Lost or Stolen: Credit and ATM Cards
Increasingly, people find it convenient to shop with credit cards or
to bank at automated teller machines (ATMs) with ATM cards.
But the ease with which these cards can be used also makes them
very attractive to thieves.
Loss or theft of credit and ATM cards is a serious consumer problem.
However, two federal laws, the Fair Credit Billing Act
(FCBA) and the Electronic Fund Transfer Act (EFTA), establish
procedures for you and your creditors to follow to resolve
problems with credit cards and electronic fund transfer accounts.
This brochure explains what to do if any of your cards are
missing or stolen, suggests how to protect your cards, and explains
what you can expect from a credit card registration or protection
service.
Limiting Your Financial Loss
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There are at least two good financial reasons for you to report
the loss or theft of your credit and ATM cards quickly. First,
the sooner you report the loss, the more likely you will limit
your liability if someone uses your card without your permission.
Most card fraud occurs within the first 48 hours after a card
is stolen.
Second, the sooner you report any loss, the more card costs in
general can be kept down. You pay higher interest rates and annual
fees because card fraud costs issuers hundreds of millions of
dollars each year.
If any of your cards are missing or stolen, report the loss as
soon as possible to your card issuers. Some companies have toll-free
or WATS numbers printed on their statements and 24-hour
service to accept such emergency information. For your own protection,
you should follow up your phone calls with a letter to each card
issuer. The letter should give your card number, say
when your card was missing, and mention the date you called in
the loss. You may wish to check your homeowner's insurance policy to see if it
covers your liability for card thefts. If not, some insurance
companies will allow you to change your current policy to include
protection for card losses.
If you use credit cards, owe money on a personal loan, or are paying
on a home mortgage, you are a "debtor." If you fall
behind in repaying your creditors, or an error is made on your
accounts, you may be contacted by a "debt collector."
You should know that in either situation the Fair Debt Collection
Practices Act requires that debt collectors treat you fairly by
prohibiting certain methods of debt collection. Of course, the
law does not forgive any legitimate debt you owe.What debts are
covered?
Personal, family, and household debts are covered under the Act.
This includes money owed for the purchase of an automobile, for
medical care, or for charge accounts.
Who is a debt collector?
A debt collector is any person, other than the creditor, who
regularly collects debts owed to others. Under a 1986 amendment
to the Fair Debt Collection Practices Act, this includes attorneys
who collect debts on a regular basis.
How may a debt collector contact you? A collector may contact you in person, by mail, telephone, telegram, or
FAX. However, a debt collector may not contact you
at unreasonable times or places, such as before 8 a.m. or after
9 p.m., unless you agree. A debt collector also may not contact
you at work if the collector knows that your employer disapproves.
Can you stop a debt collector from contacting you?
You may stop a collector from contacting you by writing a letter to the
collection agency telling them to stop. Once the agency
receives your letter, they may not contact you again except to
say there will be no further contact. Another exception is that
the agency may notify you if the debt collector or the creditor
intends to take some specific action.
May a debt collector contact any person other than you concerning your
debt?
If you have an attorney, the debt collector may not contact anyone other
than your attorney. If you do not have an attorney,
Business Credit
for Women, Minorities, and Small Businesses
The need for financing is a critical and perennial concern
for the owners of small businesses. Indeed, few things are ascrucial
to the health of a small business operation. Many small
businesses are launched by the personal resources of theirowners.
But they can quickly reach the stage where the owner
must look to the credit market for financial help in expandingoperations.
The banking industry is an important source ofworking capital.
However, entrepreneurs may not realize thatapplying for commercial
credit is a more customized process
than obtaining consumer credit, and requires a great deal ofpreparation
by the business applicant. This brochure may helpto de-mystify
the process and improve your chances of getting
the credit you need.
Types of Loans
Banks and other financial institutions can assist you by
providing funds through personal or commercial credit. Examplesof
personal credit include automobile loans, credit cards, and
home mortgages. Commercial credit includes business loans;
here are some of the options:
Short-term loans are one of the most common types of
business loans and are usually for less than one year. They canprovide
interim working capital for a business temporarily in
need of cash, and are typically repaid in a lump sum when
inventory or accounts receivable are converted into cash.
Intermediate-term loans are often used for a business
start-up, the purchase of new equipment, expansion, or anincrease
in working capital. The maturity dates range from one
to three years.
Long-term loans generally are made for major capital
improvements, acquiring fixed assets, or business start-ups.
The term of the loan runs for periods of three to five years
and is usually based in pan on the life of the asset financed.Repayment
is usually made in monthly or quarterly installments.
A line of credit offers you the ability to borrow money
repeatedly, up to your credit limit, without having to reapply.
A line of credit is particularly important to businesses that
experience seasonal fluctuations. The lender generally will
perform a review once a year, at which time the borrower is
asked to provide updated financial statements.
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