tag:blogger.com,1999:blog-48881788255575228722024-02-16T02:10:28.856-08:00Credit-Protector Credit Card Insurance Fraud - Exposing the SWINDLE.Possibly one of the biggest CREDIT CARD INSURANCE SCAMS ever perpetrated against honest americans. <br>Yet nothing has been done to punish the fraudsters and rebate back tens of billions of dollars.Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-4888178825557522872.post-63179397071480001722016-11-07T05:54:00.001-08:002016-11-07T05:54:48.028-08:00Donald Trump Bombshell. The Real Reason Donald Trump won't release his Income Tax Returns, Donald Trump may face IRS Tax Fraud, Income Tax Evasion, Billions in Penalties, and possibly Jail Time.<div style="text-align: justify;"><a href="http://dailypuma.blogspot.com/2016/11/donald-trump-bombshell-real-reason.html"><span style="font-family: Trebuchet MS, sans-serif; font-size: large;">Donald Trump Bombshell. The Real Reason Donald Trump won't release his Income Tax Returns, Donald Trump may face IRS Tax Fraud, Income Tax Evasion, Billions in Penalties, and possibly Jail Time.</span></a></div>Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-8004994654127873482013-06-21T13:41:00.001-07:002013-06-21T13:41:09.836-07:00Forum Post: 6 Unbelievable Ways the Big Banks Are Scamming You | OccupyWallSt.org<div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><a href="http://occupywallst.org/forum/6-unbelievable-ways-the-big-banks-are-scamming-you/#.UcS52BA36OU.blogger">Forum Post: 6 Unbelievable Ways the Big Banks Are Scamming You | OccupyWallSt.org</a> I'm not sure the arbitration argument is a valid one, but the other ones appear to be.</span></div><br />
Hi, Your comments matter greatly. If you post anonymously it helps if you briefly explain how your prior experiences relate to the comment you are leaving. Please no link ads unless you contact me first.Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-17268420407664519572012-11-24T21:52:00.001-08:002012-11-24T21:52:15.228-08:00Chase Bank spits out a hairball class action lawsuit settlement regarding raising their customers monthly minimum payment by 150%.<div style="text-align: justify;"><a href="http://thecatwhoatechasebank.blogspot.com/2012/11/chase-bank-spits-out-hairball-class.html"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Chase Bank spits out a hairball class action lawsuit settlement regarding raising their customers monthly minimum payment by 150%.</span></a></div>Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-10124829021554208832012-10-19T17:26:00.001-07:002012-10-19T17:54:07.414-07:00Mission Statement for Credit-Protector.blogspot.com, the successful unwinding of 90% of all credit card defaults since the year 2000.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">If I succeed in getting 90% of all credit card defaults unwound since the year 2000, then I can feel like I contributed something to society. </span><br />
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">I have done extensive research since 2007 and believe eventually somebody will bring down the credit card companies credit protector program. The credit card companies need to take responsibility for 90% of all credit card defaults since the year 2000.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Sometime back in the 90's, the credit card companies substituted an unregulated, Credit Card Protection Insurance Program<b> that was charging 20 to 30 times more</b> than what they should have been charging. In essence, the credit card companies took away a consumer's best option for protecting their credit rating should a legitimate emergency arise that required them to suspend their debt payments.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">It is very important to acknowledge that <b>debt suspension,</b> or lowering of a payment because of a hardship, is entirely different than debt forgiveness. </span><br />
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Regulated debt suspension insurance was never offered by the credit card companies, and as a result millions of credit card customers have been sued and placed in additional dire straights by the very same villains who <b>CAUSED</b> the original customer default by not offering an affordable, regulated debt suspension program.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">If you believe that financial terrorism is in many ways equal to or worse than other forms of terrorism, (the lack of blood or violence lulls people into thinking nothing is really wrong, creating its own brand of brutality), <a href="http://www.credit-protector.com/" target="_blank">then please support my efforts that were started in 2007</a> and continue onward to this day.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Recently, in the summer of 2012, and over 4 and 1/2 years after I started my www.credit-protector protest website, the Consumer Financial Protection Bureau fined the Credit Card Companies close to a BILLION DOLLARS for the manner in which they marketed the Credit Protection insurance to their customers. This basically vindicated my 2007 warning four and one half years later!</span></blockquote>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">However, I am concerned that the credit card companies may have gotten off the hook much too easily.</span><br />
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Here is the bottom line...If you owned a credit card and did not purchase credit card protection insurance that was priced between 79 cents to 1.09 per 100 dollars of debt, per month, you made the right decision!</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">You should have instead been offered credit card debt suspension protection insurance for around 2 TO 4 CENTS per hundred dollars, NOT 79 cents to 1.09 per hundred dollars! </span><br />
