Take it to the Bank

Credit Protection & I.D. Theft, Pt. 2

Three Angels Broadcasting Network

Program transcript

Participants: Cordell Thomas

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Series Code: TITTB

Program Code: TITTB000009


00:01 On Take It to the Bank,
00:02 you'll find ways to get out of debt...
00:09 solve your credit card problems,
00:14 how to make and stick with the budget,
00:19 simple ways to save...
00:24 buying or selling a home
00:27 and many more financial matters
00:29 on Take It to the Bank.
00:32 Hi, my name is Cordell Thomas,
00:33 and welcome to Take It to the Bank.
00:35 Today, we are gonna talk about our credit,
00:38 part two, consumer privacy,
00:40 and I have an interesting story,
00:42 I wanna talk to you about.
00:45 A young lady I read about
00:46 had an interesting interaction with a company,
00:48 an online company that was willing to give her
00:51 specific coupons for discounts on her groceries,
00:54 but they were asking her for specific information,
00:56 and she felt the requirement of giving them,
00:59 obliged to give them the information
01:01 they were asking about her,
01:02 and it became very, very, detailed in,
01:06 in the questions they asked.
01:08 For example, "Where do you live?"
01:10 Oh, that's general type of information
01:12 but they asked them, "How old are you?"
01:13 And then, of course, they're asking about her
01:15 ethnicity or background
01:16 whether she was a female or male,
01:19 those types of things.
01:20 And that went into more detail,
01:22 "What do you like to do in the evening?
01:23 Where do you like to go out and eat?"
01:25 They asked about how much she made on a yearly basis?
01:28 What magazines she liked to read?
01:31 Many different things about her personal life,
01:33 and she just typed the information in,
01:35 and she gave them the information because why?
01:38 The end result was getting the coupons.
01:43 Okay, so she sent the information in,
01:45 and she had problems actually getting the coupons.
01:47 I don't know if they actually in the story wrote about
01:50 that she actually got the coupons
01:51 but that was the intent.
01:53 But what was striking about the story
01:55 was the fact that her information,
01:58 once she was typing it in
02:00 there are many different issues,
02:01 you need to know about your own privacy
02:04 and the information that is out there about you.
02:07 The moment you hit the return key
02:09 or the go key or the submit key
02:11 that information is gone.
02:12 And with the technologies that we have
02:15 they go very, very quickly.
02:17 In fact there are companies out there
02:19 that the reason they're asking for this information
02:22 is that they'll take your information
02:25 and they're gonna sell it.
02:27 It's a money making venture.
02:28 I know working in the automotive industry,
02:30 I worked in the marketing department
02:32 and for sales
02:33 and we needed to know as much as we possibly could
02:36 about you as a consumer.
02:38 The more we know about you,
02:40 the better we're able to fine tune
02:42 and tailor-make our media,
02:44 our advertising directly towards you.
02:47 We know where you look when you go into a store,
02:50 so we put things right at eye level.
02:53 We put the things that are most expensive at eye level
02:56 because we gonna pay more
02:58 for that kind of advertising space.
03:00 But what happened after that was key
03:02 because she waited and out of the blue,
03:05 maybe 2 months later,
03:07 she got an explicit letter from somebody
03:11 that knew all these details about her.
03:15 She didn't realize that the small company
03:16 that was giving her the benefit of these coupons
03:19 was also a company that didn't have the headcount
03:22 in the company, in the organization
03:24 to process all of that data
03:26 and didn't realize that the company
03:28 forwarded information to a local prison
03:32 where prisoners were going through the data
03:35 and helping to get it processed.
03:39 The more you know, the more you realize.
03:42 What I recommend you do if you buy a computer
03:45 or if you buy a big ticket item.
03:47 I had an emergency situation and fortunately
03:51 we had budgeted for but an emergency
03:53 where the water heater broke down,
03:55 and we had to go and buy a new water heater.
03:59 In that water heater purchase there is a registration request
04:04 that they make of you, to go online
04:06 and to fill this information out
04:08 so that you have given the data they need
04:11 about not only of the water heater
04:14 that you've purchased
04:15 but also where you got it and what the serial number is
04:19 and that type of information.
04:22 I didn't.
