned money with anyone, particularly from an unsolicited offer, do your homework. The U.S. Securities and Exchange Commission offers comprehensive advice to help seniors manage their investments, including key questions to ask investment advisors (www.sec.gov/investor/seniors.shtml) Other helpful sites include the North American Security Administrators' Fraud Center, which provides tips for spotting con artists, top investor traps and more (go to www.nasaa.org and type "Fraud Center" in the search engine), and AARP's Investment Fraud Center (visit www.aarp.org/sitemap and click on "Be a Wise Consumer" under "Money and Work"). "Foreclosure rescue" scams. The Better Business Bureau reports an alarming increase in unscrupulous companies preying on homeowners facing possible foreclosure because they can't meet their mortgage payments. Some companies promise to negotiate with the lender on the owner's behalf for a sizeable upfront fee. Others use more nefarious practices such as "equity skimming," where they convince the homeowner to add an investor's name to the home's title, in exchange for lowered payments while supposedly working out a payment plan with the lender. This ruse drains equity from the home and often results in owners losing their homes and being left even further in debt. It's far wiser to call your lender directly as soon as you think you may have trouble paying your mortgage. Also consider working with a U.S. Department of Housing and Urban Developmentapproved housing counselor. To find one, visit www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 800-569-4287. Fake check scams. The countless variations on this scheme usually involve someone offering to buy something you're selling, provide an advance on a contest you supposedly won or pay you to work at home. They'll send an authentic-looking check for more than the correct amount and ask you to wire them the difference. Meanwhile, the check you deposited is fraudulent. Even though your bank may initially clear it, you are responsible for making good on the money when the check ultimately bounces you could even face legal charges. Bottom line: There's no legitimate reason for someone giving you money to ask for funds to be wired back. For tips on spotting and avoiding these and other check scams, visit the National Consumers League's fraud center at www.fraud.org. It's a good idea to consult a financial professional about any decisions concerning your money. If you don't know one, www.plannersearch.org is a good place to start your search. Bottom line, remember the old sayings: "There's no such thing as a free lunch," and "If it sounds too good to be true, it probably is." Editor's Note: Jason Alderman directs Visa's financial education programs. Sign up for his free monthly e-Newsletter at www.practicalmoneyskills.com/newsletter.
Accidents and emergency situations can happen in any environment, in any industry, at any time. While our workplaces are often protected by devoted police, security officers and efficient alarm systems, each individual must also take an active role in maintaining a safe work environment. Staying aware of your surroundings and recognizing any potential hazards at work will significantly reduce risks. As Director of Risk Management for the country's leading contract security services firm, I offer the following top 10 tips, in honor of National Safety Month, to ensure a safer and more productive workplace: 1. CLEANLINESS IS NEXT TO GODLINESS - This ancient proverb rings true today with its universal message. In a workplace, it's important that cleaning agents are available to everyone to routinely clean and disinfect common areas. Cleanliness is important for all employees, not just food service and medical workers. To reduce or eliminate the spread of colds and viruses, remind workers to wash their hands thoroughly and often for at least 10-20 seconds. 2. HATCH A PLAN - Establish and communicate a company emergency/disaster plan to all employees and make sure everyone, including new employees, is educated on the plan staff notification, evacuation and an assembly location should be included in the plan. If a crisis happens, how will you communicate this with your employees? Establishing a communications system for employees is also key. This should include the notification of staff as well as emergency response personnel. All plans should be periodically tested through physical drills which include verifying emergency supplies such as batteries, First Aid kits and flashlights. Emergency contact lists for employees and clients and police, fire and paramedic departments should also be reviewed and updated regularly. 3. DRIVE SAFE - Driving is second nature and the dangers it presents are something we all take for granted. Whether you are driving your own vehicle to work, a company vehicle to a meeting, or heavy machinery around a construction site, safety should always be top of mind. Accidents are costly and threaten lives and can often be avoided. Take your time and consider safety your first priority. 4. SAFETY INSTRUCTIONS MATTER Use all equipment, including ladders and electrical cords properly as per the instruction manual. Follow manufacturer's safety guidelines on all electrical equipment. Be sure to lock all doors and shut down all electrical devices when leaving your work space. 5. REPORT UNIDENTIFIED SPILLS If you come across a chemical spill and cannot identify the substance, do not touch or move it. Barricade the area and report the spill. Never take a hazardous chemical out of its original container and store it in something else. 6. CLEAR THE WAY Accidents are not always monumental in scope and the smallest things can often cause major damage. It is important to always keep all working and walking surfaces free of spills and debris. This is important in all environments. Safety may be the mantra in warehouses and at industrial sites but employees in corporate settings should be on alert as well. Spilled coffee in a stairwell or an electrical cord stretched across a walkway can lead to slips and falls resulting in serious injuries. 7. KEEP FRIENDS CLOSE BUT RECOGNIZE STRANGERS Become familiar with the people in your immediate work area so to easily identify an individual who may not belong there. Report a stranger or coworker displaying suspicious or potentially threatening behavior. Don't share access-control codes or keys with anyone. Associates and vendors, even those who visit often should be treated as guests and should follow guest access procedures. 8. PROTECT YOURSELF Personal protection equipment should be taken seriously. But, unfortunately, avoidable accidents occur daily. Use hard hats, safety glasses, gloves and other equipment when appropriate. If it is not available, ask for it! 9. FIRE AND WOOD SPELL TROUBLE Keep combustibles such as wood, paper and trash away from all heat sources. 10. REPORT AND INVESTIGATE If an accident does occur, it is important to report it immediately. Accurate records need to be kept and changes may need to be made to prevent future dangerous situations. Taking personal accountability for your actions and proactively contributing to a secure working atmosphere before a problem occurs is the best way to stay safe. Keeping to the basics, taking the time to develop comprehensive plans; communicating those plans via policies, procedures and announcements; and actually conducting exercises will assure the health and safety of your employees and emergency responders. Editor's Note: Jeffrey M. Quinn is Director of Risk Management for AlliedBarton Security Services. Established in 1957, AlliedBarton Security Services is the largest American-owned security officer services company.
A Canadian couple is arrested for allegedly bilking victims across the U.S. by selling bogus credit card protection plans over the phone. A Maryland financial planning/estate lawyer pleads guilty to defrauding his own clients. A California man is convicted of stealing nearly $5 million from residents of a retirement home through an investment scheme. What's the common thread here? All of the victims were elderly, and many lost their life savings. Why are the elderly such an attractive target for con artists? * Many seniors have a "nest egg." * They're less likely to report a fraud because they don't know where to go or they're too embarrassed to talk about it. * If they do report the crime, it's sometimes hard for them to remember exact details. * Many of the products/services being hawked by con artists appeal to individuals of a certain age-i.e., anti-aging and other health care products, health care services, and investments related to retirement savings. The threat to seniors is growingand changing. Baby boomers (born between 1946 and 1964) are now the largest segment of our population-about 78 million people. That means that the number of senior citizens is rising. Many younger boomers also have considerable computer skills, so criminals are modifying their targeting techniques-using not only traditional telephone calls and mass mailings but also online scams like phishing and e-mail spamming.  Another
trend: Criminals targeting the elderly are increasingly located
outside the U.S., making it difficult for American law enforcement
to track them down.The scams. Some common ones to look out for: * Identity theft (accomplished through "dumpster diving," phishing, address changes, old-fashioned theft); * Health insurance frauds (medical equipment, "rolling lab" schemes, Medicare fraud, counterfeit prescription drugs); * Home repair schemes; * Foreign lottery/sweepstakes fraud; * Advance fee/credit card frauds; * Investment fraud; and * Charity schemes. Recovery schemes are also worth mentioning because they're especially cold-hearted: they target previous victims by convincing them that their money has been recovered by law enforcement or government officials but that they must pay a fee to get it back. A few basic tips to avoid being victimized: * Shred credit card receipts and old bank statements; * Close unused credit card or bank accounts; * Don't give out personal information via the phone, mail, or Internet unless you initiated the contact; * Never respond to an offer you don't understand; * Talk over investments with a trusted friend, family member, or financial advisor; * Require all plans and purchases to be in writing; and * Don't pay in advance for services. Who to call. If you're a senior citizen who has been victimized by fraud, start by calling your local or state law enforcement agency. The FBI doesn't handle isolated individual cases: we get involved only when there are huge dollar losses or if there's evidence of an international crime ring at work. But you can report fraud online to us through our Internet Crime Complaint Center, which is run in concert with the National White Collar Crime Center, and we'll refer it to the proper authorities.
