Happy New Year 2025

Tag: credit

Americans’ credit card and household debt reach new record highs

A ‘Mornings with Maria’ panel provides their reactions to the December jobs report, detailing the impact it may have on the U.S. economy.

Americans’ household debt levels, including credit card debt, rose to new all-time highs in the fourth quarter of 2024, according to a report by the Federal Reserve Bank of New York.

The report showed that overall household debt increased by $93 billion to $18.04 trillion at the end of 2024, an all-time high. Credit card balances rose by $45 billion from the prior quarter to reach $1.21 trillion at the end of December, which is also a record high.

Delinquency rates ticked higher by 0.1 percentage points from the prior quarter to 3.6% of outstanding debt in some stage of delinquency, with delinquency transition rates steady for nearly all types of debt except for credit cards – which had a small uptick in transitions from current to delinquent. Serious delinquency, defined as 90 or more days past due, moved higher for auto loans, credit cards and HELOC balances but was stable for mortgages.

The New York Fed noted that while the report shows Americans are generally faring well in terms of managing their household debt, there are signs that rising prices and elevated interest rates are causing issues for some auto loan borrowers.

WHAT WOULD BE THE IMPACT OF A CREDIT CARD INTEREST RATE CAP?

Americans’ household debt reached a new record in the last quarter of 2024. (Spencer Platt/Getty Images / Getty Images)

“Overall, consumers are in pretty good shape in terms of the household debt landscape, largely driven by stable balances and solid performance in mortgage loans,” the New York Fed’s economic researchers wrote in a post accompanying the report.

“However, for auto loans, higher car prices combined with higher interest rates have driven monthly payments upward and have put pressure on consumers across the income and credit score spectrum,” they wrote. “The episode of rapidly rising car prices has had heterogeneous impacts on borrowers, who have shifted between used and new cars as well as between loans and leases.”

JOSH HAWLEY, BERNIE SANDERS PROPOSE CAPPING CREDIT CARD INTEREST RATES AT 10%

Americans’ credit card debt reached an all-time high at the end of 2024. (iStock / iStock)

The decline in used car prices could strain some borrowers who bought a used car when prices were higher, potentially leaving them underwater on those loans, the New York Fed said.

“These shifts have put additional pressure on lower-income and lower-credit-score borrowers who may have had to opt for higher-price used cars over the last few years,” the researchers wrote.

US CREDIT CARD DEFAULTS SOAR TO HIGHEST LEVEL IN 14 YEARS

Serious delinquencies for mortgages ticked lower at the end of 2024. (Photographer: David Paul Morris/Bloomberg via Getty Images / Getty Images)

“Used car prices have since declined from the peak, potentially leaving some borrowers underwater on those vehicles and creating potential repayment challenges,” they added. “At the same time, the decline in auto prices could imply that the more recently originated vintages of auto loans may fare better as those loans age.”

The number of consumers who had a bankruptcy notation added to their credit record was 123,000 in the fourth quarter according to bank data, a decline from the third quarter.

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Consumers with a third-party collection noted on their credit record was “relatively stable” in the fourth quarter, the New York Fed said.

February 18, 2025
Republicans gear up to end Biden EV tax credit that ‘ran up the bill’ on Americans

FIRST ON FOX: House Republicans are taking steps to repeal the “climate-crazed” Biden administration’s tax credit for electric vehicles (EVs) that “ran up the bill on the American people to the tune of billions of dollars,” Fox News Digital learned exclusively.

Rep. Jodey Arrington, R-Texas, on Friday will introduce the Eliminating Lavish Incentives to Electric Vehicles Act, a bill that aims to eliminate the Biden-era tax credit for new and used EVs and slash “woke and wasteful spending.”

“Under President Biden and the most climate-crazed administration in the history of our country, Democrats ran up the bill on the American people to the tune of billions of dollars, strapping tax subsidies for expensive electric vehicles to the failed Inflation Reduction Act,” Arrington, who currently serves as chair of the House Budget Committee, told Fox News Digital in a statement.

TRUMP REVERSES BIDEN CRACKDOWN ON LIGHTBULBS AND DISHWASHERS, RETURNING TO ‘COMMON SENSE STANDARDS’

Honda unveils its 0 Saloon prototype, a futuristic vehicle concept, during the 2025 Consumer Electronics Show in Las Vegas on Jan. 9, 2025. (Getty Images)

Former President Joe Biden implemented a tax credit of up to $7,500 for the purchase of EVs under the Inflation Reduction Act in an effort to push auto buyers to select greener alternatives.

However, President Donald Trump has been walking back the Biden-era green energy policies, and the Republican-led Congress is seeking to end the use of taxpayer dollars for EV purchases.

