May 28, 2010

Attorney General warns about credit card interest rate reduction scams

Attorney General warns about credit card interest rate reduction scams
Calls using spoofed numbers blanket North Dakota
Attorney General Wayne Stenehjem warns consumers about a barrage of prerecorded messages in a scam offering to lower credit card interest rates for a fee. The illegal prerecorded messages “spoof” legitimate telephone numbers belonging to innocent North Dakota residents and businesses, so the phone number displayed on the consumer’s caller ID is not the actual phone number being used by the fraudulent entities. Telephone subscribers are understandably frustrated and this, unfortunately, has resulted in some angry calls to the legitimate owners of phone numbers who did not make the bogus calls.
Stenehjem emphasizes the most important message to consumers is to ignore these calls. “These offers to lower interest rates on credit cards are not legitimate and won’t result in any benefit to consumers who pay hundreds of dollars for these worthless or nonexistent services,” Stenehjem said. According to Stenehjem, the companies behind the sales pitches falsely claim to have special relationships with credit card issuers and they guarantee the reduced rates will save thousands of dollars in interest. In addition, they often claim the lower interest rates are available for a limited time so the consumer needs to act now. Some offer money back guarantees that are worthless.


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