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><b>The credit card companies stole the <u>BEST WAY</u> you had to not default in the event you lost your job, were a crime victim, had a medical emergency, were CareGiving for a family member and could no longer work, or perhaps were in the middle of a natural disaster, or a fire that ravaged your home.</b></span></div>
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<b><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></b></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">The credit card companies either profited from you to an obscene degree if you purchased credit protector insurance, or you may have ended up defaulting because you knew that protection insurance put at a greater risk of defaulting if you kept paying it for years.</span><br />
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Until 90% of all credit card defaults since 2000 are over turned, justice will not have been served, and the Bernie Madoffs of the world who originally substituted an overpriced and unregulated credit card protection insurance program versus a much lower priced, affordable, debt suspension insurance program, will have gotten away with their own brand of financial terrorism.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">How did I arrive at 90% and not a higher or lower number of defaults to be unwound? I don't think everybody was a victim, a small group of people probably ran up their credit cards. But I also believe the majority of defaulters were honest people caught up in a dishonest program that left them with no way to protect themselves in times of a dire circumstance in their life. The penalties, fees, and ruined credit rating that then resulted should be reversed and compensated for. </span></div>
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Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-34575744408578034542012-10-18T14:21:00.002-07:002012-10-18T15:12:41.591-07:00Why 90% of all Credit Card Defaults should be Overturned, Grossly Overpriced Credit Card Protection Insurance.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">While one may feel it is a victory for consumers that the Consumer Protection Financial Bureau has recently levied close to a billion dollars in fines against the credit card companies credit card protection insurance programs, it is really just a first step.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Obscenely over-priced Credit Card Protection Insurance was used as a hedge by the credit card companies against their own customers. The result was those customers had no way legitimate way to pay for debt suspension insurance in the event they had a dire circumstance arise that precluded them from making their monthly credit card payments.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Banks got a bailout, shouldn't consumers get a debt time out if they have a legitimate reason they have to either reduce or stop their payments for a while? </span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">If an credit card protection insurance policy covered debt suspension, that would be a fair option.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">But what if that debt suspension insurance policy, instead of charging 2 to 4 cents per 100 dollars per month, was actually an unregulated debt suspension insurance policy charging 99 cents per 100 dollars per month? </span><br />
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Consumers would end up buying 5 years worth of coverage in about 3 months time, but only getting 3 months worth of coverage!</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">A 10,000 dollar credit card debt, if covered by credit card protection insurance, in just seven years time would result in the ENTIRE credit card debt being nothing more than credit card credit protection insurance premium charges, and the interest rate charged on top of each premium charge!</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">I believe that 90% of all credit card defaults should be unwound since credit card companies prevented their own customers from using a sound insurance concept to simply suspend their debts when an emergency arose.</span></div>
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Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-91782000331743298652012-10-09T22:23:00.001-07:002012-10-18T15:09:45.489-07:00American Express to Pay $112.5 Million in Fines & Refunds After Lying To Customers<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="http://ctwatchdog.com/finance/american-express-to-pay-112-5-million-in-fines-refunds-after-lying-to-customers"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">American Express to Pay $112.5 Million in Fines & Refunds After Lying To Customers</span></a></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">It's over for the Credit Card conpanies debt protection "insurance" programs, yet this may be just the beginning. Lets not forget all the credit card defaults from consumers who could never use this obscenely overpriced insurance program to protect themselves from default because the Credit Protection coverage was an unregulated ripoff.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Almost all credit card defaults from the past 15 years may need to be unwound since none of those consumers had access to a fairly priced debt suspension insurance program.</span></div>
