Credit Information

I've Heard About FACTA; What Does It mean?

What FACTA means is that if you, as an individual, lose the information on anyone you have ever hired; or, for any business in the United States of America that collects any personal information on people, if the information should be lost due to not destroying the information properly, then two things can happen. First, there are federal fines of up to $2,500.00, and state fines up to $1,000, per employee, per incident. Second, the business is liable for any damages the individual suffers as the result of a breach of information.

Take an example that the company loses information due to negligent destruction (i.e. you don't own a shredder and throw the information into the dumpster). Nothing in FACTA really determines what the employee has to do to prove "negligent destruction" on the part of the employer, so an employee could simply state that the employer had lost the information, and even if the employer had burned the information into ashes, it would be up to the employer to show that the information had not gotten out due to his or her company's negligence.

Business Week says that the average damages for Identity Theft victims are $92,000.00 and up per person. Using this statistic, if you have 10 employees lose their identities, then on average, your liability is $920,000.00. Statistically, you are responsible for an average of 75 bad checks and 8 credit cards per employee. The average Identity Theft victim also spends 600 hours getting their credit restored, which means that you will have 600 hours per employee, so potentially 6,000 hours for 10 employees, which you will be responsible for paying employees who aren't even at work, because they have taken time off to deal with the Identity Theft.

According to John Gardner, co-author of Chicken Soup for the Entrepreneurial Soul, "The damages are devastating to any business."

There are many problems related to people's identities that don't deal with credit issues. Contrary to popular belief, only 26% of identity theft issues relate to credit issues. The other 74% of the issues, according to Gardner, are related to the following four areas:

Someone stealing your DMV record. Example: An identity thief wants to drive under your employee's name instead of theirs. This will help the Identity Thief to not get caught in cases of DUI, unpaid speeding tickets, etc. Your employee is then blamed for their driving record.

Someone stealing your MIB record. This is your Medical Information Bureau Record. Example: An Identity Thief wants to have an AIDS test done in your employee's name, rather than theirs, or have their prescriptions filled using your employee's Medicaid or Medicare benefits

Someone stealing your character identity to commit a crime in your name. Imagine this - your future employee comes to your child care facility, and everything sounds good about this candidate. However, you run a criminal background check, and find out that they have three arrests for child pornography and one for drug trafficking to minors. You bring the record to their attention, and they insist it's not them.

Your employment record. Example: An Identity Thief wants to earn income using your employee's social security number, but let your employee pay taxes on the money they earn.

As a result of this, Gardner says that "Businesses need to offer 24 hour per day, 7 day per week access to attorneys?.I think that the danger is so large to any business, that they may want to [pay for] some of the cost of this, to encourage the employees to get the benefit?If a business does not understand that they need the help, they are living in a dream world."

Employers should also offer some sort of Identity Theft protection, and ongoing background monitoring. This can be offered as a voluntary benefit which has no real cost to the employer, as a fringe benefit paid by the employer, or can be a combination of both. When an identity thief uses your employee's information, (for example an identity thief takes the employee's current address, and uses it as their previous address when they apply for a mortgage,) ongoing background monitoring will notify your employee when the identity theft happens.

Most people don't find out that they have become victims until that Identity Thief, who has used your employee's credit to finance their mortgage, stops paying bills, is picked up for a crime, or doesn't pay taxes. Ongoing monitoring provides an early warning system, so that your employee will be able to call an expert who can correct the problem when it takes place. This will save your employee's time, and limit the losses your employee will incur as a result of the breach of their information. This will also save you the costs associated with the frustration and lack of ability to pay attention as work.

Even if your employees don't elect to have the benefits of legal services and identity theft protection, having a mandatory meeting where employees hear that you have made this coverage available to them will provide an affirmative defense, should an employee ever accuse you, as the employer, of having lost their personal information.

Under FACTA, access to an attorney and credit restoration, are benefits that employers need to offer. Ongoing background monitoring will mitigate damages that the employee can experience because the early warning system will be in place to handle the issues. Access to an attorney and credit restoration will drastically reduce the time the employee spends away from work dealing with the issues surrounding identity theft and other personal legal problems.

Failure on the part of an employer to offer this benefit leaves a company exposed to thousands (and even millions) of dollars in potential damages, and leaves employees subject to the time, frustration, and headaches associated with being a victim of Identity Theft.