What is the New York City Acquisition Fund? Not long ago, New York City's greatest housing chal-lenge was abandonment. But as our city's resurgence continues to attract record num-bers of residents, the most pressing issue we face today is affordability. As potential building sites have become scarcer across the city, the land price com-ponent of housing costs has risen. As the number of housing units continues to rise, developers have to compete for a shrinking supply of vacant or under-built land. This means developers pay a "scarcity pre-mium" for the remaining sites, and that pre-mium feeds into the price of new housing. Through a creative partnership comprised of New York City agencies, major foundations and New York's banking industry, the New York City Acquisition Fund offers developers a financial mechanism to compete in New York City's strong real estate markets and serve as catalyst for the construction and preservation of more than 30,000 units of affordable housing over 10 years. The Fund provides acquisition and predevelopment loans to developers committed to the creation and preservation of affordable housing throughout New York City. The affordable developments to be financed by the Fund include rental, homeownership, and supportive housing. The Fund is managed by Enterprise, the managing general partner of the Fund along with National Equity Fund, Inc. as co-member and manager, and Forsyth Street Advisors as Fund Manager. JPMorgan Chase Bank N.A. acts as the Administrative Agent of a 16-bank syndicate that provides a revolving line of credit to fund loans. How does the Fund work?  The Fund provides
loans to affordable housing developers through non-profit lenders
including the Corporation for Supportive Housing, Enterprise,
Local Initiatives Support Corporation, the Low Income Investment
Fund and the New York City Housing Development Corporation. The
Fund makes loans based on soft commitments from public agencies
to provide subsidies. Loans are made for up to three year terms and the interest rate is approximately prime minus 40-60 basis points. For-profit developers can receive loans of up to 95% loan-to-value ratio and nonprofit developers can receive loans of up to 130% loan-to-value ratio. There are also cash equity and minimum recourse requirements. How is the Fund financed? On July 31, 2006, Mayor Bloomberg, Governor Pataki and City Comptroller Bill Thompson announced an investment of $8 million in City funding through Battery Park City Authority revenues which was blended with $32.7 million in foundation funding to create a "guarantee pool". The Starr Foundation made the initial $12.5 million challenge grant that helped lead to the creation of the Fund. Other foundations providing funding include F.B. Heron Foundation, Ford Foundation, Gimbel Foundation, MacArthur Foundation, New York Community Trust, Open Society Institute, Robin Hood Foundation, and Rockefeller Foundation. The $40 million guarantee pool will secure the loans being made by financial institutions and non-profit lenders should a developer default on a loan. Through this $40 million guarantee pool, the Fund helps to minimize the risk taken by the financial institutions by providing security. Senior lender debt of up to $190 million is available from major banks and financial institutions such as Bank of America, Bank of Tokyo Mitsubishi, Citi, Commerce Bank, Deutsche Bank, Fannie Mae, HSBC, JPMorgan Chase, Merrill Lynch, Mizuho Corporate Bank, M&T Bank US Trust, North Fork Bank, Signature Bank, Washington Mutual, and Wachovia. What has the Acquisition Fund financed? To date, ten different developments have received financing through the Acquisition Fund, totaling $58 million in loans, with a further seven developments in the pipeline. The ten funded developments represent 1,302 affordable homes. On May 1, 2007 the Fund financed the Fordham Bedford Housing Corporation's acquisition of six occupied buildings in the northwest Bronx comprised of over 280 affordable units, the first preservation project through the Acquisition Fund. Where is the Acquisition Fund being replicated? In Cook County, Illinois the Preservation Compact was unveiled in May as a public/private initiative to fund the preservation of 75,000 affordable rental units throughout the area. The tremendous success of the Acquisition Fund in New York has inspired other cities to adopt this innovative way of creating and preserving affordable housing, and Enterprise is leading the expansion of the model across the country, including in New Orleans, Atlanta and Los Angeles. This past April in New Orleans, the Louisiana Loan Fund was announced as a partnership between government entities, Enterprise and Local Initiatives Support Corporation to fund the construction and rehabilitation of 4,500 homes in the areas most impacted by Hurricane Katrina. In January, the Atlanta Acquisition Pool was established to finance property purchases for the development of affordable and mixed income housing in Atlanta. The Atlanta Acquisition Pool is a partnership of the City of Atlanta, the Atlanta Renewal Community, and Enterprise Community Partners. Enterprise Community Partners will manage the pool through the Enterprise Community Loan Fund - one of the largest nonprofit loan funds in the country. Enterprise is also in the advanced stages of setting up the New Generation Fund in collaboration with the City of Los Angeles. This Los Angeles-based fund will launch in the summer of 2008 and is modeled on the NYCAF.
The Attorney General's Office is collecting consumer complaints in order to assist the court in accurately determining how much restitution Dell and DFS owe customers. The court is planning to hold further proceedings later this year on the issue of restitution and the amount of profits Dell unlawfully earned that must be forfeited to the State.  The court decision affirmed claims brought
by the Attorney General, based on hundreds of consumer complaints,
that Dell fails to provide adequate technical support, leaves
consumers who call the Dell helpline on hold for hours and pressures
consumers to dissemble their own computers to avoid providing
promised "onsite" repairs. The court also found that
Dell and DFS engaged in abusive debt collection practices, misled
consumers about the financing terms for which they had qualified
and failed to provide consumers with promised rebates.Attorney General Cuomo said, "Huge companies like Dell cannot continue to walk all over their customers and get away with it. All consumers who were left on hold for hours, promised "onsite" repair service only to be pressured to take apart their computers themselves, and subjected to numerous other negligent and abusive practices should register their complaints at our website so we can ensure the Dell is held accountable for its failed promises." Yesterday's decision by the Albany County Supreme Court resulted from one of the first cases brought by Attorney General Cuomo in 2007. Justice Joseph C. Teresi said in his decision, "Dell has engaged in repeated misleading, deceptive and unlawful business conduct, including false and deceptive advertising of financing promotions and the terms of warranties, fraudulent, misleading and deceptive practices in credit financing and failure to provide warranty service and rebates." According to the decision, Dell failed to provide consumers with the benefits and services to which they were entitled by: - Repeatedly failing to provide timely onsite repair to consumers who purchased service contracts promising "onsite" and expedited service; - Pressuring consumers, including those who purchased service contracts promising "onsite" repair, to remove the external cover of their computer and remove, reinstall, and manipulate hardware components; - Discouraging consumers from seeking technical support; those who called Dell's toll free number were subjected to long wait times, repeated transfers, and frequent disconnections; and - Failing to provide rebates that were promised to consumers. This case was handled by Assistant Attorney General Amy Schallop of the Consumer Frauds and Protection Bureau, under the supervision of Mark Fleischer, Deputy Bureau Chief of the Consumer Frauds and Protection Bureau, and Joy Feigenbaum, Chief of the Consumer Frauds and Protection Bureau.
In a pair of related cases announced on Monday, a total of 38 people with links to global organized crime-mostly working out of Romania and the U.S., but also operating in Pakistan, Portugal, and Canada-were indicted for engineering a decidedly 21st century cyber-based scheme. It was rooted in what has become a fairly routine online crime: "phishing," a form of cyber seduction where you get an e-mail that looks like it's from your bank or another trusted institution but is really a way to con you into giving up personal information (PINs, social security numbers, credit card information, etc.)along with its up-and-coming second cousin, "smishing," which carries on the same ruse via text messaging.  But what these criminals
allegedly did-at least in the case based in Los Angeles-took
this scheme a few steps farther, giving the online scam a clever
offline payoff and ultimately swindling thousands of people and
hundreds of financial institutions out of millions before being
shut down. Here's how it generally worked: * Fraudsters working primarily out of Romania-known as the "suppliers"-went phishing and obtained thousands of credit and debit card accounts and related personal information by sending out masses of spam. * These suppliers then sent their ill-gotten financial data to their partners in the U.S.-so-called "cashiers"-through Internet chat and e-mail messages. * By using some sophisticated but readily available software and technologies, the cashiers manufactured their own credit, debit, and gift cards encoded with the stolen information, giving them unfettered access to large amounts of money via ATMs and point-of-sale terminals. * Before these cards were used, cashiers directed "runners" to test the cards by checking balances or withdrawing small amounts of money from ATMs. Then, these "cashable" cards were used on the most lucrative accounts. * To bring the scheme full circle, the cashiers wired a percentage of the illegal proceeds back to the suppliers. The L.A. investigation-as well as the second case based in Connecticut-was made possible through our growing partnerships. In California, we worked with the U.S. Postal Service, the IRS, several local law enforcement agencies, and the Romanian General Inspectorate of Police. In the Connecticut case, our efforts dovetailed with the multi-agency Connecticut Computer Crimes Task Force. The indictments, fittingly, come on the heels of a comprehensive new strategy to fight global organized crime by uniting the efforts of the Department of Justice and nine federal law enforcement agencies. The cases are a cautionary tale, of course, for anyone who uses e-mail or text messaging-which is most of us these days. We can't say it often enough: don't respond to unsolicited e-mails or text messages from companies you do business with. If you aren't sure, contact the company to verify that the message is legit.
They've just released a comprehensive new report on mortgage fraud-now posted in full on this website. And, as might be expected given the downturn in the economy and all the troubles in the lending industry, it isn't a pretty picture. Among the key findings: ... Mortgage fraud is clearly on the rise. Although there is no central way to track the total extent of the problem, we received 46,717 Suspicious Activity Reports related to mortgage fraud last year-compared to 35,617 in 2006 and just 6,936 in 2003. Only seven percent of these reports documented an exact dollar amount in terms of losses, but even so, the total loss from this seven percent was $813 million. Our caseload has also escalated. By the end of fiscal year 2007, we were handling just over 1,200 mortgage fraud investigations-a 47 percent increase from 2006 and a whopping
176 percent increase from 2003.... The downward trend in the housing market will continue (see forecasts provided by the Mortgage Bankers Association in the report), providing further incentive for shady real estate industry insiders to look for dishonest ways to turn a profit and growing opportunities for scam artists to prey on vulnerable homeowners. ... The subprime lending crisis is a contributing factor to mortgage fraud, both directly and indirectly. Subprime loans, designed for people with poor or limited credit histories, now represent more than 13 percent of all outstanding loans-double the percentage of five years ago. These high-interest, high-risk loans contributed to the 2.2 million foreclosures filed during 2007, up 75 percent from 2006. The trouble actually began when home prices were rising a few years ago, leading to relaxed lending practices throughout the industry and the exaggeration of assets by borrowers anxious to qualify for loans, both of which contributed to fraud. ... The top 10 hotspots nationwide for mortgage fraud in 2007, carefully mapped from multiple public and private sources, were: Florida, Georgia, Michigan, California, Illinois, Ohio, Texas, New York, Colorado, and Minnesota. The north-central region had the largest share of mortgage fraud, followed by the west and southeast regions. .. The latest mortgage scams run the gamut: from "builder-bailout" schemes where developers unload excess inventory through financial trickeryto foreclosure rescue frauds that trick homeowners into signing over the deed to their house; from seller-assistance scams that use false appraisals to sell homesto identity theft that leads to home equity credit lines being opened and drained. See the report for more details. The report also briefly recounts our proactive response to the problem, including our participation in the Department of Justice's Mortgage Fraud Working Group, through which we are helping to identify large-scale industry insiders and criminal enterprises conducting systemic mortgage fraud...our work in multi-agency mortgage fraud task forces and working groups around the country...and our recent "Mortgage Fraud Summit" to discuss the issue with special agents nationwide.