TRUMP ADMIN HITS BRAKES ON $5B ELECTRIC VEHICLE CHARGING STATION PROGRAM

Arrington’s legislation aims to stop taxpayer money from subsidizing the purchase of luxury electric vehicles and close the “loophole” that allows for individuals to get a tax credit for leasing an EV.

“I will remain on mission to repeal Green New Deal climate handouts along with other woke and wasteful spending programs while we restore fiscal sanity, reignite prosperity, and Make America Great Again,” the congressman said.

Rep. Jodey Arrington, R-Texas, leaves the House Republican Conference meeting at the Capitol Hill Club on Wednesday, May 16, 2018. (Getty Images)

The bill, joined by several members of the Ways and Means Committee, aligns with an executive order recently issued by Trump ending Biden’s mandate that 50% of all new car sales be EVs by 2030.

Amid rumblings that Trump was considering eliminating the EV credit in November, Tim Stewart, president of the U.S. Oil & Gas Association, a group promoting public policy on behalf of the natural gas industry, suggested that behind the scenes, automotive groups and consumers could feel relieved if the EV credit was repealed.

“Losing $70,000 on an EV is not a winning business model and U.S. automakers know that,” Stewart told Fox News Digital. “The EV tax credit was the only way to entice consumers to ‘maybe’ purchase something they really didn’t want, but told by the Biden folks they had to buy.”

President Donald Trump recently signed an executive order recently ending former President Joe Biden’s mandate that 50% of all new car sales be electric vehicles by 2030. (Scott Olson)

Stewart said axing the EV tax credit gives members of the auto industry the opportunity to shift back to traditional production lines.

Tesla CEO Elon Musk, who is heading Trump’s newly formed Department of Government Efficiency, revealed in July that he supports getting rid of the credit. “Take away the subsidies,” Musk posted to X, saying “it will only help Tesla.”

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Companies that are financially sound, such as Tesla, could benefit if the playing field for electric vehicles is narrowed, while the smaller companies that rely on the tax credit for consumer affordability could face setbacks, analysts have suggested.

Aubrie Spady is a Writer for Fox News Digital.

February 14, 2025
What would be the impact of a credit card interest rate cap?

A ‘Mornings with Maria’ panel provides their reactions to the December jobs report, detailing the impact it may have on the U.S. economy.

New legislation in Congress that was introduced by an unlikely duo of senators seeks to impose a credit card interest rate cap, with the potential for such a bill becoming law aided by President Donald Trump’s campaign pledge on the subject.

Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., introduced legislation that would cap credit card interest rates at 10% for five years after the bill’s enactment. The two populist senators touted the measure as a means of fulfilling a campaign pledge made by Trump’s campaign last year.

The bill’s introduction coupled with White House support for the proposal could allow for the idea to gain traction, although there would be consequences to the policy and it still faces a long road to enactment.

“Credit card rate caps have always been the longest of long shots because there’s so many people lined up against it for various reasons, but it shouldn’t surprise anybody that a rate cap is enormously popular,” Matt Schulz, chief credit analyst at LendingTree, told FOX Business.

JOSH HAWLEY, BERNIE SANDERS PROPOSE CAPPING CREDIT CARD INTEREST RATES AT 10%

Credit card interest rates could be capped at 10% under a bill offered by Sanders and Hawley. (iStock)

Schulz said that LendingTree conducted a poll that showed respondents continued to support the idea of a credit card interest rate cap even if it means restricted access to credit and diminished credit card rewards.

“It’s still a long shot, but there’s no question that the idea politically kind of has some wind at its back right now, and if it’s ever going to happen, this may be as likely a time as ever for it to happen,” he said.

Schulz added that credit cards offered by federally chartered credit unions are capped at 18%, which do still offer rewards but aren’t as lucrative as those offered by larger banks. He went on to say that a cap at that level or 20% would be significant for consumers dealing with credit card debt while potentially having a better chance at becoming reality.

US CREDIT CARD DEFAULTS SOAR TO HIGHEST LEVEL IN 14 YEARS

Several leading trade groups representing the financial services industry sent a letter to Hawley and Sanders outlining their opposition to the duo’s proposed 10% credit card interest rate cap. Signatories to the letter included the Consumer Bankers Association, America’s Credit Unions, American Financial Services Association, Bank Policy Institute, Independent Community Bankers of America, American Bankers Association and the National Bankers Association.

The letter cited economic research showing that government price setting on APR caps hurts consumers, in part because it “would eliminate access to credit cards for millions of consumers and drive them to sources of credit which are far more costly and less regulated.”

Sen. Bernie Sanders, I-Vt., accused financial institutions of “extortion” and “loan sharking” for having credit card interest rates over 25%. (Kevin Dietsch/Getty Images / Getty Images)

The groups noted the state of Illinois imposed a rate cap, which the Federal Reserve researched and found was responsible for reducing the number of loans to subprime borrowers by 38 percent. They also referenced a study by researchers at Dartmouth who found Oregon’s 36% all-in APR cap was responsible for “harming, not helping, consumers on average” and “restricting access caused deterioration in the overall financial condition of Oregon households.”