Jonathan Kraft is a benefits consultant who specializes in educating people about how they can get affordable access to the legal system. Because of his work in the field of electronic Identity Theft, he has come to be known as Colorado's Foremost Expert on Computer Related Identity Theft. To schedule a time for Mr. Kraft's company to present Identity Theft and Legal Service protection to your employees, please contact him at (877) 825-7119. You can also find out more on the web at

Robert J. Samuelson | Will the global credit boom go bust?  Santa Cruz Sentinel

We are in the midst of a worldwide credit boom that may be without precedent. The debt explosion suggests that the global economy — all the national ...

Data breach hits Tampa Bay Federal Credit Union members  FOX 13 News, Tampa Bay

Some Bay Area debit card holders are frustrated after more than 3000 members at Tampa Bay Federal Credit Union were impacted by a data breach. The credit ...

How was your credit card account hacked? You'll probably never know

One couple's quest to learn why their credit card was compromised nine times in seven years.

Jewelry Retailer Accused of Opening Fake Store Credit-Card Accounts  Wall Street Journal

Signet Jewelers agreed to pay $11 million in penalties to regulators for allegedly opening credit-card accounts without customer consent at retail stores it ...

Banks, credit unions offer help to furloughed federal workers  WPRI 12 Eyewitness News

SMITHFIELD, R.I. (WPRI) — As the government shutdown persists, banks and credit unions are offering assistance to the 800,000 federal employees who are ...

How to Improve Credit Score & Other Facts About That Credit Score Number

Nearly 4 out of 10 Americans don't know where their credit score number comes from.

How Do Corporate Credit Cards Work?  U.S. News & World Report

Large, established companies may provide corporate credit cards to employees to charge authorized expenses rather than pay out of pocket.

Grocery store offers credit to federal workers who need a boost  WSAZ-TV

The Warfield IGA is offering $150 per week in credit to people who are feeling the effects of the shutdown.

9 Tax Credits You Need to Know  Motley Fool

Here are the must-know details behind nine of the most popular tax credits available in the United States.

All the Tax Credits You Can Take for 2018  Lifehacker

Can you smell it in the air? It's tax season, and we're all trying to get the biggest refund possible. That means taking advantage of tax deductions and credits to ...

IACPM: Credit managers see dismal 12 months ahead  Pensions & Investments

Credit portfolio managers foresee an unpleasant 12 months ahead as nearly three-quarters of those surveyed think credit defaults will rise.

Man stole credit cards at Plaza Frontenac Cinema, used them at Walmart

ST. LOUIS • A man pleaded guilty in federal court Wednesday to conspiring to steal credit cards at Plaza Frontenac Cinema and using them to purchase ...

Credit union supports furloughed workers  The County

Acadia Federal Credit Union wanted a way to offer assistance to Maine's furloughed workers affected by the U.S. government shutdown that has halted steady ...

New tricks for raising your credit score are on their way  CNBC

Two new programs will consider how prospective borrowers manage their cash. Riskier borrowers could see their credit scores rise as a result. Credit card ...

Mutual Security Credit Union names new president  CTPost

Though it's only been two weeks since his promotion, Henry Baum is looking to take Mutual Security Credit Union into the future of banking as its new president.

UK demand for credit cards and mortgages is collapsing as Brits brace themselves for the shock of Brexit  Business Insider

The UK housing market has slowed to its lowest level in nearly a decade as Brexit fears freeze demand for mortgages and credit cards.

Chip Ganassi Racing reveals Kyle Larson’s No. 42 Credit One Bank paint scheme  NASCAR

Kyle Larson has a slightly new look on his No. 42 Credit One Bank Chevrolet Camaro ZL1 for the 2019 Monster Energy NASCAR Cup Series season.

Prattville police seek credit card thieves  Montgomery Advertiser

Card had been stolen from vehicle moments before its use in Millbrook.

Action 9 investigates new credit score hurdle for some home buyers, renters  WFTV Orlando

Action 9 investigates how credit scores are now used by a condominium board to make renting or even buying a unit almost impossible.