04:24 The one thing you have to realize is most purchases
04:28 and most acquisitions those things
04:29 that you get from a store
04:31 are pretty much covered for a certain amount of time,
04:33 whether it be for 30 days
04:34 or if you got a year warranty on that specific item.
04:38 The warranty card or the registration card,
04:41 warranty card's a little bit more detail that they ask for,
04:44 registration is pretty much typical questions
04:47 that they ask for in reference the name,
04:49 address, phone number, email address,
04:53 serial number of the equipment you purchased,
04:55 the date you purchased it that type of thing.
04:58 Still it's information about you that's going out there
05:01 into an environment
05:03 that takes your information and sells it to somebody else.
05:08 Some instances, big business, established organizations
05:12 that are corporate
05:13 and are considered very successful.
05:16 They're okay and you read the fine details
05:18 of the registration information
05:20 and they'll tell you that
05:22 we promise that your information
05:24 is safe in our database and we don't resell it.
05:28 Okay, the safety issues another and I'll address that later on.
05:31 But the key is this,
05:33 when you understand that in an information age,
05:38 your data is never really safe.
05:40 Many of these major organizations
05:42 that promise to keep your information safe
05:44 cannot really do so.
05:45 And then, of course,
05:46 those that ask for all this detailed information
05:49 are using that information to resell it.
05:51 It's all a money making industry.
05:53 Nothing is really safe and the more you do
05:56 to protect your information the better you are.
05:58 Therefore, we wanna talk today about consumer privacy,
06:03 consumer privacy and what you need to do.
06:06 For example, what I would recommend
06:08 that you do in reference to the acquisition of a laptop,
06:11 for example, is take your receipt,
06:14 staple it to the registration card,
06:16 and put it in a file.
06:17 You don't need to share information.
06:19 If you do choose to share information
06:21 just share your name,
06:23 your phone number and the registration number
06:26 of what you have purchased, the serial number.
06:28 Don't give out too much.
06:31 It's not necessary, and in the case
06:33 that I used for this water heater,
06:35 I just stapled the receipt
06:38 to the registration card and filed it.
06:41 If something goes wrong within allotted time frame,
06:44 I have the receipt that tells me
06:46 I bought it at this time,
06:48 this is the serial number,
06:49 here's where I bought it from,
06:50 and it gives the date when it was purchased
06:52 so I know it's within the warranty timeframe,
06:55 and then I can go make the call
06:56 to address any specific problematic issues
06:59 that I may have with the water heater.
07:02 But guess what, I bought it for a while now,
07:04 it hasn't given me any of the problems,
07:06 and typically if you're going to see any kind of troubles
07:08 within a piece of equipment or product that you buy,
07:12 you're going to pretty much see it early on.
07:14 I have never been one
07:16 to jump in to the extended warranties
07:19 and pay another $149,
07:21 and we can provide you a whole new piece of equipment
07:25 and just swap in and out.
07:27 I don't do it because it's additional funds
07:29 that you have to pay out, umm,
07:30 and I don't think it's a real necessity,
07:32 but I'm not telling you how to do it,
07:33 I'm just making some suggestions
07:36 because it all has to do with your information.
07:42 For a moment I'd like to take you back
07:45 to a conversation we had earlier
07:47 in reference to the first part we talked about on credit.
07:51 I have a couple of quiz questions
07:53 I'd like to ask you,
07:55 and I think it's going to be pretty interesting
07:57 as we talk through this
07:59 because as we talk about credit
08:01 we're gonna move forward
08:02 and talk about this consumer privacy that's relevant.
08:09 How many days does a creditor have
08:11 to acknowledge your written complaints
08:13 about a billing error?
08:15 Your credit card, your information.
08:18 Is it 30 days?
08:19 Is it 60 days?
08:21 Is it 90 days? Is it 120 days?
08:23 How long does one have?
08:24 Well, the answer is actually, A, 30 days.
08:27 The creditor has 30 days
08:29 to acknowledge your complaint in writing
08:32 within 30 days of receiving it
08:34 unless the problem has already been resolved
08:37 the creditor must resolve
08:40 that dispute within at least 2 billing cycles
08:42 or at max 90 days.