“As responsible and well-regulated financial institutions, we share the goals of reducing the cost of consumer credit and increasing financial inclusion. Unfortunately, the 10 percent rate cap proposed in this legislation would stifle our shared financial inclusion goals, reduce access to credit and push consumers to far more costly and less regulated lenders,” the groups wrote.

CONSUMER WATCHDOG WARNS COMPANIES AGAINST DEVALUING CREDIT CARD REWARDS, LAUNCHES TOOL TO AVOID SCAMS

Sen. Josh Hawley, R-Mo., said high credit card interest rates are “exploitative” and capping them would provide “meaningful relief.” (Tom Williams-Pool/Getty Images / Getty Images)

While it’s unclear whether Congress will consider legislation capping credit card interest rates, Schulz noted that there are still steps consumers can take to ease their financial burden.

“The good news is that there are plenty of things you can do yourself to lower your interest rates without waiting for Congress to come in as the cavalry in lowering rates. You can get a 0% balance transfer credit card if you have good credit. You could look at a low interest personal loan, that’s a good option if you can’t get a 0% balance transfer card,” he said.

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“You can even call your credit card issuer and ask for a lower rate. LendingTree did a survey last year where we found that 76% of people who asked for a lower interest rate on one of their credit cards got one, and the average reduction was about 6 percentage points which is really significant,” Schulz said. “So it’s absolutely worth the call, because that sort of success rate shows that it’s not just people with 800 credit scores and long track records who are getting their way – it’s regular folks too who really need the help.”

February 11, 2025
Israeli prime minister lauds Trump’s leadership when asked if Biden should take credit for ceasefire

Israeli Prime Minister Benjamin Netanyahu lauded President Donald Trump’s leadership when asked who should take credit for the ceasefire deal reached in the waning days of the Biden administration.

“Prime Minister Netanyahu, we’ve heard Joe Biden and Donald Trump take credit for the hostage and ceasefire deal. Who do you think deserves more credit?” Fox News’ Peter Doocy asked Netanyahu as he joined Trump in the Oval Office on Tuesday.

“I think President Trump had a great force and powerful leadership to this effort. I appreciate it,” Netanyahu responded. “He sent a very good emissary. He’s helped a lot. And, you know, I’ll just tell you, I’m happy that they’re here. And I’m sure the president is happy that they’re here. And I would think that’s about enough.”

Israel and Hamas reached a ceasefire deal Jan. 15, just days before Biden exited the White House, and Trump entered it, on Jan. 20. The ceasefire followed a meeting between Trump’s then-incoming Middle East envoy, Steve Witkoff, and Netanyahu.

TRUMP EYES ABRAHAM ACCORDS EXPANSION, GAZA REBUILD WITH NETANYAHU MEETING ON DECK

President Donald Trump, right, accompanied by Israeli Prime Minister Benjamin Netanyahu, left, speaks during a meeting in the Oval Office Feb. 4, 2025, in Washington, D.C. (Anna Moneymaker/Getty Images )

Credit for the ceasefire was claimed by both Biden and Trump, with the 46th president taking a victory lap for the achievement in the opening remarks of his farewell address to the nation.

“After eight months of nonstop negotiation, my administration — by my administration — a cease-fire and hostage deal has been reached by Israel and Hamas, the elements of which I laid out in great detail in May of this year,” Biden said in his farewell address.

“This plan was developed and negotiated by my team and will be largely implemented by the incoming administration. That’s why I told my team to keep the incoming administration fully informed, because that’s how it should be, working together as Americans.”

Credit for the ceasefire was claimed by both President Donald Trump and former President Joe Biden, pictured here with former Vice President Kamala Harris, with Biden taking a victory lap for the achievement in the opening remarks of his farewell address to the nation. (Win McNamee/Getty Images)

At another point of Tuesday’s joint press conference, Netanyahu argued that chances of peace in the Middle East increase when he and Trump — and Israel and the U.S. overall — work side by side.

TRUMP REINSTATES ‘MAXIMUM PRESSURE’ CAMPAIGN AGAINST IRAN

“When Israel and the United States work together, and President Trump and I work together, you know, the chances go up a lot [to reach the second phase of the ceasefire deal],” he said. “It’s when we don’t work together, when Israel and the United States don’t work together, that creates problems. When the other side sees daylight between us, and occasionally in the last few years … then it’s more difficult.”

Trump invited Netanyahu to the White House to discuss the ceasefire deal’s future, and Iran’s grip in the Middle East and resettling Gaza residents in other nations.

