FHA Mortgages & Telemarketing Scams

by Peter G. Miller
July 2nd, 2007

The FHA does not consider credit scores when evaluating loan applications, however the FHA does consider credit.

This means that it’s important to get credit right — if you are victimized by a credit scam you could lose an opportunity to get an FHA mortgage or perhaps be required to pay more interest that you should.

I get calls from time to time from the fastest talkers, folks who explain that they want to improve my account and get me into some “good situations.” I have no idea who’s calling, but I do know how to hang up when unknown solicitors call. (As well, I am on the do-not-call list, one of the most-useful laws ever enacted.)

I got a news release from ClearPoint Financial Solutions, a company which describes itself as follows:

“ClearPoint Financial Solutions, Inc.™ (formerly Consumer Credit Counseling Services of America, Inc.) is a national non-profit organization dedicated to helping consumers achieve financial wellness through counseling and education. Established in 1980, ClearPoint has helped over one million individuals achieve financial security. ClearPoint is the only non-profit System-wide member of the Better Business Bureau (BBB), and one of the largest members of the National Foundation for Credit Counseling (NFCC). Headquartered in Richmond, Virginia, ClearPoint manages branches across the country. Personalized and confidential consultations are available in person, by phone or online.”

Here’s what they had to say:

Telemarketing Scams

According to the Alliance Against Fraud in Telemarketing (AAFT) Americans lose nearly $40 billion a year due to telemarketing fraud. Top phone scams include: free prize offers, charitable solicitations, travel offers, investment fraud, “900” numbers and advance-fee loan scams. This is not to say that all telemarketing solicitations are fraudulent, as many are perfectly legitimate. To be safe though, consumers should consider the following when dealing with a telemarketing call:

· Be wary of free prize offers. If something sounds too good to be true, it usually is! Declining the offer and ending the call is your best defense.

· Check your charities. You should never make a monetary donation over the telephone. Instead, if a charitable organization contacts you over the telephone for a donation, ask that they send you literature in the mail instead. Nearly all organizations would be happy to accept a check in the mail. That way, you can determine that you are sending money to the correct charity, rather than giving your credit card information to a potential thief over the phone.

· Investigate investments. Never discuss investment opportunities with a solicitor. You should only conduct this type of business with a company that you have selected based upon doing your homework. Don’t give in to high-pressure sales tactics or anything that makes you feel uncomfortable. When in doubt, just hang up!

· Unsubscribe. To eliminate telemarketing calls altogether, consumers have the
option to sign up with the National Do Not Call Registry. To do so, consumers can
visit www.donotcall.gov.

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This entry was posted on Monday, July 2nd, 2007 at 2:31 am and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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