Carrizo Plains solar farm’s credit rating drops to ‘junk’ as PG&E bankruptcy looms  The Tribune

S&P Global downgraded the credit rating for Topaz Solar Farm in Carrizo Plains, California, due to PG&E bankruptcy rumors. The SLO County solar farm's ...

Former Arts Council CEO accused of misusing credit cards  KBTX

COLLEGE STATION, Tex. (KBTX)- The Arts Council of the Brazos Valley says its former CEO misused credit cards, and the organization has turned over its ...

Police Seek To ID Suspected Tulsa Credit Card Thieves  News On 6

Police say they are trying to find two people that officers say may be connected to a Tulsa stolen debit card case.

Abbeville PD looking for suspects allegedly involved in fraudulent credit card transactions  KLFY

According to Abbeville Police Department, on January 14, 2019, officers began investigating a complaint of fraudulent credit card activity that occurred on ...

Could strategic mergers hasten credit union consolidation?  Credit Union Journal

As the number of credit unions nationwide continues to shrink, strategic mergers among mid-size and large institutions could become increasingly common.

Credit Card Skimmer Found in McKinney Gas Pump  NBC 5 Dallas-Fort Worth

Investigators discovered a sophisticated credit card skimming device from a gas pump at a McKinney Valero this week. The skimmer -- which is able to capture ...

Trial set for 'AK 47 Bandit' suspected of robbing local credit union  East Idaho News

IDAHO FALLS — A federal court trial for the Montana man dubbed by authorities as the “AK-47 Bandit” has been set in Lincoln, Nebraska. At a Tuesday court ...

How to score cash, perks in the new credit card rewards loyalty game

A sweet sign-on bonus offering cash-back, free travel or rewards points is one of the most compelling methods credit card issuers use to entice new customers.

Oregon Rep. Blumenauer makes move for permanent short-line railroad tax credit  Logistics Management

Last week, Rep. Earl Earl Blumenauer (D-Ore.) made another push, in the form of new legislation, to make a short-line railroad tax credit permanent.

2 New Ways To Raise Your Credit Score  Forbes

By Michelle Black, Next Avenue Contributor. Getty. You're probably well aware that your credit score can have a big influence on your financial well-being, ...

Fitch says PG&E's bankruptcy will not hurt California's credit rating  Yahoo Finance

Fitch Ratings said on Thursday power company PG&E Corp's planned bankruptcy will not at this point hurt the credit quality of California. The credit ratings ...

Credit card skimming device found at gas station in Henry County WXIA

MCDONOUGH, Ga. — A Valero gas station in McDonough was targeted by credit card skimmers and Henry County Police are asking anyone who might have ...

Best Credit Card for Travelers? Probably Not One From an Airline  The New York Times

You've heard the pitch on your flights: Apply for an airline's credit card and get perks like waived bag fees, priority boarding and miles for every dollar you spend.

Police search for suspect after robbery at Bristol, VA credit union  WJHL-TV News Channel 11

As seen on WJHL News Channel 11 at Noon - Police in Bristol, VA are searching for a suspect after a robbery at United Southeast Credit Union, located at 2035 ...

'Photograph 51' asks: Did DNA pioneer Rosalind Franklin get the credit she deserves?  Milwaukee Journal Sentinel

Renaissance Theaterworks performs "Photograph 51," which explores the life of pioneering DNA researcher Rosalind Franklin.

Colony Credit Real Estate Announces Monthly Dividend for Common Stockholders  Business Wire

Colony Credit Real Estate, Inc. (NYSE: CLNC) (“Colony Credit Real Estate” or the “Company”) today announced that the Company's Board of Directors has.

Northwest-area credit unions deliver $7.8B in economic impact: Study  Credit Union Journal

Credit unions in the northwest delivered an impact of $7.8 billion to their local economies last year, according to a report released Tuesday. The study ...

Woman reports $7,000 charged from stolen credit card: Rocky River Police Blotter

ROCKY RIVER, Ohio -- Theft, Detroit Road: On Jan. 10, a woman reported that her wallet had been stolen while she was shopping at Whole Foods the day ...

Fortnite flaw could allow hackers to access credit card information, listen to conversations: security report  PennLive

Fortnite's Battle Royale video game is displayed on an Apple iPhone; a major bug in Fortnite gave hackers access to millions of player accounts. Bloomberg ...

