Word: credit-card
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...ticket for his April 25 flight to Minneapolis, Cunanan had to beg his credit-card company to allow one more purchase on his card, which was over the $20,000 limit, friends say. That weekend he stayed first with Madson at his apartment in a trendy warehouse district. Around 9:30 on Sunday night, neighbors heard shouts and thudding noises coming from the apartment, then the sound of running water. When Trail's body was found, investigators saw that his watch had stopped...
...turned to the National Credit Information Network, but I was too late. In response to public outcry, it has stopped providing SSNs. My last hope was Gary Ermoian, an online private eye who promises to find anyone's SSN for $25. I submitted a request and waited. Six days later he called to say he had canceled that service because too many clients were giving him bogus credit-card numbers...
...hustled to catch up with these scams. It ended its arrangement with banks in the refund-loan program in early 1995. At the same time, it made an emergency installation of computer filters to screen electronic returns. "It amounted to the sort of front-end screen the credit-card industry does at the point of sale," says assistant IRS commissioner Ted Brown. With new filters, the IRS discovered 4.1 million "problems" with Social Security numbers--an increase of more than 3 million from the year before. In 1995, 1.8 million dependents suddenly disappeared from the system, and there were...
Here's a sign the economy may be in real trouble: the baby boomers, legendary for their spending and borrowing, are slipping into debt hell. And at least one major credit-card company is starting to feel the heat. Advanta, the nation's ninth largest issuer of plastic, stunned Wall Street last week by forecasting a loss of $20 million in the first quarter. The company relies on a computer model to pick more affluent customers, who are offered a large credit line and teaser rates as low as 5.9%. The result: the number of cardholders jumped from 2 million...
...downside of the strategy may be that big-spending boomers fall harder. Overall, credit-card delinquencies soared to a record last quarter, with 3.72% of borrowers falling behind in payments. Many are seeking relief in bankruptcy. Such tactics have pelted the stocks of most credit-card issuers. Advanta execs are talking to outside advisers about the possibility of selling the company...