President Donald Trump, right, invited Israeli Prime Minister Benjamin Netanyahu to the White House to discuss the ceasefire deal’s future, and Iran’s grip in the Middle East and resettling Gaza residents in other nations. (Shawn Thew/EPA/Bloomberg via Getty Images)

Iran has been at the forefront of Hamas’ war on Israel, assisting in funding the effort. Trump said during the press conference that war would not have broken out if he had been president back on Oct. 7, 2023 — citing that Iran was financially hobbled under his first administration.

“Iran was in big trouble when I left. They were broke,” Trump said. “They didn’t have money for Hamas. They didn’t have any money for Hezbollah. You had no problem. October 7th could have never happened when I left.”

ISRAEL’S NETANYAHU DEPARTS FOR US TO MEET WITH TRUMP, HOPING TO STRENGTHEN TIES WITH WASHINGTON

Netanyahu vowed during the press conference that he would bring home the remaining hostages in Hamas captivity, while adding that “Hamas is not going to be in Gaza” much longer.

Trump added that Gaza is too dangerous for even the soldiers currently on the ground.

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“It’s too dangerous for people. Nobody wants to be there,” he said. “Warriors don’t want to be there. Soldiers don’t want to be there. How can you have people go back? You’re saying go back into Gaza now? The same thing’s going to happen.”

“It’ll only be death,” he said.

February 4, 2025
Josh Hawley, Bernie Sanders propose capping credit card interest rates at 10%

A ‘Mornings with Maria’ panel provides their reactions to the December jobs report, detailing the impact it may have on the U.S. economy.

A new bipartisan bill introduced by a pair of senators would cap credit card interest rates in an effort to help consumers and fulfill one of President Donald Trump’s campaign promises.

Sens. Josh Hawley, R-Mo., and Bernie Sanders, I-Vt., introduced legislation that would cap credit interest rates at 10% immediately upon the bill’s enactment into law. The cap would then remain in effect for five years.

“During the campaign, President Trump pledged to cap credit card interest rates at 10%,” Sanders said in a statement. “Today, I am proud to be introducing bipartisan legislation with Senator Hawley to do just that.”

“When large financial institutions charge over 25% interest on credit cards, they are not engaged in the business of making credit available. They are engaged in extortion and loan sharking,” Sanders added. “We cannot continue to allow big banks to make huge profits ripping off the American people.”

US CREDIT CARD DEFAULTS SOAR TO HIGHEST LEVEL IN 14 YEARS

Credit card interest rates would be capped at 10% for five years under the Sanders-Hawley bill. (iStock / iStock)

Hawley said in a statement that capping credit card interest rates at 10% like Trump campaigned on “is a simple way to provide meaningful relief to working people.”

“Working Americans are drowning in record credit card debt while the biggest credit card issuers get richer and richer by hiking their interest rates to the moon,” Hawley added. “It’s not just wrong, it’s exploitative. And it needs to end.”

Sen. Josh Hawley, R-Mo., said that credit card issuers are being “exploitative” with interest rates. (Tom Williams-Pool/Getty Images / Getty Images)

In the last Congress, Hawley introduced a bill to cap credit card interest rates at 18%, though it died in committee without receiving a vote.

The press release from Sanders and Hawley noted that in September the Trump campaign said: “President Trump has promised to cap interest rates at 10% to provide temporary and immediate relief for hardworking Americans who are struggling to make ends meet and cannot afford hefty interest payments on top of the skyrocketing costs of mortgages, rent, groceries and gas.”

HOW CREDIT CARD SWIPE FEES ARE AFFECTING SHOPPERS

Sen. Bernie Sanders, I-Vt., accused financial institutions with high credit card interest rates of “loan sharking.” (Kevin Dietsch/Getty Images / Getty Images)

Critics of proposals to cap credit card interest rates note that it would likely cause financial institutions to be more restrictive in extending credit and offering credit cards to borrowers with relatively poor credit scores, and potentially by reducing the credit card rewards they offer.

“There’s no question that a credit card rate cap would have a massive impact on credit cardholders beyond just reducing interest payments,” said Matt Schulz, chief credit analyst at LendingTree. “Banks have been vocal that a rate cap, even one much smaller than the 10% cap backed by President Trump, would lead to a dramatic reduction in credit card rewards and even to reduced access to credit for those with imperfect credit.”

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“However, it is also clear that most Americans are willing to accept both of those consequences if it means capping rates,” Schulz added, noting that a LendingTree survey from December found that two-thirds of cardholders would support a rate cap, even if it results in reduced rewards, while six in 10 support it even if it restricts access to credit for many.

February 4, 2025
Don’t let this credit card fraud nightmare happen to you

Credit card fraud has been on the rise in recent years.