08:45 Things you need to know, so if you have a concern,
08:47 you know who you need to get in touch with
08:49 and you know that they have a certain timeframe
08:52 to resolve the billing
08:53 and credit error on your report.
08:55 Question two,
08:57 negative financial information
08:59 excluding a bankruptcy
09:01 can stay on your credit report for,
09:03 A, two years,
09:05 B, five years,
09:08 C, 7 years
09:09 or D, 10 years.
09:12 The actual answer is, C, 7 years.
09:16 Accurate negative information
09:17 can stay on your report for 7 years.
09:19 Bankruptcies remain on your report
09:21 for approximately 10 years.
09:23 Now it's essential to know this
09:24 because as I mentioned accurate negative information
09:27 if it's not accurate
09:29 as we're getting into consumer privacy
09:31 and moving into another area
09:33 about ID theft and fraud things,
09:35 you need to do to protect yourself
09:37 and if you are caught
09:40 as a victim of consumer fraud,
09:42 you know exactly the three steps
09:43 you need to take immediately
09:46 to handle the issue
09:47 and we'll offer some statistics from that perspective.
09:50 Privacy that involves the rights
09:52 of an individual in relation to the information
09:55 about them circulating around in society,
09:58 it's called, "Information Privacy."
10:01 Why privacy is an important issue?
10:03 Now in the information age there are several reasons,
10:06 computer systems store large amounts of data,
10:09 a lot of information about us
10:12 and our consumer activities.
10:13 Working in the automotive environment,
10:16 and helping with market research
10:18 is a key understanding from my perspective of
10:21 how much information companies want to know about you.
10:24 They want to know as much as they can
10:26 to make the right decisions,
10:28 and how they approach you
10:30 for the acquisition of their products,
10:32 their services, their goods,
10:33 so there's a lot of data that's out there.
10:37 Public and private organizations
10:38 can share computer files,
10:41 for example, the IRS can access financial data
10:45 about you from your work
10:47 or from your bank, excuse me, from your bank.
10:50 Computer data can travel
10:52 and change hands in seconds, in milliseconds.
10:57 It's important to realize that
10:59 because of these factors accurate data is paramount,
11:05 accurate data about you in the systems
11:09 of these organizations is critical.
11:12 Why is information privacy such a sensitive issue?
11:16 Why is it?
11:17 Because information is a valuable resource,
11:23 it's valuable, people pay for it,
11:25 they need it, they want it
11:27 because they want you to be a consumer
11:29 and they need to know they can talk to you.
11:33 The access to information in our society today
11:36 may have many benefits to consumers,
11:39 but it also poses a potential threat
11:42 to all of our privacy and personal information.
11:46 Now the types of public information
11:48 I'm gonna read a few of these for an example purpose.
11:53 Types of public information
11:55 that's out there ready for anyone to get is like,
11:57 for example, we did a census back in 2010.
12:00 Demographic information U.S. Census
12:02 about where you live, your age, your ethnicity,
12:07 information about you as an individual,
12:10 telephone directories, telephone numbers,
12:13 birth, marriage and divorce records
12:16 are public information,
12:17 you know voter registration information is public.
12:21 Did you know campaign contributions
12:22 where you give your money, is also public information?
12:26 Driver's license
12:27 and vehicle registration information is public.
12:30 Did you know your licenses and permits,
12:32 so if you go hunting and fishing
12:35 your gun registration or your fishing license,
12:37 and whatever the case may be is public information?
12:41 And other that's really important
12:43 is legal information
12:45 such as judgments, bankruptcies,
12:49 real estate titles, real estate titles etcetera.
12:54 Private databases,
12:55 things that should not be available
12:59 and only available to those people
13:00 that are approved in using it are also out there about you.
13:06 Digitally, the part of your digital mark on the internet
13:11 and as a part of your physical files,
13:13 database files that are out there
13:15 in public records,
13:16 those include your employment information,
13:19 your employment information shows upon your credit report,
13:23 it can also show up in other areas.
13:26 Credit reports as I mentioned also tax information
13:29 such as IRS and tax boards
13:31 based on how you pay your taxes,
13:33 criminal records is supposed to be private information,
13:37 social service records, welfare,
13:39 Medicare those type of things should be private,
13:41 and then, of course,
13:43 school records and medical records.
