Articles

July 29, 2010

Consumer fraud complaints increase


A new report has found that consumer complaints about fraud increased during the economic recession, as citizens desperate for economic assistance turned to bogus debt and mortgage relief agencies.

According to the Wall Street Journal, the survey, which was undertaken by a coalition of consumer protection groups, asked 33 agencies across 18 states for datas on the most common types of consumer complaints. The survey found that total complaints rose to 300,895 in 2009, up from 265,324 in 2008.

"Unfortunately, the trend that we reported from the last survey continues: at many agencies, complaints went up in 2009 and the resources to help consumers went down," says the report.

The top complaints were auto related. Many of the issues were typical consumer complaints about dealer practices - lemons, repairs and financing. Others were related to the government's Cash for Clunkers program and the regulations surrounding it.

The fastest growing complaint was related to fraudulent companies offering to help homeowners with their impending foreclosures.

Dealers should ensure that their operations are compliant with all federal guidelines for identity theft and fraud, such as the new red flags rule.ADNFCR-3173-ID-19912136-ADNFCR

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