The Federal Trade Commission’s most recent database indicates that 416,582 cases of credit card fraud were reported in 2024, making it one of the most common forms of identity theft. You know you’ve been a victim of this fraud when you notice unauthorized transactions on your credit card bill.

These transactions are usually below $100 to avoid detection. However, sometimes they can exceed $1,000. One such incident happened with Martin from Martinsville, Virginia, when he was randomly charged $1,095 in Hong Kong.

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“Hello, I recently received a fraud alert from my credit card company that said that there was a $1,095 charge on my credit card in Hong Kong. I use my iPad and Safari browser to buy online. Can you please explain how this could happen? By the way, my credit card company canceled my credit card and will send me a new Mastercard in the mail, and I’m not responsible for the charges on my credit card. What can I do in the future to prevent this from happening again?”

I’m sorry to hear about the fraudulent charge on your credit card, Martin. It’s good that your credit card company is handling it and that you’re not responsible for the charges. For future reference, I’ll be discussing how this could have happened and how to stay safe.

A woman using her credit card to shop online   (Kurt “CyberGuy” Knutsson)

How credit card fraud happens

Credit card fraud can happen in several ways, often without you even realizing it. One common method is when fraudsters get hold of your card information through data breaches at online stores or banks, which means your details get leaked without your knowledge.

Another sneaky tactic is phishing, where scammers trick you into giving away your card info by posing as legitimate companies via emails or fake websites.

There’s also the risk of “card skimming,” where devices at ATMs or gas stations secretly capture your card details when you swipe it. In some cases, fraudsters might also exploit weak security on public Wi-Fi networks or compromised apps to access your information while you’re shopping online.

A man using his credit card to shop on his phone   (Kurt “CyberGuy” Knutsson)

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Credit card fraud is way too common

A report from Security.org reveals that 52 million Americans experienced credit card fraud in 2023, a figure even higher than the one reported by the FTC. With four out of five American adults owning at least one credit card, the report found that three in five cardholders have faced unauthorized charges — an estimated 128 million victims. Even more concerning, 75% of these victims reported having their credit card information stolen more than once.

The typical unauthorized transaction is around $100, which adds up to approximately $5 billion in criminal purchases each year. Interestingly, most unauthorized transactions involve credit cards that weren’t physically lost or stolen, highlighting the growing risks of online fraud and data breaches.

A woman using her credit card to pay   (Kurt “CyberGuy” Knutsson)

THE BEST BALANCE TRANSFER CREDIT CARDS 2025

The need for identity theft protection

Data breaches are one of the main ways credit card fraud happens. Hackers often get unauthorized access to sensitive information stored by businesses or institutions. When a retailer, financial institution or online store experiences a data breach, the hackers usually go after the payment systems where customer credit card details are kept.

If these systems aren’t properly secured, hackers can grab things like credit card numbers, expiration dates and sometimes even security codes. Once they have that info, they can either use it themselves or sell it to others.

But it’s not just credit card information at risk. Data breaches can also expose personal details like names, email addresses and phone numbers. Scammers can then use this stolen info to launch phishing attacks, pretending to be trusted companies and tricking you into giving away more sensitive information.

WHAT IS ARTIFICIAL INTELLIGENCE (AI)?

This is why identity theft monitoring is so important. Identity theft companies can monitor personal information like your Social Security number, phone number and email address and alert you if it is being sold on the dark web or being used to open an account. They can also assist you in freezing your bank and credit card accounts to prevent further unauthorized use by criminals.

One of the best parts of some identity theft protection services is that they have identity theft insurance of up to $1 million to cover losses and legal fees and a white glove fraud resolution team where a U.S.-based case manager helps you recover any losses. See my tips and best picks on how to protect yourself from identity theft.

Illustration of a credit card crook   (Kurt “CyberGuy” Knutsson)

HOW TO FIGHT BACK AGAINST DEBIT CARD HACKERS WHO ARE AFTER YOUR MONEY

10 ways to protect yourself from credit card fraud

1. Notify your credit card issuer immediately: If you notice fraudulent charges on your credit card, start by calling the number on the back of your credit card. From there, you should get more detailed information on what to do next.

2. Monitor your statements regularly: One of the best ways to catch credit card fraud early is to keep an eye on your statements. Review your transactions regularly to spot any unfamiliar charges. The sooner you notice something suspicious, the quicker you can report it to your credit card company and prevent further damage.

3. Regularly check your credit report: In addition to monitoring your credit card statements, periodically review your credit report to catch any unauthorized accounts opened in your name.

4. Use strong, unique passwords: Always use strong, unique passwords for your online accounts, especially those that store payment details. Avoid using easily guessable information, and consider using a password manager to store and generate secure passwords. This reduces the chances of fraudsters accessing your accounts.