13:47 What I'd like to do now is ask
13:49 our area expert on credit, Jessica,
13:52 a couple of questions
13:54 and ask her to respond accordingly.
13:56 The first question I have is what methods can we use
13:58 to protect ourselves from fraud and ID theft?
14:02 Jessica, what are your thoughts?
14:04 Unfortunately the thieves
14:06 have already stolen our personal information,
14:09 so to protect ourselves
14:11 what I tell our clients and employees
14:14 that we educate is to shred
14:18 what information you have that's on paper,
14:20 be very careful who you give your personal information to,
14:25 and there are multiple
14:27 different types of insurance policies out there
14:30 that people can purchase now
14:31 in order to help them with their fraud situations.
14:37 Interesting her response.
14:39 Your information is important, it's valuable,
14:43 people want it
14:44 and what she's telling us is that
14:46 it's no longer really safe.
14:48 ID thieves are out there, they're looking,
14:51 they're looking for someone that's not really aware of
14:54 what's happening in their lives or in their surroundings,
14:57 and they're stealing identities
14:58 and using them for their own specific purposes.
15:02 It's key that we look at how we protect our data,
15:05 and as I told you in the story before
15:07 that your information is what people want,
15:10 and they take that consumer information
15:12 and resell it and use it in many different forms.
15:14 In many, the majority of the situations,
15:17 its use for the right purposes
15:18 if you are a manufacturer in an organization.
15:22 But in a growing number of cases
15:25 people are losing their IDs
15:26 and it's creating a major, major concern with families,
15:32 and the lives that are put into disarray
15:34 by having to recoup and finding out
15:36 what's going on in reference to their lives,
15:39 and how many new credit cards are out there in their names,
15:42 and what's going on?
15:43 I'd like to go back to Jessica though for a moment
15:46 and ask her, well,
15:47 if people are already out there stealing our information,
15:50 what is it that we can do, Jessica,
15:53 to make our lives a little bit more safe?
15:55 Can you tell us?
15:57 In regards to their credit,
15:58 what we always recommend
16:00 is to check your free yearly credit reports
16:04 from the three different credit bureaus.
16:06 I tell our clients and the employees
16:09 that we educate to stagger it
16:11 so that you are requesting a report
16:14 once every four months.
16:15 You can also request reports on your children.
16:19 And when it comes back to you saying that
16:21 there is no information then that's good.
16:24 A red flag to watch for
16:26 because thieves are using
16:27 children's Social Security numbers
16:29 is if your child
16:31 starts getting pre-approved credit card applications
16:34 in the mail.
16:36 Thank you, Jessica.
16:38 You know, it's great to have an area expert.
16:41 Jessica is an ID theft and fraud expert
16:46 in the Los Angeles area,
16:47 and she's a valuable resource
16:49 for me and the organization
16:51 in reference to teaching young people
16:53 about financial issues,
16:54 and how important credit is to their financial futures.
16:59 It's interesting some of the things she said
17:00 because people are now targeting our young people,
17:04 our children's Social Security numbers
17:06 and using that to open up different accounts,
17:10 credit accounts all over the place.
17:12 They'd sometimes take the information
17:14 and sell it across the ocean
17:15 and it becomes a global market now
17:18 that is almost uncontrollable,
17:20 so there are things that we need to do
17:22 to hedge against the chance of your identity being stolen,
17:27 and even more so
17:28 to hedge against the chance of your child's
17:32 and your child's future being stolen.
17:34 I do know that,
17:36 I received a letter from a health insurance company
17:38 that held my son's health insurance,
17:41 and they sent a letter saying that we're sorry
17:44 but our database has been stolen
17:46 and your son's name and information
17:49 was a part of that database,
17:51 and we're telling you that
17:52 we're gonna provide you some free coverage
17:54 and protection over the next,
17:57 over the next two to three years
17:59 so that you can ensure that his identity is protected.
18:04 So now it's incumbent upon me as a father to double check,
18:09 to review his credit information to ensure
18:12 that he isn't having his
18:14 Social Security number out there
18:16 as a part of some body's credit card use.
18:20 It's important.
18:21 These are little things that I can share with you
18:23 so that we can hedge against problems in the future.
