Automated Online Loan modification programs become resources for Identity thefts

(EMAILWIRE.COM, September 27, 2010 ) Los Angeles, CA - Banks have streamlined and become more cooperative in assisting with this practice that many experts have said has literally helped get our country back on track. For every good there sometimes a harbor for evil and in this in-depth look, we look again at some precautions that have helped our readers alleviate some problems that can last for many years.

International Journalism Review (IJR) looks at the good and the bad about online schemes that could yield something other than a loan modification. Last month we looked at some red flags in in current loan modification software and now we revisit even a darker side in an industry that preys on people that need help and are willing to believe almost anyone to get it.

We have reported about numerous camouflaged websites appearing to be associated with a government program asking for information not even relevant to a bank loan modification initially caught our interest. However, IJR was not prepared to give up social security numbers and other vital information to test waters. One victim who contacted us and we have received over 100 inquiries about was a 67 year-old retired teacher from Anaheim, California. Her name wished to be anonymous, stated she trusted the website because it seemed to be a patriotic website, however, the end result was identity theft, no loan modification, and about 30 hours on the phone trying to clear her name, she told us, "The website had Uncle Sam, the American Flag, and stated government backed programs."

Looking for answers, we turned our attention again to an industry pioneer in modification loans, John Briggs, from Bank Ready Modification Inc. (www.bankreadymod.com). John promised to offer us a fool-proof way to prevent identity theft in regards to automated loan modifications and how the information is collected over the internet.

From a Starbucks Coffee house in Newport Beach, CA Briggs told us "I find it odd that people will give vital information to a non-human computer program that originates from who knows where? I will tell you this, if you need a bank modification make sure the company you're dealing with is ready to make it bank ready. To do this, we don't need credit card numbers, social security numbers, drivers license numbers, that is between you and the bank. I get your package ready to deliver to the bank in order for you to secure your loan modification."

To break it down in the simplest way, Briggs stated "Number one, make sure you talk to a live person, for example you call me directly I will guide you through the process, no need to click and pray. Number two, it probably makes sense that your loan modification expert is just that, a professional, would you go get eye surgery at someone's house? No, usually your professional should have a physical office that is devoted to their specialty with access to the immediate public and equipped to handle business of any size and from anywhere. Finally, there is no need to give personal information like a social security number to someone facilitating the process of getting your loan bank ready to submit to the bank. It just doesn't make sense to provide some of the things they ask for?"

IJR suggests anyone debating a bank ready loan modification secure the advice of a live person, reserve personal info until submitting to Bank, and do one's research on the website or company your considering to use.

Other related articles

http://www.emailwire.com/release/44756-Bank-Ready-Modification-issues-strong-warning-against-using-loan-modification-software-.html

http://emailwire.com/release/printPR.php?prID=46938

Company: International Journalism Review
Contact: Gerald King, International Journalism R
Phone: Tel: 805 807 7201
Email: InternationaljournalismReview[@]gmail.com

International Journalism Review
Gerald King, International Journalism R
805 807 7201
internationaljournalismreview@gmail.com