A+ Federal Credit Union launches search for next CEO  Credit Union Journal

Kerry Parker, the Austin, Texas-based credit union's current CEO, expects to retire around midyear.

Former Arts Council CEO accused of misusing credit card  Bryan-College Station Eagle

Editor's note: This story has been updated from an earlier version to include comments from Sylvia McMullen.

Search is on for 2 credit card fraud suspects in Eaton County  WLNS

The two are suspected of using a stolen credit card at retail stores in Eaton County.

Man uses stolen credit card to buy $3K piece of pool equipment, police say  KPRC Click2Houston

Harris County Sheriff's Office investigators are looking for a man who may be part of a “ring of thieves” targeting small businesses in the greater Houston area.

Prodisee Pantry, Tyndall Federal Credit latest groups to help families impacted by shutdown  WKRG News 5

As the Coast Guard and other federal employees go yet another day without a paycheck, more companies on the Eastern Shore look for ways to help.

Movies filmed in Massachusetts that received big tax credits

Anecdotally, it seems like some sort of film production pops up almost every week in Massachusetts. Statistically, it's likely even more frequent than that.

How to Prevent Your Credit Card Issuer From Canceling Your Card  Lifehacker

If you've had credit card debt in the past, or you have an older card you don't really use anymore, you've probably read the advice that you shouldn't actually ...

Consumer worries his 850 credit score will fall if the Sears credit card closes: Money Matters

Two-thirds of your credit score is made up of your payment history (do you have any late payments) and the amount of debt you have, particularly in relation to ...

Global ID Card& Credit Card Printers Market 2018: ZEBRA, MAGiCARD, Evolis, IDP, Nisca, Datacard, Matica, NBS, Swiftcolor  Industry News Today

This report focuses on the global ID Card& Credit Card Printers market status, future forecast, growth opportunity, shares and key players. The study objectives ...

6-billion-peso credit package announced for small business owners  Mexico News Daily

President López Obrador has announced a microfinance program of interest-free, one-year loans for small business owners.

Federal court reaffirms 80/20 rule for determining server pay  Restaurant Business Online

Restaurants would not be allowed to count servers' tips toward the minimum wage after 2026 if a bill introduced into the U.S. Senate and House of ...

Can Trump claim credit for $26 billion in savings on prescription drugs?  The Washington Post

“Drug prices declined in 2018, the first time in nearly half a century. During the first 19 months of my Administration, Americans saved $26 Billion on prescription ...

More than 30000 students apply for Empower Illinois tax credit scholarships  WREX-TV

ROCKFORD (WREX) – A day after launching, tens of thousands of Illinois students are vying for private school scholarships. Part one of the application for the ...

Deputies: Woman turns self in after ordering items using customers' credit cards  WNCT

A woman turned herself in Monday after deputies said she was ordering items for herself using customers' credit cards.

AM Best Downgrades Credit Ratings of Crusader Insurance Company  Business Wire

AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to.

Data breach of Hanover's online payment system could put residents' credit card info at risk  8News

HANOVER COUNTY, Va. (WRIC) -- A data breach of the online payment system used by Hanover residents to pay their utility bills has potentially left several ...

Executive Spotlight: Pelican State Credit Union Vice President Michelle Ford  Greater Baton Rouge Business Report

In October, Michelle Ford was promoted to vice president of human resources. She's been with Pelican State Credit Union for 13 years, and most recently served ...

Former UB student sentenced for credit card fraud scheme - News 4

BUFFALO, NY (WIVB) A former University at Buffalo student could have been sent to jail for up to four years, but was sentenced on Tuesday five years ...

Quick Tip: Erasing credit card debt  WLS-TV

Nearly 2/3 of Americans may never know if or when they will be debt-free, according to a new study from There are a few things to tackle debt.

Local News Tax credit helps Coloradans pay for home modifications Deb Stanley 4:30 AM, Jan  The Denver Channel

A new tax credit will help reimburse Coloradans who make home modifications due to a disability or illness.

VERIFY: Navy Federal Credit Union providing funding to furloughed members during shutdown? WTLV-WJXX

There has been no shortage of rumors during the partial government shutdown... and now a new meme is making the rounds, promising financial help for ...

