Tuesday, June 19, 2012

How to Know If a Loan Website Is Legitimate

By Nicki Howell

According to the Federal Trade Commission (FTC), fraudulent crimes are on the rise. Approximately 30 million Americans were affected by fraud, as of 2007. This translates to about 13.5 percent of U.S. citizens. Although the most common types of fraud are worked at home opportunities and lottery memberships, fraudulent loan websites are also a problem. Collecting information about the company and researching them with the Better Business Bureau (BBB), state attorney general's office and Federal Trade Commission can protect you from fraud.

Collect the loan company's full contact information. Researching a company requires information such as the company's complete address, website address and phone number. When collecting this information, get it independently. Don't ask a loan officer for the information. Instead, check out the company's website or a piece of their letterhead.

Check with the Federal Trade Commission (FTC). The FTC is responsible for protecting consumers from fraudulent companies. They track complaints about a variety of businesses, including loan companies. Contact the FTC directly to ask about the loan website.

Contact the Better Business Bureau. This organization also tracks complaint history on loan companies. When a consumer complains about a loan website, the BBB sends a notice to the company. The organization then tracks the loan company's response to the issue. Based on the company's response, they assign the company a grade letter (A-F). An "A" rating is the best and an "F" is the worst. Find a company's complaint history by visiting the BBB website and searching by company name, address or website.

Get in touch with the state attorney general. His office tracks complaints about companies. According to the National Association of Attorneys General, the state attorney general is the "people's lawyer," which means she can build a case against fraudulent companies. Find your local state attorneys office by contacting the National Association of Attorneys General.

If a loan website is demanding large amounts of money upfront, this should be a red flag, reports the FTC.

Don't hand over any personal information until completing a complete investigation on a company.


http://www.lenderva.com

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