Personal Finance in the News 10/26/12

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This week the experts from contributed to a wide range of publications on subjects including debt collection, identity theft, fraud and credit card marketing. Check out the hits… Chairman and Co-Founder Adam Levin had a busy week sharing his wealth of knowledge about all things credit with several news outlets. First up, he was quoted by Yahoo Finance about the need for updating debt collection practices for the modern day. There is a debate on the issue of what role government should play when collectors attempt to recover funds. Adam stresses that there should be stronger oversight and that borrowers should be urged to repay funds within fair limitations.

@Adam_K_Levin @Yahoofinance

Adam also spoke to NBC News about the lack of protocol in government agencies for protecting citizens’ personal information. He notes that the majority of the data breaches that take place aren’t from high-tech hackers, but from careless employees leaving information unsecured and unencrypted. He explains that the government is leaving us all at greater risk of identity theft by not implementing or following security policies.

@Herbweisbaum @NBCNews

In the same vein, Adam accounts personal carelessness to exposing people the dangers of fraud. He explains to KOMO News that leaving your personal information out where others can see it or steal it is a very dangerous practice. He stresses that even the garbage is a rich ground for thieves to obtain your information and that everything should be shredded before discarded.


Adam discusses the practice of credit card companies selling your purchase information to advertisers to better target you with products you may want online. This is something that MasterCard is currently doing and Adam has no doubt that others will follow. He’s calling for governmental legislation to ban the practice but does have doubts that we will see progress on this in the near future.


The New Jersey Star Ledger follows the story of a woman that was forced to give her driver’s license information to resolve an administrative issue after expressing concern that it could be a security risk. Adam gave her the confirmation that she was correct in being worried about handing out this pieces of information siting it as a critical piece of ones identity ‘mosaic” and that ID thieves are only too happy to find.

@KPMueller @starledger

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