Funeral director says thieves stole credit cards and charged $100K  KTUL

A well-known funeral director is sharing his personal story of how someone broke into his vehicle and stole his old credit cards. Jimmy Spurlock of Integrity ...

Aurora police seek suspect they say used stolen credit cards  Chicago Daily Herald

Aurora Police are seeking the public's help in identifying a man they say used stolen credit cards.

Man Wanted for Racking Up $3000 on CFD Volunteer's Credit Cards  Kgab

The Laramie County Sheriff's Office is asking for the public's help in finding 43-year-old James Meldrum.​. "He's wanted on a credit card fraud warrant," said Lt.

Roger Federer pays credit to Dan Evans after Australian Open victory: 'It feels like playing a mirror'  The Telegraph

Dan Evans received the ultimate compliment from Roger Federer – “It feels like playing a mirror a little bit” – after giving the great man a stern examination in ...

Settlement would allow credit card surcharges  Newsday

Merchants in New York State will be cleared to add credit card surcharges to the price of goods after a long-running court case reached a tentative settlement ...

You Need To Know This About Credit Unions  Forbes

Dan Berger, president and CEO of the National Association of Federally-Insured Credit Unions, explains the advantages of a financial institution you may know ...

Aireon Signs $200 Million Credit Facility with Deutsche Bank  Via Satellite

Aireon revealed that it signed a credit facility agreement for $200 million with a group of several independent investor funds, led by Deutsche Bank. This credit ...

Police seize credit-card skimmer from McKinney gas pump  Dallas News

A customer alerted the Texas Department of Agriculture to a credit-card skimmer found at a McKinney gas station Monday. The skimmer turned up on pump 7 at ...

First Citizens' Federal Credit Union announces First Citizens' Charitable Foundation  Taunton Daily Gazette

FAIRHAVEN – First Citizens' Federal Credit Union's commitment to the communities in Southeastern Massachusetts and Cape Cod has spanned over eight ...

Boulder police searching for suspects in credit card theft tied to possible assault  Boulder Daily Camera

Boulder police are searching for two suspects in the theft of credit cards from a woman who may have been the victim of an assault.

'She's my lucky charm:' Dad gives daughter credit for $200,000 lottery win  WTVD-TV

James Harrison is giving his daughter the credit for his $200000 lottery win, calling her his "lucky charm."

Ares Dynamic Credit Allocation Fund, Inc. (ARDC) Ex-Dividend Date Scheduled for January 18, 2019  Nasdaq

Ares Dynamic Credit Allocation Fund, Inc. ( ARDC ) will begin trading ex-dividend on January 18, 2019. A cash dividend payment of $0.108 per share is.

Police request public's help identifying credit card theft suspect  WNDU-TV

THREE OAKS, Mich. (WNDU) – The Three Oaks Police Department is asking for the public's help identifying a woman they say stole credit cards from vehicles.

Ent Credit Union plans new headquarters in north Colorado Springs  Colorado Springs Gazette

Ent Credit Union announced Tuesday that it plans to start building a 300000-square-foot headquarters this summer near InterQuest Parkway and Interstate 25, ...

Can You Pay Your Taxes on a Credit Card?  The Motley Fool

Paying your taxes with a credit card is possible, but it requires some extra steps, several fees and shouldn't be done just to reap credit card rewards. Using a ...

Universal Credit couple living in car for 8 weeks in cold fear they could DIE as it could take TWO YEARS to  The Sun

A DESPERATE couple who have been forced to live in their Mercedes say their situation is so dire that they could be dead before they get housed. Tina and ...

A professor explains why he doesn't offer extra credit to his students (opinion)  Inside Higher Ed

I don't offer students extra credit. I say that in the syllabus and in my online course orientation. As a writing instructor, I typically have 700-plus essays to evaluate ...

Security Alert: Payment Services Versus Credit Cards  Wink News

When shopping online, there are risks associated with payment services and using a credit card to make online purchases. Credit Card: If you pay with a credit ...

Lots of plans to boost tax credits: which is best?  Brookings Institution

Recent tax credit proposals to help low- and middle-income families, such as Senator Kamala Harris' LIFT the Middle Class Act, are being hotly debated.

The Artificial Intelligence Gap Between Megabanks, Community Banks And Credit Unions  Forbes

There is a growing gap in AI investment and utilization between large and small banks which will enable the larger ones to garner even more market share away ...

