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I just got one of those pre-approved credit offers in the mail. Normally I just chuck them out, but I'm glad I opened this one up.
It had a CHECK inside! Apparently you endorse the check, deposit it, and the $1200 loan goes straight to your account. At a 33% interest rate.
What are these people thinking?! I live in an apartment, and although I'm careful to make sure I change my address when I move, mistakes happen. What if I had just thrown it out and not ripped it into teensy tiny pieces like I did? Someone would have had $1200 bucks, and I'd have almost $1600 worth of debt in my name!
Location: 23.7 million to 162 million miles North of Venus
23,552 posts, read 12,517,887 times
Reputation: 10465
Chances are good that the check came from a creditor that you currently have, or had, been doing business with.
You might consider opting out with that creditor to avoid seeing those offers in the future.
You can do a full opt out which will stop any creditor from sending any type of offer. Though, if you do like to receive other types of offers from creditors you might consider not doing the full opt out.
If you are considering it, Google FTC Opt Out and read the info on it.
You would have rights if someone had stolen and cashed that check. You would have to look at your own states statutes along with the federal statutes.
Google Unsolicited Loan Consumer Protection Act and read.
You might also read the TILA (Truth in Lending Act).
It is a shame that they haven't outright banned the practice of sending unsolicited loan checks, like they had with sending unsolicited credit cards.
You are so right. I've gotten these in the past, too. I worry because my mail carrier seems to have a problem getting everyone's mail in the correct box. I've often had mail in my slot that belongs to my neighbors, so I know they have sometimes gotten mine.
To get to the first question'because there are alot of crooked people and means to do it. The secondis because my people just don't read and thnik. Look at the housing loans many took out.
Most identity theft is from people who know each other where there is abuse of trust. The biggest losses are from those who steal strangers and pump the heck out of it. Those stupid things don't help anyone save the rare person who uses it and generate more money for the CC company and should be stopped, but not the biggest reason for identity theft.
Honestly I think the punishment for it is entirely too lenient and promotes the abuse, but that's just my own opinion.
Identity theft is so rampant especially with the recession and all. I had a co-worker tell me that her friend went to buy a car and she was denied because her credit report had so much crap that wasnt hers on it and it took her years to clear it all up.
Speaking of identity theft. Over the weekend there was a man on the news who got an extortion note......oops sorry I mean a ticket in the mail for going through a red light camera. So he decided to contest it by writing in a request for a list of other so called violaters.
Much to his surprise the list came. It had every name of every summons issued............and it had the persons Social Security # as well as checking acct #s with routing #s. Thousands of them!!!!!!
Nothing is safe anymore. I been a victim of idenitity theft but it was the bank who gave my money away and refused compensation.
I thought those stupid letters offering free loans and credit cards have stopped.
When I moved permanently to Colorado for a while in 2004, I needed to open a local checking acct which I did and decided to get a visa debit card for convenience. They said it would be coming in the mail soon. Fine. Time passed. I was busy working. Debit card never arrives in the mail. Call the bank, they sent it out but I haven't gotten it. An hour later the fraud dept. calls, someone is using the card. I ask how that could be since you have to activate the card from your home phone. Turns out this dumbass bank was sending it's debit cards out ALREADY ACTIVATED! The person could not use the atm because they did not have my pin, but were using it over the phone as a credit card.
Location: 23.7 million to 162 million miles North of Venus
23,552 posts, read 12,517,887 times
Reputation: 10465
Quote:
Originally Posted by wanneroo
When I moved permanently to Colorado for a while in 2004, I needed to open a local checking acct which I did and decided to get a visa debit card for convenience. They said it would be coming in the mail soon. Fine. Time passed. I was busy working. Debit card never arrives in the mail. Call the bank, they sent it out but I haven't gotten it. An hour later the fraud dept. calls, someone is using the card. I ask how that could be since you have to activate the card from your home phone. Turns out this dumbass bank was sending it's debit cards out ALREADY ACTIVATED! The person could not use the atm because they did not have my pin, but were using it over the phone as a credit card.
I hope that bank is going to cover any charges made from the theft and any overdrafts those charges may have created.
Debit cards suck.
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