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Common Online
Frauds & Scams
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Advance Fee Loans
- Beware of
upfront fees. Legitimate lenders don’t usually ask for a
fee upfront. If there is an application or processing fee, it
should be very small – not the hundreds or even thousands of
dollars that con artists request.
- Beware of
emails offering to help you get a loan. Many unsolicited
emails are fraudulent.
- Beware of
unlicensed companies. Ask your state banking or finance
department about the licensing requirements for lenders and loan
brokers, and find out if the company has complied.
- Beware of
promises of guaranteed loans. If you have poor credit or
haven’t established a good credit record yet, it’s
unlikely that anyone will lend you money. Your credit history is
one of the main things that legitimate lenders use to decide if
you are a good credit risk.
- Beware if all
promises are not in writing.
Get all the
costs and other details before you decide. Have proof of what you were
promised. Get the agreement in writing or in an electronic
form that you can use to document the deal.
- If you have
credit problems, get counseling. Your local Consumer Credit
Counseling Service (CCCS) can provide advice about how to build a
good credit record. The CCCS may also be able to make payment
plans with your creditors if you’ve fallen behind. These
services are offered for free or at a very low cost. To find the
nearest CCCS office, call toll-free, 800-388-2227, or go to www.nfcc.org.
Information on this website is provided by Chris Triolo, additional information
on internet Frauds and Scams can be found at www.FBI.gov or www.nclnet.org
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