"FAIR CREDIT REPORTING ACT" SCAM

I just got a phone call from the "Visa and Master Card Department." (Nobdy knows who or where that is). Department of what? They don't say. The robo recording says that I am eligible to have my "high interest credit card debt" eliminated under the Fair Crediting Reporting Act? Really? It's already getting stupid, folks. The Fair Credit Reporting Act?

The Fair Credit Reporting Act took effect in 1970. Technically, it is 15 U.S.C. § 1681 et seq, and it's federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. In other words, this federal law governs how credit bureaus can report your credit and payment history.

The Fair Credit Reporting Act (Public Law 91-508)

1. Says nothing about eliminating debt or paying off bills. Once they mention "Fair Credit Reporting Act," you know you're dealing with a thief. This is a scam call. Hang up.

2. Does not require anyone to lower interest rates.

3. Took effect in 1970, 50 years before COVID, so it has nothing to do with COVID relief. It has never been amended to cover any COVID program. It's a scam.

4. Doesn't provide any funding to pay off credit cards or any other debt.

It's comical that someone says the Fair Credit Reporting Act can reduce your interest or reduce your debts. That's like saying Santa Claus comes on July 4th. We all know better! But this must work on someone or they wouldn't be doing it!

I'm afraid the robo scammers are robbing elderly and poorly informed individuals using this scam. And it's always a scam. Here's how you may lose money by talking to these criminals on the phone:

A. They may ask you for your credit card numbers. Now, if they were really from the credit card company, wouldn't they already know your credit card number? Truth is, they don't know your number but will ask you to provide it. When you do, they will charge huge amounts, including cash withdrawals, to your card. You will never get the money back because nobody (including police) know who these people are.

B. They may ask you to pay an up front fee to have your debt reduced or eliminated. One scammer asked for a fee of $400 upfront to pay off a $4,000 balance on a credit card. The victim provided a debit card number to pay the fee. Then, the scammer drained all the money in the victim's bank account (not just $400). Of course, no debt was eliminated. And the caller could never be located. He's probably in India.

If you get a call offering to reduce your interest rate, pay off all or part of your credit card debt (or other debt), hang up immediately and protect yourself. Do not, under any circumstances, provide your name, address, phone number, date of birth, credit/debit card numbers, bank name--or other personal information.

It is always safe just to hang up. If you do anything else, it can cost you big money!

Remember: No one is giving away free money.