One example of this IRS spam e-mail message is as follows: "Over 130 million Americans will receive refunds as part of President Bush's program to jumpstart the economy. Our records indicate that you are qualified to receive the 2008 Economic Stimulus Refund. The fastest and easiest way to receive your refund is by direct deposit to your checking/savings account. Please follow the link and fill out the form and submit before May 10th, 2008 to ensure that your refund will be processed as soon as possible. Submitting your form on May 10th, 2008 or later means that your refund will be delayed due to the volume of requests we anticipate for the Economic Stimulus Refund. To access Economic Stimulus refund, please click here." Consumers are advised that the IRS does not initiate taxpayer communications via e-mail. In addition, the IRS does not request detailed personal information via e-mail or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts. Please be cautious of unsolicited e-mails. It is recommended not to open e-mails from unknown senders because they often contain viruses or other malicious software. It is also recommended to avoid clicking links in e-mails received from unknown senders as this is a popular method of directing victims to phishing websites.
Below are some of the study's findings as well as some new consumer tips. NEW SAFETY TIPS · Never use Web sites that give you mortgage quotes from multiple lenders. These online aggregators are prime data collection spots that bring a high likelihood of your information being sold. If you want mortgage information, go directly to each lender's Web site for information, which will reduce the chance of your information being shared without your consent. · If you do submit your personal info (warranty card, online, etc.), submit January 1 (or the default) as your date of birth rather than your actual birthday. An accurate birth date is important for qualifying your information for the data exchange and without accurate information, your profile is fragmented and less desirable to the exchange industry. · When using social networking sites, add your new "friends" manually rather than using the sites' automatic "friend finder" service. The friend finder services usually ask for your
email address and pass code to scan your address book to identify
friends in their system. When you do this, you not only open
yourself up to exposure, but potentially provide unscrupulous
companies access to your friends' contact information as well.· If you are using photo sharing sites online, use those that do not require people to register for an account just to view your pictures. Not only is it a hassle for people to register, but it also puts their information into a potentially unwanted data stream. · Close the reward programs you do not actively use. It might seem like a good idea to hold on to those supermarket or frequent flyer memberships that you rarely contribute to "just in case," but the reality is it puts you a greater exposure. · Avoid giving magazine subscriptions to people as gifts. When you do this, the data exchange industry gets information of both you and the gift recipient. This also goes for ordering flowers, steaks, etc. that are mail/online-order gifts that are shipped directly to the recipient. · When emails come to you that require you to "right click to see images," do not do it. This is a clever way for online marketers to confirm that there is an actual person using the email address and helps them build their database. · When you register to vote, do not declare a political affiliation. · If you have feedback you want to provide to a restaurant or hotel regarding the service or experience you had, do not submit the feedback cards/forms that they provide. These are their formal "database builders." Instead, send a letter or email. STUDY FINDINGS · 87% of adults fear safety of their personal information · 83% of adults agree that ensuring the security of their personal information is a top priority · 77% believe they know how to properly protect their personal information, while about half (51%) believe they are at low risk for their personal information to be used without their permission · More than half of consumers are unaware of the risks associated with ten of 12 high-risk behaviors tracked in the study · 73% entered a sweepstakes in the past six months, but less than half (48%) were aware that doing so can put their personal information at risk · 69% of respondents were unaware that donating to a political campaign could compromise control over personal information, · 64% of respondents were unaware of the risk associated with completing and returning a warranty or product registration card and nearly half (47%) have completed and returned a warranty or product registration card in the past six months · 26% of respondents were not aware that providing their personal information to a Web site without reviewing its privacy policy can lead to their information being used or shared without their permission; 38% of respondents have requested information about a product or service they saw online If you have received an e-mail similar to this, please notify the IC3 by filing a complaint at www.ic3.gov.
The e-mail also contains language threatening recipients with contempt of court charges if they fail to appear. Recipients are also told the subpoena will remain in effect until the court grants a release. As with most spam, the content contains multiple spelling errors. If you receive this type of notification and are unsure of its authenticity, you should contact the issuing court for validation. Be aware; if you receive an unsolicited e-mail, especially from an unknown sender, it is recommended you do not open it. If you do open the e-mail, do not click any embedded links, as they may contain a virus or malware. If you have received an e-mail similar to this, please file a complaint at www.ic3.gov.
"We've very concerned that minority communities are bearing the brunt of declining market policies," stated Maria Kong, President and CEO of NAREB, the 35,000-member trade group, primarily comprised of African-American real estate professionals. "We're looking at the further destabilization of our communities with policies that serve to halt financing in the communities that most need resuscitation and focused assistance, Kong added. Declining markets
policies are implemented by GSEs, lenders, and mortgage Insurance
companies in areas where home values are declining, or where
home values are difficult to determine. In cases where homes
are in declining markets, GSEs, lenders, and mortgage insurance
companies policies increase pricing to deliver home purchase
and refinance loans to consumers. In most instances, the policies
also require higher down payment requirements. The survey, conducted in mid-March of this year, including opinions from minority real estate agents, brokers, mortgage professionals and settlement service providers, revealed the following: * 62 percent of minority real estate professionals are concerned about declining market policies; 35 percent say minority and lower income areas have experienced a disparate impact of the policies; 27 percent are worried that some lenders may act too quickly to identify minority neighborhoods as being declining markets; * 55 percent say that 2 out of every 3 customers must be turned down because they owe more than their homes are worth; * 69 percent say that for every transaction they close, 2-4 customers are turned away who are unable to qualify for a mortgage under declining market guidelines; * 34 percent believe legislation aimed at modifying existing mortgage loans could be effective in curbing current foreclosures; * 48 percent favor creating a national foreclosure fund to help distressed borrowers with realistic loan modifications and workouts including the use of soft seconds; * 65 percent say they know at least five real estate professionals who had to find outside work due to a failed real estate or mortgage based business, and * 64 percent say these job losses will result in increasing barriers to homeownership for minorities. Out of the 1,135 survey respondents, 74 percent were realtors; 18 percent were mortgage lenders and 8 percent provided other services. Member opinions on current legislative proposals captured in a live audience poll at the legislative meetings will be published and issued in the coming weeks by the three groups. The three organizations introduced a 5-point plan to address these, and other issues related to the challenges in the real estate lending market. The plan includes: * Protect home ownership gains achieved by minority consumers over the last several years; * Reverse declining markets policies that threaten the ability of borrowers to qualify for loans to purchase and refinance their homes; * Increase multicultural counseling and outreach, and require that servicers provide loss mitigation options in the language in which the borrower is most proficient; * Restore the public's trust and confidence in the lending process by ensuring the highest ethical standards of service by real estate professionals, and * Protect the housing system and add Liquidity to the market by passing FHA and GSE reform bills.
One common issue exploited homeowners have run into is having to pay both the contractor and the subcontractors. The homeowner's financial obligations should only be to the contractor. Some dishonorable contractors are collecting large, upfront payments from residents. When the work has been completed, instead of paying the subcontractors, the dishonest business owner instead pays the interest on properties they have already purchased and can only re-sell below cost. This predictably leaves subcontractors without paychecks and forces them to establish mechanics' or materialmens' liens on their customers' properties. The subcontractors secure payment for their work, but this causes difficulties for homeowners, who then pay the same fee twice for one remodeling project. Since subcontractors have 90 days to file mechanics' liens, it could take months for homeowners to realize that they have been defrauded. Residents should note that these types of liens will pay the subcontractors before the homeowners if occupants sell their properties. Protect yourself To avoid these circumstances and ensure that you only pay the cost of a project once, NARI suggests you take the following steps: Be sure you hire an experienced remodeler and not a fly-by-nighter waiting for the building industry to pick up again. -Contact state or local licensing agencies to ensure a contractor meets all requirements. -Check with your local NARI chapter, the government Consumer Affairs Office or the Better Business Bureau to ensure the absence of any adverse files on-record for the contractor. -Ask to see a copy of the contractor's certification of insurance or for the name of his or her insurance agency to verify coverage. Most states require a contractor to carry worker's compensation, property damage and personal liability insurance. -Verify that the contractor's insurance coverage meets all the minimum requirements. If homeowners request estimates from several different contractors, they should confirm that they are bidding on the same scope and quality of work. Discuss any variations in bids and beware of any bid that is much lower than the others. -Draw up a contract before a remodeler begins work that includes the contractor's name, address, and phone and license numbers, if applicable. It should also include details about what the contractor will and will not do. -The agreement should offer a detailed list of materials for the project, with information such as size, color, model, brand name and product. The contract should include approximate start and completion dates. -Study the design plans carefully. Before any work begins, the homeowners should insist both that they approve the plans and that the contractor identifies the design plans in the written contract. -Known as the "Right of Recision," federal law requires a contractor to provide a homeowner with written notice of the resident's right to, without penalty, cancel a contract within three business days of signing it, provided it was solicited at some place other than the contractor's place of business or appropriate trade premises. -Verify that you share an understanding of financial terms with the contractor and that the contract explicitly states them. The total price, payment schedule and any cancellation penalty should be clear. -The contract should include a warranty covering materials and workmanship for a minimum of one year, and identify the warranty as either "full" or "limited." The contract must identify the name and address of the party that will honor the warranty, namely the contractor, distributor or manufacturer. Homeowners should make sure the document specifies the time period for the warranty. -In the event of a disagreement, a binding arbitration clause is useful. Arbitration may enable the homeowner to resolve disputes without costly litigation. -Before signing a contract, completely review it and confirm that you comprehend it. Consider the scope of the project and verify that the contract includes all requested items. If the agreement lacks mention of a specific, discussed item, consider it excluded. Never sign an incomplete contract, and always keep a copy of the final document for review.
