Equifax Update…Use Extreme Caution

Equifax tweets sent victims to phishing site

Consumers were misdirected to a phishing website by Equifax itself (you can’t make this stuff up), according to various published reports. Over the last couple of weeks, tweets from the official Equifax account and signed by “Tim” directed a handful of Twitter users to a fake site instead of to the official Equifax site set up specifically to help concerned consumers, Equifaxsecurity2017.com.

The fake site used an address similar to the valid Equifax site. Instead of offering help, the site mocks Equifax for “using a domain that’s so easily impersonated by phishing sites.” Equifax has since deleted the tweets.

“All posts using the wrong link have been taken down,” a company spokesperson said. “We apologize for the confusion.”

Equifax has said that the personal information of 143 million consumers was potentially compromised in the cyberattack revealed by the company Sept. 7.

Equifax data breach and credit freeze: Beware these 3 scams

Consumers must be doubly vigilant following news of the massive mishap, experts warn. Even if you were wise enough to put an immediate fraud alert or credit freeze on your credit files, con artists are likely to go into hyperdrive finding new ways to take advantage of the hack and the publicity surrounding it.

“Don’t panic. But be vigilant,” said Susan Grant, director of consumer protection and privacy at the Consumer Federation of America. “With this breach, criminals have everything they need to victimize you.”

Here are three cons that experts believe will become prevalent in the aftermath of the Equifax (EFX) data breach.

Impostor scams (even after you’ve initiated a credit freeze)

The Federal Trade Commission warned Thursday that it expected a new wave of imposter scams, with con artists posing as representatives of Equifax “calling to verify your account information.” Given that Equifax is providing free credit monitoring and credit freezes in wake of its data breach, the call may sound legitimate, the agency warned. But don’t ever provide any privy information over the phone.

The purpose of this con is to get you to provide private information — including some of the information that was leaked in the breach — to a caller or via email. Even if your information was leaked, not all fraudsters are likely to have access to it.

Providing information to a new con artist over the phone simply increases the chance that you’ll be victimized. Of course, if your data wasn’t part of the Equifax attack, giving it out over the phone gives you a chance to join your friends and neighbors in having your data exposed on the dark web.

Information about the Equifax breach, including a simple tool to tell you whether the company believes your data was accessed in the breach, can be found on the company’s web site. Even if this tool indicates your data was spared, you can sign up for free credit monitoring for a year and Equifax will also waive any costs entailed in freezing your credit report, if you act within the next two months.

Tax identity theft that could rob you of your IRS refund

The Internal Revenue Service has been fighting tax identity theft for years. These scams involve criminals getting victims’ names, addresses and Social Security numbers to file fraudulent tax refund claims. The agency cites data breaches as one of the main ways that con artists get the relevant information to pull off tax identity theft.

Victims often get the first inkling of a problem when they file their annual tax returns and the IRS notifies them that another return has already been filed and their refund has been claimed. While the agency has a task force dedicated to these cons, they are complex and difficult to solve, often taking more than four months to investigate, according to the agency.

If your information was compromised in the data breach, make a point of filing your annual tax return promptly. And take immediate action if you are informed that more than one return was filed in your name; that you owe additional tax; or that IRS records indicate that you earned more than the amount of wage you reported.

What action should you take? File a police report and a fraud report with the FTC Identity Theft Hotline (877-438-4338). Also, complete IRS form 14039, the Identity Theft Affidavit. You may be forced to file your tax returns on paper in the meantime. If you do not get a prompt response from the IRS, call the Identity Protection Specialized Unit at 800-908-4490 for assistance.

Spear-phishing to crack your bank and brokerage accounts

The data made available through the Equifax breach is also likely to spur a wave of so-called “spear-phishing” scams that could put more than your credit at risk. Phishing scams are often unsophisticated email and phone cons aimed at getting you to reveal privy data, such as your Social Security number. Spear-phishing cons are far more sophisticated.

These use your real data — the type of data compromised in the Equifax breach — to mimic legitimate communication from your bank or broker. The email may urge you to click on a link or open a PDF file to check your account or verify a transaction. However, if you click on the link, you could be downloading malicious software on your computer that would allow the crook to hijack your system or record your keystrokes.

The best advice after the Equifax breach is to assume any such communication is suspect. If you get an email from your bank, broker or credit card issuer and believe it’s legitimate, visit the company’s website or call their toll-free number. Do not click on the link.

 https://lendingcapital.net

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EQUIFAX – 143 Million breached half the US population…ouch

We are a Corporate & Individual agency for LifeLock® Identity Theft Solutions  

Equifax with 143 million breached has created a national epidemic – and you will be 11 X more likely to have your identity stolen because of this. 

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 Give us a little information: birthdate, SSN, email, etc. 

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We look for threats to your identity. 

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We alert you of suspicious threats by text, email, or phone. 

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If your identity is stolen, our U.S.-based team will work to fix it. 

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We’ll reimburse funds stolen due to identity theft up to the limit of your plan. 

