Credit Muling
A sketchy dude from the dorm room down the hall keeps asking if you have perfect credit. Always a great icebreaker. And he wants to pitch you an idea to make a lot of money fast.
He asks if he can use your credit card to buy a few products. And, in exchange, he’ll give you a lump of cash. By using your personal information and credit, he'll gain access to certain items that might be sold at a discount, or as a "secret shopper" program.
This is known as credit muling.
It won’t end well for you.
A common scam is that someone asks a person to purchase iPhones from a carrier like AT&T. Given that the phone might be free or Buy One Get One free, the credit mule will buy two phones and sign up for a monthly contract.
The mule will turn the phone over to the criminal, who can sell it on the black market for a handsome sum. The credit mule, who has bought the phones, doesn’t realize that she will be on the hook for termination fees and the phone contract. In addition, because she no longer has the phone, she is unable to return them, and might have to pay for the gadgets as well.
So...stay away from Steve in Room 407. That guy is running a scam.
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Finance: What is the Equal Credit Opport...6 Views
Finance a la shmoop what is the Equal Credit Opportunity Act? alright people while the
federal government thinks everyone should have the equal opportunity to get [Men in Federal Government appear]
into debt isn't that sweet of them you know that Uncle Sam well he sure does
have a heart of gold this federal law makes it illegal to discriminate against
people who are applying for financing on pretty much anything legal based on
their age gender marital status religious affiliation ethnic or national
background or public assistance benefits your credit score however well that
still matters sorry just keeping it real
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