"Never before have so many minority homeowners faced foreclosure. The ripple effect of this housing industry melt-down is staggering and minority communities are bearing a disproportionate share of the financial burden, "said Maria Kong, President and CEO of the 35,000-member NAREB, the African-American real estate trade association formed more than 60 years ago, and is the country's oldest minority trade group. "Joining with the Asian and Hispanic American trade professionals gives us all a stronger voice and compounds the need to find real solutions to the housing foreclosure crisis," Kong added. The disproportionate
economic impact on minorities due to subprime mortgage foreclosures
and the potential setback it will mean for minority neighborhoods
sets the tone for the coalition's discussion. Real estate practitioners,
business leaders and appointed government officials will exchange
ideas about proposed policy and regulatory issues in a schedule
that includes:· The announcement of a five-point plan by the Minority Coalition of Real Estate Professionals that addresses foreclosures, programs needed to drive recovery in the African American, Hispanic, Asian and communities; · "Economic Viewpoints from the Industry Regulators" (9 -10:30 am), a session that features open forum discussions with economists from Freddie Mac, the Federal Reserve and PMI and live audience polls including an introduction by Federal Reserve Board Governor Randall Kroszner; · "An Analysis of HMDA Data to Identify Future Patterns of Mortgage Default and Foreclosures in Minority Communities" (10:30-11 am) featuring fair lending expert Maurice Jourdain-Earl, Managing Director of Compliance Technologies. Jourdain-Earl, an emerging markets consultant, will offer insights on HMDA data trends relative to minorities and the current subprime mortgage crisis. · "Housing Issues Before the Banking and Finance Committees of the U.S. Senate and House" (11:15 am-12:45 pm) a town-hall forum featuring the heads of NAHREP, AREAA, NAREB and the National Council of La Raza and a live poll that will capture practitioners' opinions on the current bills before the House and Senate. U.S. Treasurer Anna Escobedo Cabral will offer comments at the outset of the session; · Keynote Speaker Alphonso Jackson (12:50-2:20 pm); · "Key Regulatory Issues Impacting Today's Real Estate Professionals" (2:30-4 pm); FDIC Director Sandra L. Thompson will make a presentation that will also include a live audience poll of practitioners. "Minority brokers are caught in the middle. On the one hand, we're business people trying to make a living in this upside-down economy. On the other, we see ourselves as guardians and protectors of our communities. Our own families and our communities are shattering so we must be a part of the public policy dialogue to ensure that sustainable homeownership is still a part of our American dream," Kong added.
Today's payment landscape has changed considerably. Debit cards, automatic deductions and electronic bill payment are rapidly replacing paper checks as the preferred payment method. And banks are offering a whole new crop of services - and related fees and penalties - you should know about. Here are a few tips for traversing the bill-payment landscape: Balance your accounts. Tracking your account's incoming and outgoing money is more important than ever. Checks used to take several days to clear so you'd have a little wiggle room. Now many transactions post immediately. Make sure you've got enough money in your account to cover a purchase or payment or it'll cost you. Get in the habit of checking your account balances every day at your bank's Website or toll-free number. It only takes a moment and can tell you when a deposit or automatic deduction has posted. It's also a great way to spot a check or debit payment you forgot to enter in your check register - and to notice any fraudulent activity on your account. ATM surcharges. Many banks charge a fee if you use another bank's ATM; and, they usually charge non-account holders to use their ATMs. A few suggestions: Choose a bank with ATMs convenient to where you live and work; join a credit union that waives fees for affiliated institutions' ATMs; or use your debit card to get cash back on shopping transactions. Just be sure to faithfully enter all transactions in your check register. Be aware of overdrafts. Overdraft protection is where your bank covers your check or transaction so it doesn't bounce. Formerly, that payment probably would have been denied unless you'd signed an overdraft protection agreement where funds would be transferred from a linked credit line, credit
card or savings account. Increasingly, many banks will let such
transactions go through automatically.This protection against bounced checks often comes with a price tag, however. You may be charged up to $35 per item - and an additional daily fee for being overdrawn. Consider signing up for overdraft protection linked to another account, which may come with a small annual fee. And try to maintain a small cushion in your account to protect against arithmetic errors you might make. Sign up for alerts. Ask if your bank provides free phone or email notices that alert you when your balance dips below a certain level, when a check or deposit clears, or when a payment is due. These alerts can help reduce what you pay in fees. Bankrate.com has posted numerous articles explaining how overdraft and other banking fees work, as well as advice for how to avoid or minimize them (www.bankrate.com). The site also includes a tool to compare fees and other checking account features at different banks. Another good resource for learning about managing your checking account and debit card is Visa Inc.'s free personal financial management site, Practical Money Skills for Life (www.practicalmoneyskills.com/banking). Consult a financial professional about which type of account best suits your particular situation. If you don't know one, www.plannersearch.org is a good place to start your search. Editor's Note: Jason Alderman directs Visa's financial education programs. To participate in a free, online Financial Literacy and Education Summit, go to www.practicalmoneyskills.com/summit2008.
If that sounds like you or someone you know, here are a few money-saving tips: Go generic. Unlike generic cereal or soup, where quality varies, generic drugs by law must conform to strict Food and Drug Administration guidelines for quality, strength, purity and stability. Generics usually cost a fraction of brand-name counterparts, and many insurance plans assign them significantly lower copayments. Ask your doctor or pharmacist if generic equivalents exist for your medications. Bulk up. Many insurers encourage ordering routinely taken drugs in larger quantities from mail-order pharmacies. For example, a 90-day supply of blood-pressure medication might have the same copayment as a 30- or 60-day supply. Multiply that by several drugs over a year and savings could really add up. Shop around. Because prices often vary widely, call or check Websites of several pharmacies, including online-only chains, to find the best deal. Two cautions: In addition to your doctor, make sure at least one pharmacist is aware of all medications you take (including over-the-counter) to prevent accidental drug interactions; and use only online pharmacies certified by the National Association of Boards of Pharmacy (http://vipps.nabp.net/verify.asp.) Pill splitting. Many drugs come in double-dosage tablets that cost close to or the same as a lower dosage. By splitting the larger dosage in half, you essentially get two doses for the price of one. Caution: Many pills should never be split, including time-release and coated medications, so always ask your doctor or pharmacist first. Drug assistance programs. Most pharmaceutical companies offer patient assistance programs (PAPs) that provide uninsured and low-income people access to prescription drugs they couldn't otherwise afford. There's lots of paperwork, but you can save hundreds or thousands of dollars if you meet their eligibility requirements. Ask your doctor, pharmacist or health clinic how to proceed, or visit Partnership for Prescription Assistance (www.pparx.org), which has enrollment information on over 475 public and private PAPs, including links to Medicaid programs. Also helpful are RxAssist (www.rxassist.org), NeedyMeds (www.needymeds.com) and Consumer Reports, which explains how PAPs work (at www.crbestbuydrugs.org, click on "Prescription Drug Assistance Programs"). Medicare. Medicare beneficiaries can sign up for Medicare Part D, which provides prescription drug coverage through dozens of plans offered by private insurers. Monthly premiums, copayment amounts, out-of-pocket limits and drugs covered under the plans vary considerably, so you'll need to be very careful when choosing the best plan for your situation. Read the information at www.medicare.gov/pdphome.asp for guidance on choosing the right plan. Another good resource is AARP's comprehensive guide to Medicare at www.aarp.org/health/medicare. Note that extra assistance with premium payments is available to low-income people. And, unless you turn 65 or otherwise become eligible for Medicare during the year (for example, through a qualifying disability), you'll need to wait for next year's open enrollment period in mid-November to join. Tax advantages. If your employer offers a health care flexible spending account (FSA), sign up. You can use pretax dollars to pay for prescription and over-the-counter medications, as well as other healthcare-related expenses, reducing your taxable income and thereby lowering your taxes substantially. To learn how FSAs work, visit Visa's free personal financial management site, Practical Money Skills for Life (www.practicalmoneyskills.com/benefits.) Bottom line: Don't let your health suffer because of high medication costs. Editor's Note: Jason Alderman directs Visa's financial education programs. To participate in a free, online Financial Literacy and Education Summit, go to www.practicalmoneyskills.com/summit2008.