Year of Free Credit Report Monitoring Is Ending. Here’s What to Do Now.  The New York Times

The free *service* started after Equifax's huge breach in 2017. Consumer advocates suggest placing a security freeze — not a lock — on credit files.

A Charleston artist's work went viral, but she's not getting the credit  Charleston Post Courier

Cathy Aycock says she has had both the best and worst week of her life.

Tomi Lahren wants people to give Trump credit' for eating fast food even though he’s rich  Yahoo Entertainment

On Wednesday's Fox & Friends, contributor and conservative commentator Tomi Lahren made a case for why President Trump should get more praise for the ...

Northwest Community Credit Union; 'We just want to help the people in our communities'  KVAL

EUGENE, OR, - Northwest Community Credit Union is offering special plans and benefits for those affected by the partial government shutdown. The partial ...

The 5 Cheapest Ways To Pay Off Credit Card Debt Fast  Forbes

Of course, the faster you pay off credit card debt with as little cost as possible the better. But which method is the fastest? Which is the cheapest, and can you get ...

Own a Sears card? Here’s what will happen to your store credit card when the retailer closes for good  Pocono Record

When a store leaves town — a scene that has played out thousands of times in recent years — it doesn't take your store credit card debt along with it, even if the ...

$400K tax credit to aid Ludlow Mills Clock Tower development

The credits, authorized by Secretary of the Commonwealth William Galvin via his chairmanship of the state Historical Commission, can be accessed once the ...

Universal credit rollout delayed for existing claimants in NI until 2020  BBC News

Plans to move existing benefits claimants from the old system to universal credit have been postponed in NI for at least six months. Stormont officials have ...

National Baptist Convention USA launches campaign to start federal credit union  WLBT

The National Baptist Convention USA Inc. mid-winter meeting brings thousands to the Capital City for worship and business.

5 Credit Card Trends To Watch In 2019  Forbes

Some credit card experts say 2019 might usher in a more austere period for credit card rewards, especially if interest rates continue to rise and the economy ...

Police need help identifying woman wanted for credit card theft  ABC 57 News

THREE OAKS, Mich.—The Three Oaks Police Department is asking for the public's help in identifying a woman under investigation for credit card theft.

Police: Man spends over $5,000 on stolen credit card  WCAX

Police are asking for help in finding a man who they say stole a wallet and spent over $5000 on tech gadgets.

Government shutdown could hurt federal workers' credit scores  CBS News

Federal workers are scrimping to avoid being dinged by lenders for missing payments and damaging their credit scores.

Credit card skimmer found at Birch Run gas station  Detroit Free Press

Birch Run police are warning that they've discovered credit card skimmers on pumps 1 and 2 and the Birch Run 7-Eleven.

Eagle Point Credit Company: Game Plan For The NAV Announcement This Week  Seeking Alpha

Leveraged loan prices fell hard in December, which may cause ECC's 12/31 NAV to drop even further. However, loan prices already have recovered in January, ...

Chicopee police looking to identify man regarding credit card larceny

Chicopee police are looking to identify a man regarding a recent credit card larceny.

BREAKING: New Credit Card Payment Policy for Disney World Resort...

Beginning on February 27th, 2019, the Walt Disney World Resort hotels will implement a new payment card policy for guests who wish to put a payment card on ...

Brex, the credit card strictly for startups, raises $125M in funding  Yahoo Finance

Twenty-three-year-old Brex founder, Henrique Deburgras, talks to Yahoo Finance's Zack Guzman about his Peter Thiel-backed credit card company.

Bad loans decline through co-op deal a credit positive, Moody's says  Cyprus Mail

Moody's rating agency said the decline of non-performing exposures (NPEs) by €5.6bn, or 33.6 per cent, stemming from the resolution of the co-operative bank ...

Ent Credit Union to build new headquarters, applications processed for Victory Ridge  KOAA 5

COLORADO SPRINGS – Huge growth is happening in northern Colorado Springs. On Tuesday, Ent Credit Union announced a new location for its headquarters ...

Universal credit: U-turn on two-child cap on benefit  BBC News

About 15,000 families no longer face having their benefits capped after the government performed another U-turn over its flagship universal credit. The work and ...

home | site map
© 2007