Avoid Stimulus Ripoffs and Scams

The Better Business Bureau and the Federal Trade Commission have both issued recent warnings that scammers are out in full force trying to separate people from their already scarce cash.

There is no stimulus check going directly to taxpayers.
Watch out for emails and websites asking for your personal or bank information so they can send you your “stimulus check.” Instead, you’ll get your identity stolen or your bank account drained. Some of these sites have very official sounding names, so don’t be fooled! Just know that any claim to get you a check from the government in association with the stimulus is a ripoff.

Get your information from reputable sources.
When the Treasury Department issues new guidelines that affect the mortgage industry, go straight to the news outlets like CNN Money or the Wall Street Journal. They employ analysts to simplify the complicated messages into facts the public can understand. Don’t just take a company’s word, dig deeper and go to trusted sources!

You don’t need to pay for advice.
Don’t fall prey to people promising free information and then asking for your credit card number. It seems many of the complaints filed with the BBB fall into this category. These companies are counting on you not reading the fine print and will continually charge you a monthly fee – often for nothing. If you feel you may have paid a one-time fee and gotten little in return, check your credit card balances for recurring charges and report any suspicious activity to your BBB or the consumer protection division of your state’s Attorney General’s office.

Go with established companies.
When it comes to refinancing your loan, there are a lot of would-be brokers out there who will ask for high fees to help you with your application, then vanish. These people are the most unscrupulous of thieves, gaining the trust of people looking for help, and then running off with their cash. Be sure to check a company’s credentials and ask questions. Any honest company is happy to share the details of their business with you.