18:29 An added burden, yes,
18:30 but it's something we'll have to do as technology
18:34 and the use of this information as it grows.
18:38 Okay, so we know that we're not completely safe,
18:41 but we do know now of some methods we can take
18:44 to protect ourselves against those specific issues
18:47 in reference to ID
18:49 and your privacy as a consumer.
18:51 It's mandatory that we manage that process very well,
18:56 so I'm gonna share with you a couple of things
18:58 that you should do.
19:00 One is, one of the things
19:02 we all do is we go to a restaurant
19:04 and we pay for our meal via credit card,
19:08 and then these Steward or the, the receptionist
19:13 or whomever is handling the waiter, the waitress,
19:15 brings the receipt to us
19:17 and brings a little book that you open it up
19:21 and you look at receipt and you,
19:22 you ensure that everything's accurate,
19:25 and then as you finish that you take out your credit card,
19:27 you put it in a book, and you put it on a table
19:30 and somebody, we hope it's the right person,
19:32 comes picks it up and takes it to register
19:35 your payment for the meal.
19:39 That's one of the areas that you can lose your identity
19:41 because there are many individuals
19:44 that will pretty much pick it up,
19:46 look at the card and walk away
19:48 and then, of course, sometimes
19:51 ID theft happens from the businesses
19:55 that you frequent.
19:57 How do you know that, that person
19:59 is being honest in everything that he does?
20:03 One of the things we try to tell people to do
20:05 is don't leave it, make sure you watch it,
20:07 make sure you know who's taking it,
20:08 and make sure you, make sure, make sure
20:11 you're certain that the information
20:14 and the amount you paid is accurate.
20:16 Check your receipts.
20:17 Make sure you look at the bank statement.
20:20 Another point that can be used is
20:21 in reference to your wallets,
20:23 stolen wallets frequently lead to identity theft
20:26 so instead of carrying your wallet in your pocket
20:29 or having it in as an easy access to in your bag,
20:34 use travel pouches if you travel a lot.
20:36 You know a little travel pouch on your waist,
20:37 something that keeps it close to you
20:39 so it's not easily taken away from your body.
20:42 I know that I work with some people in different countries
20:46 and they tell you that,
20:47 "Yeah, it happens all the time and it's a part of,
20:50 of life that your wallet can be taken for you
20:53 at any point in time"
20:55 So you hedge against those things,
20:56 and protect yourself from having
20:58 that potential problem happen.
21:02 Consumer privacy also has to do with your checks.
21:05 If you leave home lock up your checks.
21:07 Yeah, it's the only thing.
21:08 If someone breaks into your home,
21:10 continue to lock it up.
21:12 Because checking account takeover is one major area
21:16 that's of concern
21:17 and it's one of the hardest areas
21:19 to prove that you are the person that's in control.
21:24 Technologies providing a whole new realm of things
21:27 in reference to your consumer privacy.
21:30 One of the things that's out there is organizations
21:33 that have the capacity to help you share your friends
21:36 and your networks all over.
21:38 And a lot of these get tweets all the time about
21:41 "Hey, I'm going to bed"
21:42 and "I'm actually waking up for breakfast"
21:44 and "I'm and doing these type of things."
21:46 Do you know that there are people out there in that,
21:48 in that environment that are just looking for individuals
21:51 that are providing too much detail about their lives?
21:54 They can find your address. They can find where you live.
21:57 They can actually find you, and if you tell a person that
22:01 "Oh, by the way, I'm going on a two-week excursion
22:03 and I won't be home for another couple of months,"
22:05 and you're the person that provides
22:07 a lot of information
22:08 on this potentially this website
22:12 that provides the information to anyone that comes to it,
22:16 then you're in danger
22:17 of someone targeting your home for an invasion.
22:21 Things like this are key, protect your privacy,
22:24 protect it as you would you hold your wallet
22:28 or you protect your child.
22:29 It's, it's that type of environment
22:32 that we live in,
22:33 and you need to hedge against those things.
22:35 In another area we'll talk about ID theft part three
22:40 and we'll go into some of the issues you need to look at
22:43 when you get online, the online environment
22:46 and it's a key issue to be concerned about.
22:51 Camera phones, if you're a tourist did you know that
22:54 people are out there,
22:55 they are looking to capture images
22:59 of your private information.
