7 Tricks YOU Will Have to Teach Your College Student
The CARD Act refers to the Credit Card Accountability, Responsibility and Disclosure Act of 2009. In a nut shell, the act was intended to protect college students from unscrupulous practices that ended up weighing down college students with debt that they had no way to repay. That pizza they charged for $11.99 freshman would incur interest, and interest on the interest, not to mention late fees until they owed a couple hundred bucks on the pepperoni and cheese by their junior year.
What were the ground rules for credit card companies laid out by the Credit CARD Act?
The Act placed limits on the ability of those under the age 21 to get a credit card. Or another way to look at it is that it limited the credit card company’s abilities to issue credit cards to college students under 21.
Credit card companies can no longer issue cards to students who cannot prove an income that allows them to repay the charges. Other than this, college students will have to have a co-signer. For college students, that means someone else to hold them accountable for their credit card debt and for credit card companies it means someone else to go after for the debt.
A new report released by the Federal Reserve does show some curtailing that can likely be correlated to the CARD Act. Payments to colleges and alumni associations made by credit card companies for the privilege of marketing to students or alumnus were down by 13% in 2010 and also after a year the total of new accounts opened by students dropped 17%. It’s certainly a start. Issuing credit cards to college students is still big business though because colleges raked in $73 million last year from credit card issuers.
Here are 7 things every college student should know about money, credit, debt and identity theft Continue reading The CARD Act: College Student Consumer Protection or a Card Trick?
The Social Security numbers, grades and other personal information of more than 40,000 former University of Hawaii students were posted online for nearly a year before being removed this week, The Associated Press has learned.
Apparently it has been discovered that “a faculty member inadvertently uploaded files containing the information to an unprotected server on Nov. 30, 2009, exposing the names, academic performance, disabilities and other sensitive information of 40,101 students who attended the flagship Manoa campus from 1990 to 1998 and in 2001. A handful of students from the West Oahu campus were included in the security breach.”
That’s why we offer these 7 Tips to Protect College Students from Identity Theft. After all The U.S. Department of Education acknowledges that students are at an increased risk for two main reasons: “the availability of personal data and the way many students handle this data.”
Continue reading University posts information of 40K students to get the full story . . .
It’s Back to School time, and not just for the young ones. Many of us have children going to college this fall, learning new life skills and having the time of their life. With these 7 tips you can help them make sure that it’s “their life” having all the fun and not just their identity.
Continue reading 7 Tips to Protect College Students from Identity Theft
The daily Trojan, which is the Student Newspaper for the University of Southern California, today is reporting that the Los Angeles Police Department is investigating 16 USC Identity Theft crimes.
Whatâ€™s interesting is that between August 4th and September 5th, someone used student, faculty, and staff account, to make unauthorized ATM Withdrawls, purchase things fraudulently on the Internet, and open unauthorized credit card accounts. Peter Tom, the vice president of member services for the USC Credit Union, says that he didnâ€™t know about the LAPD investigation, and doesnâ€™t really know why this could be taking place.
Continue reading Southern California Students Lose Information to Identity Theft