| Consumer Affairs warns about 'not-so-free'
The South Carolina Department of Consumer Affairs (SCDCA) encourages people to check their credit reports annually. This is an important way consumers can safeguard against identity theft, credit fraud or unauthorized charges, and check for errors or inaccuracies that can affect a credit decision. Legislation that became effective in South Carolina on June 1, 2005, gives consumers the right to receive a FREE copy of their credit report once a year. However, if ordering your credit report online, consumers are warned to stay away from misleading Web sites claiming to offer free credit reports, then enrolling the unsuspecting consumer in a monthly reporting service costing $11.95 each month. SCDCA has received numerous complaints from consumers who are further victimized when emails trying to cancel the service go unanswered and the Web sites offer no information on cancellation.
Scam Jam 2007 held
By Karen WilliamsonKARENW@CULLMANTIMES.COMExperts agree shredding mail, paying bills and viewing bank statements online, picking up new check orders at the bank and mailing bills at the post office are ways to stop identity theft.If people take those steps, they will have reduced their risk for identity theft considerably, according to Federal Trade Commission attorney Paul Davis from Atlanta who was one of the experts at the 2007 Scam Jam Wednesday at City Hall."That right there will eliminate a certain percentage of identity theft," he said.Paying bills online requires the use of anti-virus software and firewalls on personal computers, and both have to be updated regularly, he said.Davis recommends contacting one of the three consumer reporting agencies — Equifax, Experian and TransUnion — every four months to request a free credit report."Federal law allows you to get free copies of each one every year," he said.That way people will know quickly if there is a problem.
US Fed slashes growth forecast
THE US Federal Reserve cut its forecast for US economic growth overnight to a range of 1.8 to 2.5 per cent in 2008, citing weakness in housing and tighter credit conditions. The central bank, in its first quarterly update under a new policy implemented by Fed chairman Ben Bernanke, had previously projected growth in a range of 2.5 to 2.75 per cent. The forecast was revised from a semiannual report in July, under a new policy ordered by Bernanke to provide more frequent updates on the economic outlook. "These revisions to the 2008 outlook since June stemmed from a number of factors, including the tightened terms and reduced availability of sub-prime and jumbo mortgages, weaker-than-expected housing data, and rising oil prices," the Fed said. At the same time, the Fed cut its core inflation expectation for 2008 to 1.70 to 1.90 per cent, down from 1.75 to 2.00 per cent.
Asian bourses close weaker on credit worries, Hong Kong investment fears
HONG KONG: Asian stocks were mostly weaker yesterday as worries about the impact of a US credit crunch weighed on investors, dealers said.
Benchmarks in Tokyo, Taipei, Seoul and Shanghai closed down, while Hong Kong traded lower as the markets continued to fret over the fallout from the US subprime mortgage crisis.
�It�s a threatening dollar problem worldwide and it should play a major role on the markets for some time to come,� said Jose Vistan Jr, research director at AB Capital Securities in Manila.
Concern that China could limit investments from the mainland into Hong Kong, and that it would hike interest rates for the sixth time this year to cool the economy, also weighed on sentiment, dealers said.
China�s banking watchdog meanwhile denied a report that it had ordered local lenders to freeze all loans until the end of the year.
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