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Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-17053430268520809852011-11-25T12:48:00.001-08:002011-11-25T12:51:37.965-08:00Beware Credit Protector Rip Off Credit Card Insurance, Please leave comments here.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Hi, I would like to build a list of credit-protector rip off stories. Please feel free to use the comments section below to explain what happened to you. </span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">It's possible your credit-protector or balance protector story could be one of those selected for a book I may write at a later date, if you are interested. </span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Besides leaving your credit-protector rip off story here, you can also then contact me via my "about me profile"</span><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"> email address so that we can keep in touch, if you want to, no obligation required.</span></div>
</div>Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com1tag:blogger.com,1999:blog-4888178825557522872.post-69988769582283120792011-11-22T18:45:00.001-08:002011-11-23T10:26:57.556-08:00Credit Protector, Balance Protector, Payment Protector, Credit Shield, Account Balance Protection, and many many more aliases for an apparently corrupt credit card insurance plan.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">The two overlapping images below list over 20 different names for Consumer Credit Card Protection Insurance that is not overseen by any insurance agency or commission. </span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><i>The bottom line is, the ratio of premiums to policy holder claims actually paid out by unregulated insurance policies can be as low as 1%, meaning for every 100 dollars collected, only one dollar gets paid back to policy holders. </i></span></blockquote>
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">While specific sections of credit card insurance coverage payout ratios may be as low as 1%, the overall average is higher, but well below insurance policies that ARE regulated by insurance regulators.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">As a general rule, Credit Protector credit card insurance and it's gang of aliases won't ever reach the ratio of premiums to payouts that true insurance companies beholden to insurance guidelines pay out to their policy holders. This is what is truly wrong with the various credit card insurance protection programs that are offered apparently all over the world.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">I'm estimating that most of the versions of credit protector credit card insurance programs are charging anywhere from 3 times to 9 times more than what they should were they actually regulated by insurance companies. If these credit protection service programs were ever sued for charging too much money for the past 10 to 15 years, the settlement payout world wide in my opinion would probably be over 100 billion dollars....and rising. </span></div>
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<a href="http://www.cbc.ca/marketplace/2009/credit_card_catch/premiums.html" target="_blank">CLICK HERE TO SEE ORIGINAL WEBSITE </a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEja0mecrAgdUAr0n8ln6mZwIvJ3Fsa_GLUyqrwdBxVADO8q8M9eFvKCfZUDhwAYTgmBDHFmsOx07CJ6YxL4IsTQZpVdO9JU_nu_Ho2vYX66sNJPKbtRFlpFEbFuRKXpuRJgLTQZ8v_8arc8/s1600/Screen+shot+2011-11-22+at+6.38.32+PM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEja0mecrAgdUAr0n8ln6mZwIvJ3Fsa_GLUyqrwdBxVADO8q8M9eFvKCfZUDhwAYTgmBDHFmsOx07CJ6YxL4IsTQZpVdO9JU_nu_Ho2vYX66sNJPKbtRFlpFEbFuRKXpuRJgLTQZ8v_8arc8/s320/Screen+shot+2011-11-22+at+6.38.32+PM.png" width="207" /></a></div>
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</div>Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-63551276482290765852011-11-21T16:56:00.001-08:002011-11-21T17:22:35.047-08:00How Credit Protector Insurance is used by the Credit Card Companies to siphon wealth from the consumer.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Credit Card companies that sell credit protector insurance are periodically sued and agree to pay fines (although the credit card companies do not agree to any wrongdoing) by both consumers and state attorneys general.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">One wonders what would motivate credit card companies to keep selling the credit protector insurance product that regularly results in fines and penalties that run into the tens of millions of dollars?</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">The answer is that although credit protector insurance is called "insurance", the credit card companies have somehow magically lobbied our politicians so that credit protector insurance is not regulated by any insurance commission, agency, or required to follow insurance guidelines regarding the ratio of money taken in to what is paid out via claims.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Credit protector insurance, if they wanted to, could pay out as little as one percent of the total amount of money they charge per year for credit protector insurance to their customers. Credit Protector insurance reportedly grosses 5 BILLION dollars per year. </span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">If the monthly accruing finance charges are added in, this amount could jump anywhere from 5 billion a year to 5.5 to 6.5 billion dollars a year. Factor in that some people end up over their credit card limit because of a credit protector charge and they could see their ENTIRE credit card rate hiked to as high as 30%!