All too often, consumers come home from a dealership and realize that they cannot make their new car payments. They often wonder how they could possibly have been approved for a loan that they could not afford. Most often, they are victims of credit application fraud.
The subprime auto loan market is surging, and electronic repossessions are also on the rise. An article in the New York Times states that electronic disabling devices have been installed in two million vehicles. Lenders can activate these devices remotely, and they will disable the vehicle so that it will not start. Once disabled, the car is stuck.
You may be at risk of credit card fraud if you have ever charged a purchase at Home Depot. As widely reported in the media,hackers have obtained credit and debit card information for perhaps as many as 60 million customers. This may be the largest security breach ever, even topping the recent security breach at Target.