5. Use credit card alerts: Set up transaction alerts with your credit card company. This way, you’ll receive a notification via email or text for every transaction made with your card. If you receive an alert for a purchase you didn’t make, you can take immediate action to report it and prevent further charges.

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6. Be Cautious with public Wi-Fi: Avoid making purchases or entering sensitive information when connected to public Wi-Fi networks because they’re often not secure. If you need to make an online purchase while on the go, consider using a VPN (Virtual Private Network) to encrypt your connection and keep your credit card details safe from hackers. For the best VPN software, see my expert review of the best VPNs for browsing the web privately on your Windows, Mac, Android and iOS devices

7. Don’t store credit card info on browsers and websites: Storing your credit card information on browsers or websites can make it convenient, but it also exposes you to a higher risk of fraud. If your browser or the website’s security gets compromised, hackers could gain access to your saved card details. To stay safe, avoid saving your credit card information and manually enter it each time you make a purchase. If a site offers to save your details for future use, think twice before accepting. It’s better to take the extra step to enter your information each time, ensuring your data stays secure.

8. Use EMV chip technology: When making in-person purchases, always use the chip reader instead of swiping your card. Chip technology provides an extra layer of security against fraud.

9. Be wary of phishing attempts and have strong antivirus software: Be cautious of unsolicited emails, texts or phone calls asking for your credit card information. Legitimate companies typically don’t request sensitive information through these channels. The best way to safeguard yourself from malicious links that install malware, potentially accessing your private information, is to have antivirus software installed on all your devices. This protection can also alert you to phishing emails and ransomware scams, keeping your personal information and digital assets safe. Get my picks for the best 2025 antivirus protection winners for your Windows, Mac, Android and iOS devices.

10. Keep your card in sight: When using your card in restaurants or stores, try to keep it within view. This reduces the risk of someone copying your card details.

HOW TO REMOVE YOUR PRIVATE DATA FROM THE INTERNET

Kurt’s key takeaway

It’s clear that credit card fraud is more prevalent than ever, affecting millions of Americans each year. The good news is that there are effective steps to protect yourself from becoming a victim. By staying vigilant and employing best practices — like monitoring your statements and using strong passwords — you can significantly reduce your risk. Remember, awareness and proactive measures are your best defenses against credit card fraud.

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Have you or someone you know ever experienced credit card fraud, and how did it impact you? Let us know by writing us at Cyberguy.com/Contact

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Kurt “CyberGuy” Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life better with his contributions for Fox News & FOX Business beginning mornings on “FOX & Friends.” Got a tech question? Get Kurt’s free CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.com.

January 26, 2025
These mistakes could tank your credit score
Do you know the difference between 550 and 780? Yes, they’re 230 digits apart, but they’re also examples of bad and good credit scores, respectively.

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If you don’t check yours regularly, now’s the time to start. Small mistakes are a lot more common than you think, and they can do some serious damage to your credit score. I’ll let you in on some of the most common credit report mistakes and what you can do to fix them.

5-MINUTE CLEANUP FOR YOUR PHONE AND COMPUTER

Step 1: Get your free credit report

The three credit reporting agencies (TransUnion, Experian and Equifax) are required by law to provide you with one free credit report a year. Sweet. There are a few ways you can request a copy from each agency.

Online is the fastest route. If you submit a request via phone or mail, expect to wait two weeks after the paperwork is received.
- Online: www.AnnualCreditReport.com
- Phone: 877-FACTACT (877-322-8228)
- Mail: Download and complete the Annual Credit Report Request Form. Send it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281
Pro tip: Grab your report from the fourth credit bureau, Innovis, too.

Close up of a man with a smartphone and laptop computer on January 31, 2019. (Neil Godwin/Future via Getty Images)

Step 2: Look for the most common mistakes

Typos or wrong info: Anything from your name spelled incorrectly to your address or your birthdate off by one number. Tiny mistakes can mix up your credit with someone else’s.

Accounts you don’t recognize: If you see something you don’t recognize, don’t ignore it! This includes credit cards you never applied for, loans in your name or purchases you didn’t make.

Duplicates: It’s not normal to see a debt twice on a credit report. This includes things like the same collection account, transferred debts showing as separate accounts or paid-off debts still sitting there.

Incorrect account info: Sometimes, payments can mistakenly show up as late, or closed accounts may still show as active. Other times, reports may show the wrong credit limit or mess up your payment history.

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Outdated info: Bankruptcies older than 10 years, late payments older than seven years and outdated collections accounts should not be showing on your credit report.

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Step 3: Report anything strange

Don’t panic! Write down and make copies of anything that looks off, then file a dispute with the credit reporting company by mail, phone or online.

If you’re filing online or by mail, explain in writing exactly what’s wrong and why, and include copies of documents with proof. Make sure to include your contact info, credit report confirmation numbers and a copy of your version of your credit report.