Our Million Dollar Protection™ Package 

Watch our 1 minute video https://youtu.be/yPrFsuTh-Vw  

As business you are a primary target, the average cost of a breach is around $100,000 per location! You need to add a level of protection that safeguards your employees, your business, and your clients. There are no hard costs to you the employer as it is a voluntary benefit-and IRS has approved as a non-taxable voluntary benefit. 

Our program offers a 15% discount (already built in the pricing on our website) 

We are SSL Certified-Malware Scanner-Google Blacklist-and McAfee protected. 

https://lendingcapital.net 

Frank J. Eberhart, CEP®, RFC®, Author 

 

Credit and small business…

Credit and small business 

I know some of this seems redundant from previous blogs I have done, but, it seems I need to repeat some of the highpoints (or low points depending on how you look at it). Here is short summary of what you need to get together.  

Remember this: Almost 90% of all bank loans get turned down. 

  1. Check your credit BEFORE you apply. Places like www.creditchecktotal.com  will give you all 3 bureaus. 
  1. CORRECT or explain anything that is negative.  
  1. Create a marketing and game plan (in writing to present) 
  1. Create a BUDGET  
  1. Complete a PFS (personal financial statement) 
  1. 3 years business and tax returns 
  1. 3 years personal tax returns 
  1. Profit and loss statement 
  1. Cash flow is one of the primary things lenders look for-generally most lenders give around 20% of annual sales 
  1. List number of clients (lenders like lots of clients-low number of clients means high risk to a lender 
  1. Get your SBSS score (small business scoring service). You can get this at Nav.com  
  1. If you are looking for an SBA loan: the requirements are a  minimum score of 140, most lenders will NOT provide a loan if SBSS score is under 160. The range is 0-300 
  1. SBA loans are difficult to get and can be expensive and take up to 3 months or more to fund.  So, if you are in a hurry look elsewhere that is why we offer short and long-term loans. 
  1. Personal FICO score-0-840 most lenders want 650 
  1. D-UN-N-S number (Dun and Bradstreet-100 as the highest a score of 80 is good-free  
  1. Most secondary lenders (non-bank) have very short terms and require daily or weekly ACH payments form your bank 
  1. DO NOT apply at several banks or lenders at once or keep applying-every time you do this it pulls down your credit score-you will not get a loan. 
  1. Most lenders require a minimum of 3 – 6 months in business and do not do startups. 
  1. Have a website, subscribe to places like Yoast (SEO), Rankcrew.com for backlinks, make sure it is HTTPS (secure) you can have the greatest website but who cares if nobody can find it. 
  1. Have engaging content-you only have around 2 seconds or so for someone to keep looking or come back to your site (like this-a blog) 

The old bait & switch,” get approved in seconds and get funded in hours”- in lending instant gratification can cost you a lot of money. High interest, short terms, and not as much as they promised or even turned down after they actually pull your credit. 

We hope this helps you, our goal is always to help businesses and individuals who want to start a business. 

We have realistic lending programs from established to start ups-Lendingcapital is a national direct lending platform. 

Regards 

Frank 

https://lendingcapital.net  

We are SSL Certified,-Malware & Google Blacklist secured  

Caution…You are entering the “ding” zone

As an advocate for small to mid-size businesses (I am one) I give a word of caution when shopping for a loan. DO NOT shop 2 or 3 lending or credit institutions at once, every time you go they pull your credit and you get a “ding”.

  • Do your homework, Google can save you time and energy and money, shop on line for lenders who favor your type of business, i.e. best lenders for restaurants, machine shop, start up, poor credit etc.
  • Go to credit agencies where you can get a full and free credit report without “a ding”-like Credit karma (free).
  • Once you obtain your report see what you need to correct or challenge on any information in the report.
  • Have a game plan, why you need the money, how it will help grow your business, or start your business.
  • Correct BEFORE you apply, or at least have a reasonable explanation.
  • Find a lender who will initially accept the credit report you have provided to see if you can qualify with that lender.
  • Many lenders will have an on-line see if you qualify without affecting your credit (we do), it helps give you the direction for your next steps.

Simple steps to help you obtain the financing necessary for your business…oh, and read the fine print before you sign.

Be Prepared-Be Informed- Be Pro Active

www.lendingcapital.net

Commercial Lending

Commercial lending made easy

It’s that time of year, holiday shopping, excitement for the holidays and….

Next years budget, marketing plan, and where do I get the money from? Party pooper huh? Well a word of caution to businesses shopping for money this holiday season-or anytime for that matter.

  1. Check your credit-credit karma is good because you do  not get any “dings” on your credit report.
  2. Correct anything that is not accurate NOW
  3. Do NOT apply at multiple lending institutions, select one and focus on that.
  4. Once you apply you get a ding, and every time you apply you get a ding-after about 3 dings the banks will give you a “dong”.
  5. Make sure you read all the terms and conditions BEFORE you sign.
  6. Make sure you can actually pay back the money.
  7. Create a marketing plan that makes sense and how you will achieve it and pay for it

Be informed, most banks do not like to lend to companies under 5 years,  2 years and under is very difficult same with start ups, there are factoring companies that can help, make sure you understand all the terms and rates in these type of companies!

Hope you all have a great holiday season and a very prosperous new year

http://www.lendingcapital.net