</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Additionally, the forgiveness of either the principle payment or the interest rate charge when a claim is made by a credit protector insurance policy holder is a form of barter, yet it could possibly be a way to camouflage income since the interest rate forgiveness can cancel out that months payment, yet the payment was made anyways! </span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">It appears to me that Credit Protector insurance is a 5 to 7.5 billion dollar a ye</span><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">ar insurance business that appears to be accountable to no one but the lawsuits filed by the public and the state attorneys general. </span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><b>Unfortunately, while Credit Protector insurance lawsuit settlements might help reign in some of the bad credit card behavior, the settlements appear to have not steered the insurance agencies into regulating credit protector insurance programs.</b></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Lack of accountability to an insurance agency by the credit protector insurance programs might be one of those gotcha situations that justify the Occupy Movement since they ultimately result in the loss of billions of dollars a year in wealth for main street and the 99%.</span></div>
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</div>Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-7715401716837335332011-11-20T14:18:00.001-08:002011-11-21T10:55:15.014-08:00JP Morgan Chase Bank settles Kardonick Credit Protector suit for 20 million dollars.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">What is interesting about the <a href="http://www.kardonicksettlement.com/" target="_blank">Kardonick vs JPMorgan credit protector settlement</a> is that it apparently does not actually accuse Chase Bank's credit protector program of improper pricing structure. It appears that the settlement has more to do with deception, difficulty actually collecting on the policy, not being able to cancel the policy, being signed up without proper approval, and so on.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">The lawsuit does not appear to actually address the amount of money that Chase Bank took in versus what they paid out. So while this is kind of amazing that there are so many other aspects of credit protector that are lawsuit worthy, there still may be much bigger lawsuits to file against the credit protector program.</span></div>
<br /></div>Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-52800784102727525222011-11-16T11:04:00.001-08:002011-11-18T14:22:31.246-08:00Is Credit Protector Overcharging its customers 1 billion dollars per month?<div dir="ltr" style="text-align: left;" trbidi="on">
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">In a <a href="http://credit-protector.blogspot.com/2011/11/how-much-money-have-credit-protector.html" target="_blank">prior article, I calculated</a> that the Credit Protector program is costing its customers 8 billion dollars a year in overcharges.The criteria I used to determine what is fraudulent requires estimating what the various credit protection insurance policies charge, versus what they pay out to their policy holders. </span><br />
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">I am estimating that credit protector may be taking in anywhere from 5 times to 10 ten times and perhaps significantly more, versus what it pays out, hence, <b>we could call this credit protector insurance fraud.</b></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">However, when all the credit protector related compounded interest and monthly finance charges on the resulting higher and higher revolving credit card debt are factored in, plus penalties and fines when credit protector monthly charges take customers' over their credit limit, the credit protector overcharges could double to 16 billion dollars every year!</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">American consumers may be being overcharged by 1.33 billion dollars per month, or 1 billion dollars per month, take your pick. Is anybody going to do something about this mess? Just another reason that the occupy movement exists, no?</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">You can learn more about credit protector overcharging at <a href="http://Credit-Protector.com/">Credit-Protector.com</a></span></div>
</div>Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-78661015177063239442011-11-13T23:57:00.001-08:002011-11-14T06:20:13.882-08:00How much money have Credit Protector Insurance programs defrauded their U.S. customers out of over the past 15 years?<div dir="ltr" style="text-align: left;" trbidi="on">