HOW CAN I LOWER MY TAX BILL? CPAs recommend that you make tax-savvy choices such as participating in your company's 401(k) plan or contributing to an individual retirement account. Consider turning to a professional, such as a CPA, for the advice you need to make sound decisions designed to improve your financial situation. Your CPA may be able to help you reduce your tax bill by pointing out deductions you have missed. HOW CAN I MAKE THE MOST OF TAX SEASON? Although many people dread tax time, it does provide a great opportunity to get a perspective on your financial situation. Once you've done the hard work of gathering your financial records and receipts, all of that information provides a great snapshot of your financial situation. Are you making the right investments to meet your long-term goals? Are you getting the best mortgage rate? Now's the time to consider these and other important financial questions using the data you've put together to compile your tax return. WHAT INFORMATION DO I NEED? When you're gathering tax records, at a minimum you will need to have the W-2 forms you've received from your employer and any other form documenting your income (such as a 1099 interest or 1099 dividend form). You'll also need records of mortgage interest and property taxes you have paid and receipts for items that you plan to deduct, such as unreimbursed business expenses. You should also have information about deposits you've made in a traditional individual retirement plan so that you can report those on your return. WHAT IF I'M NOT READY ON TIME? It is possible to get an automatic six-month extension on filing your return. You will have to estimate what you might owe and pay any taxes due with the extension by the April 15, 2008, deadline. If the balance of the tax due is paid with the filing of your income tax return, no penalty for failure to pay will apply unless the unpaid amount is more than 10% of the total tax liability (unless you can show reasonable cause). You will have to pay interest on the balance due. However, the extension does give you and your CPA more time to review your situation and file an accurate return. WHAT IF I CAN'T PAY MY TAXES? A late filing penalty will not be imposed if you fail to make a payment with your extension provided you make a good-faith estimate of your tax liability based upon the available information at the time of filing. Of course, you will be subject to interest and possible penalties. You may request a monthly installment arrangement if you can't pay the full amount due on your tax return when you file by filing Form 9465. The IRS will usually tell you within 30 days if your payment plan is accepted. You will still have to pay interest and possibly a late payment penalty. Your CPA can advise you on how to use an extension and help you negotiate a payment agreement with the IRS. WHEN WILL I GET MY REFUND? If your return is complete and correct, you should receive your refund in about six to eight weeks from the time your return is received by the IRS. The wait should be about half that time for those who file electronically, according to the Service. For an update, you can go to the IRS Web site, www.irs.gov, and click on "Where's My Refund?," or call the toll-free IRS Automated Refund Information number 800-829-4477 or call the IRS at 800-829-1040. If you have further questions, or want more details on any of these topics, be sure to consult your local CPA for expert tax advice.
Customers save on the initial costs of home improvements with special financing as low as 1.99 percent or up to 25 percent cash back. Due to the improvements, customers will save for
years to come through energy bills that are reduced by up to
40 percent through Home Performance with ENERGY STAR."Making energy efficiency improvements in a home helps combat skyrocketing energy costs, creates a healthier living environment and reduces greenhouse gas emissions that contribute to global warming," said Paul D. Tonko, NYSERDA President and CEO. "Our enhanced incentives will help Con Ed customers save thousands of dollars on their initial efficiency investments, while also saving hundreds each year on their energy bills. Saving energy, being good stewards of the environment and investing in a strong societal commitment to future generations have never been a better investment." The first step toward achieving the array of benefits that accompanies making energy efficiency improvements is to schedule a Comprehensive Home Assessment with a Building Performance Institute (BPI) Accredited Home Performance contractor by calling 1-877-NY-SMART. The contractor will test the home and identify where energy-efficiency improvements can be made by evaluating heating and cooling equipment, insulation levels, and air leakage. Homeowners will receive a full report detailing recommended improvements, the cost of making those improvements, and available financial incentives. The contractor will also estimate monthly savings on energy bills as well as the length of time each improvement will take to pay for itself. The assessment will provide you information on the most cost-effective energy improvements. You decide which improvements to make on your home. Using the facts and recommendations of BPI contractors and the detailed evaluations, consumers can choose among the improvements with the greatest financial and environmental impact. When the contractor has completed all the selected measures, the home will be tested again to verify that the projected energy savings are actually occurring. "Customers can improve their home comfort from season to season and save energy through NYSERDA's Home Performance with ENERGY STAR Program. Now energy- efficient home heating equipment and weatherization is even more affordable with these special financial incentives for Con Edison customers," said Rebecca Craft, director, energy efficiency programs, Con Edison. For a limited time, Con Edison residential customers who make energy-efficiency improvements such as replacing their hot water heaters or heating equipment, installing insulation or having air sealing done, in addition to upgrading their windows and doors, appliances, lighting, or cooling equipment, are eligible for generous incentives. The financial incentives range from 1.99% to 5.99 % APR financing on up to $20,000, or 10% to 25% cash back (up to $6,500), depending on the work being done to the home. The financial incentives are determined for each consumer by the type of heating system being installed in the home and the energy-efficiency measures undertaken. Participating BPI Accredited Home Performance contractors will work with residents to identify financial incentives for which they may qualify for. Additional incentives are available to income-qualified customers through NYSERDA's Assisted Home Performance with ENERGY STAR Program, which covers up to 50 % of the costs associated with making energy-efficiency improvements, up to $5,000 per household and $10,000 for a two- to four-family building. NYSERDA uses innovation and technology to solve some of New York's most difficult energy and environmental problems in ways that improve the State's economy. Visit www.GetEnergySmart.org or call 1-877-NY-SMART (1-877-697-6278) to learn more ways to save energy.
"A smoke detector can only save lives if it has working batteries," said Allstate Spokesperson in New York Krista Conte. "Families, including small children, should know what the smoke detector sounds like and what to do if they hear it." Allstate offers some fire safety basics to discuss and practice at home with all family members: * Check the batteries in your smoke detectors often. Keep extra batteries on hand and replace them every six months. * Check your smoke detectors monthly. Replace any that are 10 years or older. Make sure everyone knows that the piercing sound means danger, and they should escape quickly. * Position detectors smartly. Place one on every level of your home and near areas where you and your family sleep. * Keep fire extinguishers handy. Make sure there's at least one on each floor especially near the kitchen, garage, laundry room and workshop. * Teach children that they should never hide in closets or under beds when there is a fire. Tell them firefighters may look scary when they're wearing their protective gear, but they are there to save you. * If your clothes are on fire, Stop, Drop & Roll until the fire is out. * Talk with your family and make sure everyone knows what to do in case a fire breaks out. Make sure you have two ways out of your house. Create a fire safety plan, with a designated meeting place. * Inventory your home. Take the time to complete an inventory record of your personal property. In addition to completing an inventory record, take photos or videotape your items it will make it easier to replace an item if you have a photo of it.
Although reverse mortgages make sense for some people - especially those on fixed incomes who want to remain in their homes as long as possible - they have complex rules and hefty upfront costs, so look carefully before you leap. Keep these considerations in mind: You may qualify for a reverse mortgage at age 62 if you've paid off your home and it's your primary residence. The loan amount is determined by a formula based on your home's appraised value, your age, current interest rates, mortgage insurance and applicable fees. Generally, the older you are and the more valuable your home, the greater the available loan. Unlike regular home equity loans/lines of credit, where you make monthly payments to repay the money you've borrowed, with reverse mortgages you don't need to repay until you move out permanently, sell the property or die. You or your heirs must then repay the borrowed amount or sell the house. Any leftover money goes to you or your estate. Other key differences from regular home equity loans/lines of credit: Reverse mortgages have no minimum income requirements; the repayment amount never exceeds the home's sale value, so you're never liable for more than you originally borrowed as with a traditional mortgage when the home's value decreases. You can take the
money as a lump sum, a line of credit, fixed monthly payments
or any combination. And because it's a loan, it's not considered
taxable income so Social Security and Medicare benefits usually
aren't impacted.Observe these cautions, however: * Reverse mortgage fees are quite high (up to 5 percent of the loan's value), so also consider other alternatives such as a home equity loan or line of credit, downsizing homes or selling your home and renting. * Reverse mortgages are a better deal over a longer period of time, so if you plan to move in a few years they're probably not your best solution. * Because you continue to own the home, you're responsible for any homeowner's fees, property taxes, insurance and repairs. Failure to meet those obligations could ultimately result in loan cancellation or even foreclosure. * The longer you carry a reverse mortgage, the more it will decrease your home equity, so the inheritance you leave behind will be smaller. However, weigh that and living in your own home against the expense and possible inconvenience of moving into assisted living. Be sure to consult a financial professional before applying for a reverse mortgage; if you don't know one, www.plannersearch.org is a good place to start your search. Note that federally insured reverse mortgages require you to meet with an approved independent counselor before applying for one. AARP provides a comprehensive overview of reverse mortgages, including a free online seminar and a loan calculator (www.aarp.org/money/revmort). Also, visit the U.S. Department of Housing and Urban Development's site and enter "reverse mortgage" in the search box (www.hud.gov). Another good information source for issues retirees often face is Visa's free personal financial management site, Practical Money Skills for Life (www.practicalmoneyskills.com/elder). Reverse mortgages aren't for everyone, but if staying in your home as long as possible is a goal, this kind of loan could be a good choice. Editor's Note: Jason Alderman directs Visa's financial education programs. To participate in a free, online Financial Literacy and Education Summit, go to www.practicalmoneyskills.com/summit2008.