Close-up of the upper corner of a consumer credit report from the credit bureau Equifax, with text reading Credit File and Personal Identification, on a light wooden surface, September 11, 2017. (Smith Collection/Gado/Getty Images)

And always follow up! Bureaus are required to look into your disputes within 30 days. Track its progress until you have a resolution in writing. If your dispute is valid, the bureau has to fix it and tell the other bureaus as well.

A lot of these issues boil down to good old-fashioned human error. It happens, but don’t let that stop you from taking charge.

Related: How to run a 5-minute privacy check on your phone

While you’re at it, find your job number

Equifax also runs a database of 716 million income and employment records, including, potentially, yours. It’s called The Work Number, and employers use it to make sure you are who you say you are.

Your Employment Data Report (EDR) includes things like where you’ve worked, when you worked there and your exact past salary numbers.

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Trying to get a new job? An employer could use your EDR to find your past salary range and lowball you in negotiations. And, of course, Equifax will sell your EDR to anyone who’s buying, including debt collectors.

Money smarts: It’s not just bogus calls and emails putting your bank info at risk

How to stop it

You can freeze your EDR just like a credit report. You can also see who’s tried to access it within the past two years. You’ll need to make an account with The Work Number to do it.
- Search for your current or former employer(s) using their name or employer code (the nine-digit number on your W-2).
- Click their name, followed by Register Now. Heads-up: It’ll ask for your Social Security number.
Once you register, look over your report and make sure it’s accurate. Fill out this data dispute form if you find anything fishy.

A credit card is pictured alongside a restaurant bill. (iStock)

Then, head back to the dashboard and click Freeze Your Data. Fill out the Data Freeze Placement Form and submit it. The Work Number will send you a freeze confirmation letter, along with a PIN. Save your PIN in your password manager. You’ll need it if you ever want to unfreeze your report.

You can always log into The Work Number or call them to unfreeze your report.

If you can’t find your employer: They may not be registered with The Work Number. Call the freeze helpline at 1-800-367-2884 to double-check.

Unless you’re actively applying for a loan or government benefits, or unless an employer actively requests your EDR, it’s a no-brainer to freeze it. And if a potential employer insists on checking your EDR to hire you, maybe it’s not the right fit after all.

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January 23, 2025
Ex-MLB star pleads with Hall of Fame voters to reconsider candidacy: ‘I didn’t get credit for what I did’

The National Baseball Hall of Fame Class of 2025 has been announced, as CC Sabathia, Ichiro Suzuki and Billy Wagner will be heading to Cooperstown to be enshrined forever alongside the game’s greats.

While the baseball world celebrates these three amazing ballplayers, there are some who have real cases for the Hall of Fame that saw another year go by without getting a shot at entering the Hall.

One of them is Kenny Lofton, the six-time All-Star and four-time Gold Glover who spent 17 seasons in MLB racking up 2,428 hits and a 68.4 WAR over 2,103 games.

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Former Cleveland Indians great Kenny Lofton throws out the ceremonial first pitch before a World Series game against the Chicago Cubs at Progressive Field in 2016. (Elsa/Pool Photo via USA Today Sports)

Now, when the day comes like Tuesday, when the Hall of Fame ballots are counted and results come in, Lofton isn’t rubbed the wrong way. He knows that after not securing at least 5% of the ballot in 2013, he’s no longer eligible to be voted on regularly.

But there’s no doubting that Lofton still feels hurt that he didn’t get what he believes is a fair shot at being in Cooperstown.

“I didn’t get credit for what I did. It’s kinda sad. I still don’t get credit,” Lofton told Fox News Digital while discussing his role as an advisor with Sluggball, a reimagined approach to the game of baseball.

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“I can only say all the time that, from my era and my time, I did what I was supposed to do. I thought at that time, it was very important for me to do my job as a teammate, and that was an important part of the game. Now you look at it as me doing my job and me being a team player, it kinda hurt me. Instead of me being selfish like other guys, the three and four hitters, it was all about them eating. I was serving, and they were eating, but I didn’t get the credit for serving the food to them.”

Lofton’s first year on the Hall of Fame ballot was perhaps one of the most stacked ballots of all time, though no living inductees were had for the first time since 1965. There were 10 players, including Craig Biggio, Jeff Bagwell, Mike Piazza and Edgar Martinez, who eventually got the 75% of votes needed to get in, but guys like Lofton and Bernie Williams were left off the ballot the next year because at least 5% of votes is required to move on.

And like Lofton mentioned, the era of baseball he played in, infamously known as the Steroid Era, had players like Barry Bonds (36.2%), Mark McGwire (16.9%), Sammy Sosa (12.5%) and Rafael Palmeiro (8.8%) also on the ballot with him.

