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Click below to read or print the entire issue.
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EDITOR'S MESSAGE
by Sheila Adkins
 February 6-12, 2005 is National Consumer Protection Week. The theme for this year’s event is, Identity Theft: When Fact Becomes Fiction. Identity theft continues to be a very serious threat to all of us, but not in the way we think. The common perception is that identity thieves typically troll for your personal and financial information on the Internet. Turns out, they are much more interested in taking the personal information that you carry in your purse or wallet. In this issue of The Wise Consumer, we will focus on the findings of a new Identity Fraud Research Report, released by the Better Business Bureau and Javelin Strategy & Research, and what you can do to protect yourself from this aggravating crime.
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CONSUMER WARNINGS!
BBB Uncovers National Mortgage Elimination Scheme
If you want to get out of paying your mortgage, a mortgage elimination offer is not the way to go. According to federal and law enforcement officials, these types of offers are deceptive, illegal and are cropping up all across the country.
Recently the BBB of Cleveland, OH uncovered a mortgage elimination scheme believed to be victimizing area lenders while leaving homeowners facing dire consequences. A company called Dorean Group, headquartered in Oakland, CA, used independent agents to promote its program. In this particular scheme, homeowners paid the Dorean Group agents fees of $3,000 and agreed to place the title to their homes in a family trust; then, they presented their mortgage lender a document that contains 40-50 "legal" challenges to the loan. This document, known as the "CPA Report" outlines 40-50 claimed "violations" of federal laws committed by the mortgage lender. The mortgage lender must respond with proof of the validity of the loan. When the lender failed to respond, a power of attorney was filed which gave the trustees authority to act on behalf of the lender. Using the power of attorney, a "Discharge of Mortgage" was filed certifying that the loan had been fully paid.
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TIPS FOR CONSUMERS
Basement Waterproofing
A dry basement for work, hobbies, storage and extra living space is an asset to any home. On the other hand, a wet, damp, musty basement taints the value of the entire house as an investment, and is a source of continuing annoyance and frustration for a homeowner.
The best general advice to anyone attempting to eliminate unwanted water from a basement is to fully research all cures and options. To learn more, go to http://www.bbb.org/alerts/article.asp?ID=241.
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NATIONAL CONSUMER PROTECTION WEEK
Identity Theft: When Fact Becomes Fiction
New Research Shows that Identity Theft is More Prevalent Offline with Paper than Online
 The Better Business Bureau has joined a group of federal, state and local agencies and national advocacy organizations to launch the seventh annual National Consumer Protection Week (NCPW), February 6-12, 2005. The theme for this year's NCPW is Identity Theft: When Fact Becomes Fiction," and focuses on minimizing every consumer's risk of identity theft and advocating fast action to contain any harm should an identity thief strikes.
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Key Survey Findings: Prevention Is Key
Based on the latest findings, the BBB encourages consumers, as well as business owners, to renew their focus on specific preventive measures that will help protect their identity in the physical world.
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Detection: The Quicker, The Better
The Identity Fraud Research Report shows that more than half (54%) of the victims of identity fraud first discovered they were victims through some method of self-detection. Further, self-monitoring of accounts, either through paper statements or electronic means (the Internet, ATMs or telephone) constituted a significant portion (44%) of those who discovered their own ID fraud. Finally, those who used electronic means discovered the loss sooner and experienced a dramatically lower loss before discovery. Here are some specific tips to help you detect an identity fraud, should one occur:
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How Safe Are You?
 An Identity Safety quiz has been developed, based on findings from the 2005 Identity Fraud Survey Report mentioned in the article above. The quiz, which is available online at www.idsafety.net, provides both private citizens and small business owners with the opportunity to take an "identity safety" inventory. The quiz only takes about 2-3 minutes and is available in English and Spanish.
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Shredding By Business - Always a Good Idea!
The Fair and Accurate Credit Transactions (FACT) Act of 2003 was intended primarily to help consumers fight the growing crime of identity theft, and many of its provisions went into effect on December 1, 2004. Other provisions required rulemaking by various Federal agencies, with effective dates that would vary depending on the rule involved.
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CHARITY NEWS
Tax Donations for Charitable Causes
 One of the benefits of supporting a worthwhile cause is the ability to take a federal income tax deduction in some cases. To help contributors to nonprofit organizations understand which of their donations are tax deductible and which are not, the Better Business Bureau Wise Giving Alliance offers some tips that can be viewed online at http://www.give.org/tips/tax.asp.
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