If you've recently been laid off or fear one is around the corner, here are a few ways to cope with what lies ahead: Rein in expenses. It may take months to find another job, which could wipe out your savings. If you don't already have one, create a budget and stick to it like glue. Know exactly how much money you have and track all expenses. Postpone major purchases (car, vacation, new clothes) and trim smaller expenses: Avoid restaurants and cook at home; cancel cable TV; wear a sweater and turn down the thermostat - there are hundreds of ways to save money. Have a rainy-day fund you could live off for at least three months. Curtail retirement savings. If you're still employed but fear the worst, this may be the one and only time it makes sense to temporarily halt your 401(k) plan contributions. You may need that money to survive the next few months and early 401(k) withdrawals come with steep penalties. Besides, you may be able to make a lump-sum contribution later if it was a false alarm. Consult a financial professional about your particular situation and if you don't know one, www.plannersearch.org is a good place to start your search. Ask about severance benefits. If you're laid off, find out what benefits are available. Many employers offer severance pay or help with COBRA health insurance premiums; however, they have no legal obligation to do so. Many companies also provide outplacement counseling, which may include professional assistance with resume writing, interview skills and job searches, or even office equipment usage. If your company doesn't offer outplacement, visit www.careeronestop.org, a U.S. Department of Labor-sponsored website featuring career resources and connections to local career centers that provide employment and training opportunities. AARP also has a comprehensive guide to surviving job loss, including discussions about age discrimination and employee rights (www.aarp.org/money/careers/jobloss). Apply for unemployment benefits. If you become unemployed and meet certain eligibility requirements, you may qualify for unemployment insurance while looking for a new job. Go to www.servicelocator.org/OWSLinks.asp for details. Polish your resume. You may be competing against hundreds of other job applicants, so make sure your resume stands out from the crowd. It should accurately reflect your accomplishments and show potential employers you have the experience and qualifications they seek. Use concise, strong language and an organized appearance. It's a good idea to update your resume regularly, especially after a promotion or changed job responsibilities. Alert your network. Let family and friends know you're looking; they may know about opportunities or spread the word on your behalf. Seek out networking events sponsored by the Chamber of Commerce, local colleges, trade associations or other business and social organizations - even volunteer work. Track job-search expenses. If you itemize income tax deductions, many job-search-related expenses are deductible, including resumes, business cards, phone calls, unreimbursed job interview trips and career counseling. For more tips on what to do if you lose your job or during other unexpected life events, visit Practical Money Skills for Life, Visa's free personal financial management site (www.practicalmoneyskills.com/unexpected). Being laid off can be very stressful, but if you're prepared with a good game plan, you can minimize the time you are out of work - and the pain that goes with it.
There might not seem to be an obvious connection, but Trudeau is the infomercial hotshot behind the multimillion seller "Natural Cures 'They' Don't Want You to Know About," a book that posits -- among other things -- that sunscreen causes skin cancer. Trudeau has now turned his considerable marketing talents to tackling America's debt problems with his new book "Debt Cures 'They' Don't Want You to Know About," supported by a 30-minute infomercial designed to look like an independent talk show. In the show, Trudeau's story boils down to this: "The man is keeping you down." It's not your fault you have all that debt, it's the fault of those  big
banks that gave you credit in the first place. People don't cause
their own debts, banks do. The infomercial has that slightly greasy feel -- kind of like sunscreen -- so I had to check out the book. It's not some cheap book. "Debt Cures" costs $29.95 plus $11.95 for shipping and handling. That struck me as odd, if only because Trudeau says in his infomercial that banks should simply include fees -- charged on late payments or exceeding the credit limit -- as part of "interest." By that logic, Trudeau should call the shipping charges "part of the price" and say his book sells for $41.90. But if you call for the book, you will be offered a whole lot of other goods and services, and you'll be expected to subscribe to the monthly Debt Cures newsletter for $9.95 per month. By the time you get off the phone, if you fall for the wide range of sales pitches, you'll be about $250 deeper in debt and will add to that debt every succeeding month. Thankfully, if buying "Debt Cures" doesn't kill you (financially speaking) it can save you, as the information it contains is fine. Alas, there are no easy "cures" to an individual's debt problems. Truth be told, most of the information is readily available in personal finance columns you can find online or in books that are readily available in your local library. What's more, some of Trudeau's cures have actually reached their expiration date, such as his first suggestion for rebuilding credit: "piggybacking." That's when someone with a good credit score makes someone with a bad score an "authorized user" on an account. The piggybacker never uses the card, but gets the benefit of the regular payments from the person with good credit; the problem is that the credit-scoring industry pretty much wiped out the practice in September, when it stopped considering accounts on which the borrower is an authorized user. If I could have reached Trudeau to discuss the book -- and I tried but no one answering the phones seemed able or interested to track him down once they learned it wasn't a sales call -- I would have expected him to take the position of his infomercial, namely that this is just one more case of the man keeping consumers down. No easy way out "There's no secret loopholes, no magic formulas, no way to wiggle out of legitimate debt other than the things we already know about," says Gerri Detweiler, author of "The Ultimate Credit Handbook," one of the classics for helping consumers learn how to properly handle debt. "Package it any way you want, it's still the same basic advice ... and it's nothing you need to get a monthly newsletter to learn." That's not stopping Trudeau, who relishes in calling himself the "most feared man in Corporate America" and who says in the infomercial that he's the "messiah" for consumers. It's hard to believe that any "messiah" will arrive in the form of a guy who was banned by the Federal Trade Commission "from appearing in, producing, or disseminating future infomercials that advertise any type of product, service, or program to the public, except for truthful infomercials for informational publications." (This is why he moved from selling health-care products to selling information to fix problems, although the FTC went after him again in September on claims made supporting his "weight-loss cures.") Moreover, the would-be credit savior telling you how "to turn the tables" on the banks also has a 1990s conviction on his record for credit-card fraud. He's hardly the next Ralph Nader he fashions on television. "A consumer advocate is supposed to be somebody who gets as much information as possible out to the maximum number of people who need it, at the lowest possible cost ... if any," says Marc Eisenson of Good Advice Press, author of the 1980s classic "The Banker's Secret," the book which first taught Americans the value of prepaying mortgages and auto loans. "If you want good advice on debt, you can find it from a number of different books, all available for free from your local library. ... If you're paying a lot of money to get fancy ideas on how to cure debt problems, it's a sign of how you got those debt problems to begin with. Skip the book, visit the library, and use your savings to pay one of your bills; that'll be a good first step."
Information obtained during the FBI investigation has been provided to the Department of Homeland Security (DHS). DHS has taken steps to alert their public and private sector partners with the release of a Critical Infrastructure Information Notice (CIIN). The e-mails are intended to appear as legitimate messages from the above departments, and they address the recipients by name, and other personal information may be contained within the e-mail. Consistent with previous efforts, the scam will likely be an effort to secure Personally Identifiable Information. The nature of these types of scams is to create a sense of urgency for the recipient to provide a response through clicking on a hyperlink, opening an attachment, or initiating a telephone call. It is believed this e-mail refers to a complaint that is in the form of an attachment, which actually contains virus software designed to steal passwords from the recipient. The virus is wrapped in a screensaver file wherein most anti-virus programs are unable to detect its malicious intent. Once downloaded, the virus is designed to monitor username and password logins, and record the activity, as well as other password-type information, entered on the compromised machine. "Through FBI investigations we frequently uncover information about ongoing cyber attacks and scams. We share this information through our partnership with DHS to alert the public and the private sector," noted James E. Finch, Assistant Director of the FBI's Cyber Division. Be wary of any e-mail received from an unknown sender. Do not open any unsolicited e-mail and do not click on any links provided. To receive the latest information about cyber scams please go to the FBI website and sign up for e-mail alerts by clicking on one of the red envelopes. If you have received a scam e-mail please notify the IC3 by filing a complaint at www.ic3.gov. For more information on e-scams, please visit the FBI's New E-Scams and Warnings webpage.
Although you may not be able to personally
influence the global supply and cost of oil, there are many steps
you can take to lessen your own home energy expenditures. For
example:Turn down the heat. You can trim your heating bill by 3 to 5 percent for every degree you lower your thermostat in the winter (or raise it in summer). Try lowering it further when you go to bed for even bigger savings. Insulate your home. Up to 30 percent of heated or cooled air can be lost through leaks, so add weather stripping around windows and doors and caulking around ducts, plumbing bypasses and other wall, floor and ceiling openings. Consult a contractor about insulating your attic, exterior walls, floors and crawl spaces. Lower the water temperature. Heating water is the third-largest home energy expense, after heating/air conditioning and electrical appliances. Try lowering your water heater temperature to 120° F or lower - no sense running scalding tap water 24 hours a day. Just make sure your dishwasher's manual says that's okay. Many hot water heaters work more efficiently with insulating blankets; however, be sure not to cover the thermostat. Other energy-saving tips: * Buy a programmable thermostat so you can lower the temperature when you're not home and heat things up shortly before you return. (The reverse works in summer.) * Use Energy Star products, which consume up to 50 percent less energy and water than standard models. Go to www.energystar.gov for information on finding local retailers, rebates offered by Energy Star partners and utilities, federal tax credits, home improvement suggestions, and much more. * Close off unused rooms and shut their heating vents. * Clean or replace furnace filters monthly during the winter and dust refrigerator coils every few months to ensure more efficient operation. Also, clean the dryer lint trap after each use. * Install tempered glass doors and a heat-air exchange system to your fireplace to re-circulate warmed air; and always close the damper when not in use. * Replace old windows with new high-performance, dual-pane windows. * Open blinds or curtains on sunny days to help warm the house; close them at night to retain heat. * Compact fluorescent lamps use 75 percent less energy than incandescent bulbs, last 10 times longer and save $30 or more over the lifetime of each bulb. * Use dimmer switches, timers or motion sensors on incandescent lights. * Run full loads in your washer and dryer and use cold or warm water whenever possible. Most detergents are formulated accordingly. * Run full dishwasher loads and use the unheated drying cycle if it has one. * Don't preheat the oven and limit opening the door - the temperature drops about 25 degrees each time you do. * Turn off lights, computers, televisions and other electronic equipment when not in use. Remember, besides being good for the environment, the less energy you use the lower your utility bills will be.
