Time Magazine wrote about this phenomenon, which costs consumers billion a year in fees charged by check cashing stores, payday loan providers, and others.
It’s not at all uncommon for consumers to spend 3% or more to get a paycheck cashed.
Also, 0.04% (4 out of every 10,000) of all monthly active accounts were fraudulent.
Even with tremendous volume and value increase in credit card transactions since then, these proportions have stayed the same or have decreased due to sophisticated fraud detection and prevention systems.
Our goal is to help you understand your credit and get more out of it.
Along with providing free credit scores, reports and monitoring, we offer insight into what it all means and show you product recommendations, like credit cards and loans, based on your credit profile.
The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account.