23:02 It is key that you look at all different aspects
23:07 of what technology provides
23:09 because as you now are seeing a lot of youtube videos
23:11 that come up based on problems that people may have.
23:15 It's essential, it's essential
23:19 that you look carefully at how you use technology.
23:26 You know what's surprising to me is that
23:28 I traveled to Atlanta then I traveled to Tennessee,
23:31 took some pictures on my iPhone
23:33 and I went to another place
23:35 and took some other pictures on my camera phone
23:38 and understood the context that
23:41 as I pulled up those images it can actually map
23:44 where you have been,
23:45 you can be tracked
23:47 to the different locations you go,
23:49 there's a tracking mechanism on this.
23:51 So even though it's convenient for me
23:54 to put in an address
23:56 and it takes me where I wanted to go
23:58 it's also tracking where I have been
24:02 and it's placed in a database.
24:04 These are things to understand
24:06 when you look at your consumer information
24:08 and how you protect it.
24:09 At times now, I just shut off the location device on my phone
24:15 and make sure that people really don't need to know
24:18 where I'm at.
24:20 Hey, shut off your phone, shut off technology.
24:22 You don't need to have access to it 24/7,
24:24 it's something that may save energy at home,
24:26 can help you from a budgetary standpoint
24:29 and can help you better control
24:32 some of the information that gets accessed
24:34 by public organizations.
24:38 What's in a database profile?
24:40 Your address, your phone number,
24:43 your fax number, your Social Security number,
24:47 your credit card numbers,
24:49 your driver's license numbers,
24:51 your student loan history, your medical history,
24:55 your driving record, your worker's compensation
24:58 and your insertion and insurance records,
25:01 your tax records,
25:02 your political affiliations, your spending patterns,
25:07 your product preferences and your estimated incomes.
25:11 Now that's all there and it's intriguing
25:13 that you heard that I talked about your spending patterns.
25:18 Your bank knows more about your spending patterns
25:20 than you typically do, change that,
25:22 know more about what you spend than your bank knows.
25:25 Know more about it than any consumer agency will know,
25:28 it's essential that you know about yourself
25:31 and you protect that information
25:33 and you go back to the beginning
25:35 and understand that if I know more about myself
25:38 and I know more about my finances,
25:40 I can better control what other people know about me.
25:46 Alright, we're coming to a close.
25:50 I want to tell you that this issue of ID theft
25:54 is very, very important.
25:58 Many of us may get calls late in the evening
26:01 from marketing companies.
26:03 Did you know you can opt out?
26:05 If you want more information, look online,
26:08 do a search on opt out from marketing practices.
26:12 Did you know that if you receive mail
26:15 that you don't necessarily want from marketers,
26:18 you can opt out of that too by going online
26:22 or calling the 800 number.
26:24 These are your rights.
26:25 There are privacy acts that are available
26:28 and that the government has written on your behalf
26:31 but also understand that early in...
26:35 One of our presidents actually freed up
26:38 and deregulated the ability for the media
26:40 to get in touch with you,
26:41 which also freed up their ability
26:44 to gain access to information about you.
26:48 Information is valuable, control it.
26:52 Information is something that you need to know about
26:57 and you need to know as much about yourself as possible.
27:01 So, I'm gonna go back to the beginning and say
27:03 the most basic bit of information
27:06 you need to do is to assess where you're at right now.
27:09 If you already done the assessment
27:10 then it's good to make sure your budget
27:12 is in the right place.
27:14 I hope that you've created a budget.
27:15 If you haven't begin the process today,
27:17 know where your income is, know where your expenses are,
27:20 know where that where that margin is
27:23 so you know where you can save, where you can put your money
27:26 and what you can do from that standpoint.
27:28 It's incumbent upon you that if you plan
27:32 and prepare for the unexpected,
27:34 you can protect against the unexpected.
27:36 So have that emergency information,
27:39 have the emergency funding for whatever your needs can be,
27:42 have those things in place to protect yourself
27:45 and understand that if someone asked for information,
27:49 you don't have to give out any information
27:52 unless you want to, it's your information,
27:55 keep it to yourself.
27:57 Take that to the bank and say God bless.


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Revised 2017-01-19