The bright, red words: "Free Money!" fill the screen. It's an old story, and one that makes small-business consultants, counselors, and advice columnists (this one included) cringe. Whenever such ads run, we brace ourselves for calls and e-mail from entrepreneurs and would-be entrepreneurs who can't wait to get their hands on that free government money - which doesn't exist. Why are people who supposedly want to be hard-headed, no-nonsense business types so gullible? This is a subject the Smart Answers column has addressed before, but I periodically revisit it. That's because these aren't harmless hoaxes. Seminar sellers and book hucksters routinely con people into shelling out hundreds of dollars to hear lectures or purchase directories that contain information readily available (yes, really for free!) in any public library or on the Internet. "I've been working in small-business development for 16 years, and this urban legend never goes away," sighs John Rooney, a professor at the Lloyd Greif Center for Entrepreneurial Studies at the University of Southern California. "Interest and calls peak when some new book or ad kicks in." "BRIGHTEST TECH MINDS."  Common sense and
the most basic awareness of business principles should tell entrepreneurs
that no one besides Mom and Dad (maybe) will give you no-strings
money to start a for-profit business. "If the government
was in the position of providing all of the funds for free to
people who start their own businesses, we wouldn't last long,"
says Mike Stamler, a spokesman for the U.S. Small Business Administration
in Washington, D.C. "Not to mention that the American people
would never stand for the government setting individuals up in
business at no cost, and all at taxpayer risk." Yet, the myth persists. Like most con artists, the free-money hucksters take a grain of truth and distort it. There are a few highly specific grants for small businesses. A look at the details shows the money is hardly free. It comes with a host of restrictions and quid pro quos. For example, some local agencies give small grants to businesses that locate in poor areas and guarantee jobs to people in an underemployed community, says Phil Borden, director of the Women's Enterprise Development Corp., a Long Beach (Calif.) nonprofit business assistance center. There are also some very restrictive, difficult-to-obtain grants given to small businesses to research new technologies for the government. "There is something called the Small Business Innovative Research (SBIR) program that gives entrepreneurs up to $100,000 to research an idea that's considered promising and up to $1 million to create products from it, if the research pans out," Borden explains. "The problem is, the promising ideas have to do with things like how to capture a satellite in orbit and repair it. The people who compete with intricate, detailed proposals for these grants are experts in engineering and science and have the brightest technology minds in the country. The notion that this kind of money is available to folks off the street is a joke." READY VICTIMS. Still, the free-money hucksters find ready victims because people want to believe there's a way around the hard work of raising capital. "So many people say they heard it from a friend or saw it on TV. Of course, they've never actually met anyone who got any free money. It becomes like the Holy Grail of small business, and a lot of entrepreneurs get caught up in this idea that it's out there," Rooney says. The true believers are amazingly persistent. "About six or eight years ago, there was a scam like this that produced a run of calls," says the SBA's Stamler. "The huckster at the heart of it implied that these grants were there, but the government didn't want to let everyone know about them," Stamler recalls. "He told people not to take 'no' for an answer when they called us." Rooney says he once ordered a "free-money" book advertised on television.The author claimed every entrepreneur was entitled to a government grant. Rooney received a directory of farmer's subsidies, Housing & Urban Development programs, and government-loan applications. What about those testimonials from happy entrepreneurs? Listen closely, Stamler says. They usually say they "got" so much government money for their small business - they don't say how. Most of those featured entrepreneurs have gotten small-business loans, he says. The SBA guaranteed more than $16 billion in loans during fiscal 1999 through its three major financing programs. LEGITIMATE SOURCES. The irony is that in this boom time for small business, there are many sources of loans or equity financing for startups. "Money's not that hard to get from friends and family if you've got a really good idea," says Rooney. "I've seen college students raise millions with their dot.com ideas. Why waste your time with the snake-oil salesmen when you could be talking to professionals who know what they're doing?" After all, it's not as though the average startup needs many millions to get off the ground. As Jim Weidman, spokesman for the National Federation of Independent Business points out: "Most new businesses are started with a very small amount of money, around $5,000. So people come up with it out of their personal savings or borrowing from their relatives, unless they are buying an ongoing enterprise or starting a business that needs a lot of initial funding for inventory, working capital, or buying or leasing a building." For more information on funding for startups, visit the SBA's Web site at www.sba.gov . It features extensive information on small-business loans and startup funding. For information on venture capital, visit the Venture Capital Resource Library, www.vfinance.com , the Capital Network, www.thecapitalnetwork.com , or Garage.com, www.garage.com .
House of Representatives Speaker Nancy Pelosi said Congress would act on the deal "at the earliest date, so those rebate cheques will be in the mail." Some 117 million US homes will receive a rebate of up to $600 for individuals and up to $1,200 for married couples. Washington is moving fast to try to avoid the US falling into a recession. Couples with children will also get an extra $300 per child. The tax rebates for households should total US$100 billion, while businesses will benefit from up to US$50 billion of tax cuts. Property slump The agreement comes two days after the US central bank, the Federal Reserve, slashed US interest rates to 3.5 per cent from 4.25 per cent, its biggest cut in 25 years. Economists say the package needs to be put into action as soon as possible, before it is too late to help the economy. "I can't say that I'm totally pleased with the package, but I do know that it will help stimulate the economy," said the Democratic Party's Pelosi. "But if it does not, then there will be more to come." House Republican leader John Boehner, Pelosi and Treasury Secretary Henry Paulson met for more than five hours on Wednesday to forge the agreement. The US has been hit by a slump in the property market and a credit crisis caused by banks investing in assets backed by subprime mortgages. Some politicians are worried about the damage the plan will do to government finances. It could potentially double last year's budget deficit of US$163 billion. "I am concerned that in our rush to help, we talk ourselves into a quick, feel-good hit today that will leave us with a bigger budgetary hangover tomorrow," said Rep Paul Ryan of Wisconsin, the senior Republican on the House Budget Committee.
Given the importance of personal savings to retirement income, this can be a costly mistake. Minus a rich uncle's fortune, the only way most Americans can ensure a secure retirement is by saving aggressively. That's why Congress passed the Pension Protection Act (PPA), which, among other reforms, made it easier for employers to automatically enroll employees in their 401(k) plans. Previously, you had to actively opt-in to participate in your company's 401(k). More companies will likely begin offering automatic 401(k) enrollment thanks to newly finalized PPA regulations: Employers who follow strict guidelines about funds where they should direct employee default contributions will be protected from legal liability should market fluctuations impact account values.  If your employer
adopts automatic enrollment, you'll be given ample advance notice
before being signed up. You can always opt out, increase your
contribution or change how your funds are invested - it's your
money. But the hope is human nature will kick in (see "procrastination"
above) and you'll embrace the wisdom of setting aside money for
retirement in these tax-advantaged plans.A few other considerations to make the most of your 401(k): Matching contributions: Many employers match a portion of your savings. You're passing up free money if you don't participate, so always contribute at least enough to get the full match. Say your employer matches 50 percent of the first 6 percent of pay you save: If your salary is $40,000 and you contribute 6 percent ($2,400), you'd receive another $1,200 in matching contributions. Where else could you find a 50 percent investment return? Investment options: Starting contributions is only the first step: You also need to manage how your account is invested. When faced with numerous or confusing investment options, many people opt for money market or cash funds, which, although less risky, are also less likely than stock or bond funds to outperform inflation over time. That may be a good strategy if you're close to retirement, but younger workers often have decades to weather stock market ups and downs. One increasingly common option is the lifecycle (or target-date) fund, whose investment mixture varies based on your age and expected retirement date, becoming more conservative over time. Some employers also offer asset allocation or managed funds, where a mixture of investments is designed based on your individual needs. As always, consult a financial professional for questions about your particular situation. Fees: Another important consideration when choosing investment funds is the plan administrator's various fees and expenses. Fees are usually expressed as a percentage of your plan assets and are typically deducted directly from your investment returns. It may take a little digging to uncover these fees, but it's worth the effort: A 1 percent difference in fees - say 1.5 percent vs. 0.5 percent - could decrease your account balance by thousands of dollars by retirement. Ask your benefits department where you can find the plans' fees, and to learn more about 401(k) fees, visit www.dol.gov and enter "A Look at 401(k) Plan fees." Another good resource on 401(k) plans is Visa's free personal financial management site, Practical Money Skills for Life (www.practicalmoneyskills.com/benefits). Get involved in actively managing your retirement savings - it's your future and your responsibility.