Ichiro also played in that era, entering MLB at the late age of 27 in 2001 and still putting up 3,089 hits over 19 seasons. Only one Hall of Fame voter left him off their ballot despite, much like Derek Jeter, there being a very strong case for a unanimous vote.

Lofton loves that Ichiro got his due, and the same goes for Tim Raines, whose 23-year career saw a speedy outfielder hitting for average rather than home runs. But he feels he’s in the same conversation.

“That’s what hurts me to see this and seeing Ichiro with the opportunity to show, OK, here’s some smaller guys who are not all about home runs can get in the game and then you compare my numbers to Ichiro, we’re not too far off,” Lofton explained.

Cleveland Indians center fielder Kenny Lofton bunts during a game at Jacobs Field. (David Richard-USA Today Sports)

Making that case, Wins Above Replacement (WAR) is a mark many voters use to see if a player should be in the Hall of Fame. Ichiro had a 60.0 WAR, while Lofton was at 68.4 over his career.

And when you view their career season averages side by side, Lofton was better with stolen bases (48 to 31), home runs (10 to 7), RBI (60 to 48), and runs (118 to 87). Ichiro beats Lofton in batting average (.311 to .299), but only by two in hits (189 to 187).

Then, there is sabermetrician Jay Jaffe’s “The Cooperstown Casebook,” which outlines the JAWS metric to determine who should and shouldn’t be in the Hall of Fame. JAWS is a player’s WAR averaged with their 7-year peak WAR.

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Lofton is 10th all-time for center fielders with a 55.9 JAWS mark. Every player above him is in the Hall of Fame except for Mike Trout (fifth), who still plays, and Carlos Beltran (ninth), who remains on the ballot and just missed getting in this year with 70.3% of votes.

Richie Ashburn, Andrew Dawson, Billy Hamilton, Larry Doby, Earl Averill, Max Carey and Kirby Puckett are all players with a lesser JAWS rating that are in the Hall.

Finally, Lofton’s ability to steal bases – he’s 15th all-time with 622 stolen bags – made him a menace when he got on base. In fact, he’s one of only nine players with 600 career steals and 600 extra-base hits, yet he’s the only one not in Cooperstown.

“All I’m asking from people is look at my numbers a little bit more,” Lofton said. “… That was all I wanted because when you look at the stats and what people say, I have one of the highest WARs in history, especially for center fielders.”

If the numbers are not enough, Lofton spoke of his peers reminiscing about his time in the league.

Cleveland Indians center fielder Kenny Lofton in action against the Texas Rangers at Jacobs Field during the 1996 season. (RVR Photos-USA Today Sports)

“I talked to [Hall of Famer] Barry Larkin and he says, ‘During the era of when you played, Kenny, you were the best thing out there,’” Lofton said. “He said, ‘No one wanted to deal with you when you stepped at the plate or when you were in the outfield.’ That made me feel good for another player to say that about me.

“When David Justice during the World Series, he said, ‘Kenny, our main thing was keeping you off the bases.’ He said, ‘We didn’t have a big meeting. We had a meeting that said keep that damn Kenny Lofton off the bases and we will win this series.’ So, that made me feel good to hear that kind of stuff from the players you played with.”

There is still a way for Lofton to get into the Hall, as the Contemporary Committee votes in December 2025. But the ballot is only eight candidates, where 75% of votes must also be tallied to enter the Hall.

Lofton already went through that, though, in 2022 when Fred McGriff was elected by the committee. McGriff finished his 19-year career with 493 homers and a 52.6 WAR.

Again, Lofton isn’t knocking any of these players for getting their plaque in the Hall. All he wants is the consideration he feels he deserves.

Because it’s gotten to the point where he questions if his efforts were worth it.

Former Cleveland Indians Mike Hargrove and Kenny Lofton during a pre-game celebration for the 1995 team before the Tampa Bay Rays game at Progressive Field. (Ken Blaze-USA Today Sports)

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“Sometimes, I look back at it like, ‘Dude, did I play the game the right way?’” Lofton questioned. “People are getting all these accolades for what they’re doing now. I’m like, wait a minute, what I did I guess was nothing at this point looking at how they perceive the game and how they look at it. How they look at it is leadoff hitter means nothing. I thought leadoff guy, that’s what you wanted your guy to do because he was helping the team. RBI means run batted in, so all these big guys getting all these accolades because of their runs batted in and they get praise from runs batted in. But how would that happen if a guy didn’t get on base for him to get that RBI? And he didn’t get credit, it’s sad.

“All I want people to do is look at my numbers and compare. And when they say during your era in your position or whatever, were you the best? At this point, they’re looking around that. I just want the committee to look at it and say, ‘He’s the best at it.’ But I don’t know. That’s not on me, but look at my numbers and compare me to people who are already in the Hall of Fame.”

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Scott Thompson is a sports writer for Fox News Digital.

January 23, 2025