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: Helvetica; font-size: small;"></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">On my website <a href="http://www.credit-protector.com/" target="_blank">Credit-Protector</a>, I estimated that Credit Protector is overcharging it's customers by a factor of ten. Meaning that for every dollar credit-protector charges in premiums, they really should be charging ten cents!</span></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">I'm going to now guess just how much money the Credit Protector program has defrauded from it's customers. By defrauding, I mean charging several times more in premiums than will be paid back out in legitimate claims. </span></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Ethically speaking, established insurance companies might pay out anywhere from 70 to 90% of all the revenue that they take in. If an insurance company can't pay back out 70 to 90% in policy coverage for legitimate insurance claims, then they are charging too much for their services and could possibly be sanctioned, fined, or have their license revoked by various insurance oversight committees.</span></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Enter Credit Protector insurance. Perhaps because each credit card companies monopolize their own credit card customers with their credit protector insurance, they may not feel compelled to actually offer a pay out ratio that is 70 to 90% of what they charge.</span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">If we assume that the credit card companies are only paying out 5 cents per every credit protector insurance premium that they take in, we would assume that somebody would have stopped this basically fraudulent practice, but nobody has.</span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Lets further assume that only 1% of credit card customers are on the credit card insurance program called credit protector. Lets further assume that the average credit card debt is 5,000 dollars per insured.</span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Their monthly credit protector bill would be around 40 dollars. </span></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">But keep in mind that that money spent on credit protector is not going towards paying down the credit card debt, so the higher monthly principle actually accrues higher and higher interest charges. But to keep it simple, we'll use 40 dollars per month times 1% of all credit card customers.</span></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Assuming there are 150 million potential credit card customers, that means that 1.5 million customers x 40 dollars equals 60 million dollars a month are being spent on credit protector premiums. Assuming the 5% pay out of all premiums collected, that would mean that 3 million dollars out of 60 million dollars collected was spent on insurance claims per month. Based on 60 million dollars collect per month at 80%, 48 million should be spent every month in claims, not 3 million.</span></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">I am estimating that in the U.S. Credit Protector insurance programs are collecting 45 million dollars every month that they should not be collecting. 45 million X 12 months equals 540 million dollars a year.</span></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">540 million dollars a year x 15 year equals 8.1 billion dollars worth of fraud over the past 15 years just from Credit Protector insurance in the United States. </span></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><br /></span></span></div>
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: justify;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">If we begin to factor in the overcharging causing people to not be able to pay down their actual credit card bill faster, thus resulting in higher and higher interest charges each month, plus penalties if the insurance put the person over their credit limit, I think we could double this amount to 16.2 billion dollars in overcharges to the american people in regards to Credit Protector insurance coverage over the past 15 years, or about a billion dollars a year!</span></span></div>
</div>Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com0tag:blogger.com,1999:blog-4888178825557522872.post-71367317854518738072011-11-11T13:37:00.001-08:002011-11-11T13:49:55.178-08:00David Lazarus, consumer advocate for the Los Angeles Times and KTLA, exposes Credit-Protector.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">David Lazarus has <a href="http://www.latimes.com/business/la-fi-lazarus-20111111,0,835660.column" target="_blank">written an excellent piece on how credit protector failed to mention the guidelines regarding job loss eligibility.</a></span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Unfortunately, Mr. Lazarus did not mention that I created a <a href="http://www.credit-protector.com/" target="_blank">Credit-Protector website in 2007</a> that outlined how massively fraudulent virtually every aspect of credit protector actually was and still is.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">Simply googling "credit protector" (with quotes around both words) will reveal that the Credit-Protector website that I created in 2007 and occasionally updated through 2009 is number two on the very first page of google, just below the citibank link.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">It appears that Mr. Lazarus could have done his research by simply checking on the credit-protector program on Citibank's site and therefore did not need to look elsewhere, but if he had just looked at the very next link, he could have seen just how horrible the credit-protector program actually has been for a very long time.</span></div>
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<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: large;">I'm very proud of the work I did on Credit Protector, it was a true consumer advocacy work that was unfunded from any external source. If anybody ever gets the courage to sue the credit card companies that offer the Credit-Protector program, the refund to all those who were ripped off could be into the billions of dollars.</span></div>
</div>Alessandro Machihttp://www.blogger.com/profile/06316327488702524564noreply@blogger.com1