Bad Credit MD Helps Consumers Locate Secured Credit Cards

Aug. 17, 2013 - PRLog -- Secured credit cards function and look like traditional unsecured credit cards, but the credit extended by the financial institution is secured by collateral from the borrower  which is typically a bank deposit.

Secured credit cards are mainy marketed to consumers that have a blemished or limited credit profile that prevents them from becoming eligible for unsecured credit. Secured cards can also serve as a means for those people that intend to improve or establish their credit history.

Unfortunately, there has been recent reports that there are fraudsters looking to take advantage of honest consumers looking to obtain a secured card.

On August 16, 2013, it has been reported to The Office of the Comptroller of the Currency (OCC) that an entity entitled Freedom Gold Club is claiming to be associated with a national bank named Freedom 1^st National Bank. Freedom 1^st National Bank is not authorized by the OCC pursuant to federal law to conduct business as a national bank. It is a violation of federal criminal law, 18 USC 709, for any corporation or person acting on behalf of a corporation to operate as a national bank without authorization. All national banks are chartered and regulated by the OCC, a bureau of the U.S. Department of the Treasury.

Freedom 1^st National Bank is a fictitious entity used as part of a scheme that involves soliciting consumers for semi-secured credit cards through the U.S. mail. Potential victims receive solicitations and program agreements, which may mention that Credit One Bank, N.A., is connected with the card agreement. Credit One Bank, N.A., has no connection to this entity. Victims then submit check payments in amounts ranging from $500 to $900 as deposits to obtain a semi-secured credit card with the understanding that he or she is entering into a program to rebuild poor credit. The checks are cashed by an individual using the name of Bradford C. Ege II, and the victims never receive the anticipated credit card.

This fraudulent entity is purportedly located 601 NE 11^th Street, Ft. Lauderdale, Fla. The individual who claims to be the owner and appears to be cashing the victims’ checks is named Bradford C. Ege II. 

The free consumer organization "Bad Credit MD" wants to inform consumers looking for a secured credit card that they have a list of researched and reviewed secured credit card issuers located on their on-line website at http://www.badcreditmd.com/secured-credit-cards/ .

The organization also wants consumers to know that not all offers for secured credit cards are from savages or fraudsters and that a secured credit card can be a very useful tool for the consumer to use to help them repair damaged credit.

http://youtu.be/T8KJ4-c-11s



Bad Credit MD, is a free On-line consumer information guide that helps people with credit problems in Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

Bad Credit MD has been in business helping consumers with bad credit since April of 2007 and is a subsidiary of Enticing Designs Publishing. The staff has various backgrounds in the financial and mortgage industry. Its staff has researched its information with various governments around the world to provide the most comprehensive and accurate information free of charge.  Consumers can learn more about "Bad Credit MD" by visiting http://www.badcreditmd.com.

More information on the above consumer alert issued by the The Office of the Comptroller of the Currency (OCC) can be found at http://www.occ.treas.gov/news-issuances/alerts/2013/alert-2013-15.html.