Predatory lending is the industry professional practice of using a borrower’s ignorance against him or her for profit. It usually affects more vulnerable populations, for instance, seniors and minorities. Predatory lending can be identified by deceptive marketing and sales practices, non-disclosure of all terms that relate to the qualification and payback of the loan, and falsifying documentation to gain otherwise unattainable loan approvals, although the actual term is an umbrella to many scenarios.
1. Protect your personal information. It’s Valuable. This includes name, email or home address, phone number, account numbers, and Social Security number.
2. Know who you’re dealing with. “Phishers” send spam or pop-up messages claiming to be legitimate organizations. Never click on this and do not give your personal information.
3. Use anti-virus software and a firewall, and update both regularly.
4. Be sure to set up your operating system and Web browser software properly and update them regularly.
5. Protect your passwords.
6. Back up important files.
7. Learn who to contact if something goes wrong online. If your computer is hacked or has a virus, unplug phone or cable line from machine; and scan with anti- virus software. Visit the FBI at www.ifccfbi.gov.
Seven practi ces for safer computing
Predatory lending
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