Here's what you need to do: First, stop using credit cards. Use debit cards instead. Credit card companies want you to go into debt. Ever notice how they hand out so many gifts and rewards? It's so profitable to get you into debt that they're actually willing to bribe you to spend. It's pure gravy when you don't pay your balance in full or miss a minimum payment. Unsurprisingly, credit card companies are good at getting people to spend beyond their means. In 1996, the average U.S. household had $5,875 in credit card debt. By 2006, that figure had climbed to nearly $10,000. With debit cards, you're spending your own money. So you can't be lured into debt. Next, you should avoid fees and earn interest on all your money. Most people use banks that pay virtually no interest on deposits and have a slew of hidden charges and complex fees. Take overdraft fees.
It is estimated that banks make a whopping $17.5 billion annually
through these charges.The reason this is so profitable is twofold. First, the average overdraft fee has climbed to $29. And second, banks apply it liberally. Say you start your Saturday morning with $1,143 in your account -- and then send $900 to your landlord, $50 to your electric company, $150 to your cable and internet provider, and $10 to your favorite charity. Each recipient deposits the checks four days later. Unfortunately, that same day, your nephew cashes the $250 you gave him for his wedding six months ago. By the time he returned from his honeymoon, you'd forgotten about it. Because most banks process daily transactions from the largest to the smallest dollar amount, you're looking at four separate overdraft fees. So if your bank charges the industry average, that's $136 in penalties. A similar fleecing happens at the ATM. When your bank charges you to use another bank's cash machine, you get socked with two separate fees -- one at the ATM and one on your statement. So instead of just paying what you see on the screen, you're actually paying double that amount -- to access to your own money! When this double charge is factored in, the average ATM fee is $2.91. On a $50 withdrawal, that's a 5.8% charge. Banking customers shouldn't have to navigate a minefield to avoid hidden fees. So find a bank that offers a free overdraft line of credit with a competitive interest rate instead of charging overdraft fees. That way, whenever your checking account goes negative, you automatically borrow the cash you need at a reasonable cost rather than a lump sum fee. The "overdraft" simply shows up as a charge on your credit card, and there's no penalty fee. Banks also shouldn't charge you to use another bank's ATM. Finally, find a bank that pays high interest on all your money. These days, there's no reason to do business with a bank where you'll lose money over time. According to Bankrate.com, the average savings bank pays less than half a percent of interest - well under the rate of inflation. The annual percentage yield on the average checking account is even worse. A number of direct banks are now offering savings and checking accounts that pay three percent or more. Millions of Americans use big banks because they assume that if a bank is well-known and popular, it must be offering its customers a good deal. But this clearly isn't the case. Making this mistake could be costing you a fortune. In 2008, fixing this mistake could save you thousands. Editor's Note: Arkadi Kuhlmann is president and CEO of ING Direct.
On the flip side, those same rising interest rates, combined with increasingly stringent lending requirements, have left many potential homebuyers out in the cold. If that's your story, here are a few steps that can get you back in the real estate game: Boost your savings. Many people are in financial hot water today because they bought homes they really couldn't afford using risky loans with features like 0 percent down, negative amortization (where your monthly payment doesn't cover interest owed and unpaid interest gets tacked onto the loan amount) or balloon payments due after a few years. To avoid those traps,
you should save enough for at least a 10 percent down payment.
Also, when calculating how much you can afford to spend each
month, don't forget other home-related expenses like property
taxes, homeowner's insurance, private mortgage insurance (for
down payments under 20 percent), repairs and utilities. Some
experts suggest allocating up to an extra 40 percent of your
monthly mortgage payment in your budget for related expenses.Develop a budget. Step one to meeting any long-term savings goal is to create a detailed budget so you know exactly what's coming in, what's going out, how much you need to save and how long it will take. Practical Money Skills for Life, a free personal financial management site created by Visa, features a complete guide to creating a livable budget, along with interactive budgeting tools and calculators (www.practicalmoneyskills.com/budgeting). The site also contains a nine-step guide to homeownership, including preparations to qualify for financing and how different mortgages work (www.practicalmoneyskills.com/homeowner). As always, consult a financial professional for questions about your particular situation. Improve your credit score. Even with thousands of dollars banked for a down payment, you may find it's difficult to qualify for a mortgage if you can't demonstrate a solid track record of obtaining and paying loans - or worse, if you have a history of late payments or exceeding credit card limits. The three major credit bureaus - Equifax (www.equifax.com), Experian (www.experian.com) and TransUnion (www.transunion.com) - track your credit history and use the information to compile credit reports. This credit history is also used to create three-digit credit scores that lenders employ to determine whether you're a suitable credit risk. Poor scores could either prevent you from qualifying for a mortgage or dramatically increase the interest rate you'd have to pay. To know where you stand, order your credit reports and review them carefully for errors or fraudulent activity. You can order one free credit report per year from each bureau through www.annualcreditreport.com. If you go through the credit bureaus' own sites, you'll be charged a small fee. To learn more about credit reports and credit scores and how to improve them, visit the Federal Trade Commission's website (www.ftc.gov/credit), www.myfico.com run by Fair Isaac, or Visa's free www.WhatsMyScore.org, site, where you can get a free estimate of your credit score. The only silver lining in the current real estate crisis is that tougher credit standards may prevent you from inadvertently getting in over your head. Take advantage of that warning and get your own finances on a firm foundation before you build a house on it.
MIAMI, FLORIDA (January 7, 2007) One of the resolutions every American
should make this year is to do everything they can to protect
their identity. According to the Federal Trade Commission (FTC),
just in 2005 alone there were 8.3 million U.S. adults who found
they were victims of identity (ID) theft. For those whose ID
is compromised, it can mean economical losses, hours lost trying
to fix the problem and credit score that sink, thus leading to
further financial loss"It's imperative that people start the year off right and do everything they can to protect their ID. There's no better time than now to take some steps that can help prevent theft from happening," explains Dr. Terrel Alexander, founder and CEO of Credit USA, Inc. (http://www.a1creditusa.com), the first African-American owned network marketing company in the credit industry Here are some steps that can be taken to help prevent ID theft: * Protecting your social security number as much as possible. This requires being cautious of who you hand it out to and finding out what it will be used for. A social security number should never be carried in a wallet, or be put on a license or check. * Be cautious of what you do with your trash when it comes to the mail you receive. Anything that has identifying information on it should be shredded, rather than simply be put into the garbage. * Protect yourself when using the Internet by exercising caution where you use your credit cards and by protecting passwords. Consumers should choose passwords that would be difficult for someone to figure out and then keep them secure. * Any personal information should be stored securely, such as in a locked safe. This way if someone breaks into the home the chances of them finding ID information is limited. * Consumers can place a freeze on their credit, depending on the state they live in, that will limit people from accessing credit reports. "Taking just a few of these steps will help safeguard an identity," says Dr. Alexander. "The public needs to be proactive in protecting their ID. If they don't, it can mean years of headaches and poor credit. If someone suspects they are the victim of ID theft they should immediately place a fraud alert on their credit report by contacting the credit agencies. They should also close any accounts that they believe have been tampered with. Additionally, consumers should file a report with the FTC and their local police department.
Attorney General Cuomo urged consumers across the state who incurred excessive charges from PeoplePC to submit refund claims directly to Earthlink, Inc by May 20, 2008. Refund Claim Forms are available at www.oag.state.ny.us "This settlement with PeoplePC provides relief to consumers misled into making purchases with false statements and deceptive advertising," said Attorney General Andrew Cuomo. "Consumers should not be misled into making purchases they would otherwise steer clear of. This settlement sends a message to companies large and small - delivering a product is simply not enough, the promises must be delivered as well. The Attorney General's investigation found that while PeoplePC prominently advertised its dial-up internet service as unlimited and low-cost, offering local telephone connections to access the internet at prices as low as "$5.47 per month for the first 3 months," several consumers incurred more than $500 in undisclosed long-distance charges while using the service. According to the Attorney General's findings, PeoplePC claimed in its own advertisements and those on the American Association of Retired Persons (AARP) website, to provide fast, easy connection in just one click through its "Smart Dialer," a service that could automatically choose the "fastest and most available phone numbers" within a local area. However, PeoplePC's "Smart Dialer" program would sometimes select non-local telephone numbers subjecting dial-up customers to pricy by-the-minute toll access charges, a practice the company failed to disclose. As a result, some unsuspecting consumers incurred telephone long-distance charges far in excess of the advertised monthly cost of the local dial-up service. Under the terms of the settlement with the Attorney General's office, PeoplePC has agreed to: -- Clearly and conspicuously disclose any hidden charges consumers may incur in addition to the advertised monthly rate; -- Provide refunds to customers across New York State who incurred long distance charged by using telephone access numbers suggested by PeoplePC. Customers may claim up to three months' account service charges and one month's telephone charges for calls made using a telephone access number suggested by PeoplePC; -- Pay to the State of New York $20,000 in penalties and costs. New York customers who incurred charges by using telephone access numbers suggested by PeoplePC are encouraged to submit claims for refunds. Refund Claim Forms must be filled out and submitted directly to Earthlink, Inc., by May 20, 2008 at the following address: Earthlink, Inc.,1375 Peachtree Street, Atlanta, Georgia, 30309. To download a copy of the Refund Claim Form, visit www.oag.state.ny.us The case was handled by Assistant Attorney General Karen Geduldig of the Internet Bureau under the supervision of Justin Brookman, Assistant Attorney General-in-Charge of the Internet Bureau. To download a copy of the Refund Claim Form click here: http://www.oag.state.ny.us/press/2008/jan/PeoplePCClaimForm5.pdf To view a copy of the Assurance of Discontinuance (AOD) click here: http://www.oag.state.ny.us/press/2008/jan/PeoplePC,%20Inc.%20AOD.pd |