Highly decorated veterans die in the streets because America tolerates a financial system that preys on vets.
August 4, 2011
Last week, Andrea Chandler opened her mailbox in rural Virginia to find an official-looking envelope warning her that an immediate response was requested, with a Washington, DC return address and ominous logos to suggest it was a communication from a government agency. She knew what she'd find inside: a solicitation from a firm offering to refinance her home and lower her monthly payments.
Chandler is a US Navy veteran with almost 10 years of service, from June 1998 to January 2008, and she's been getting these solicitations since she bought her home with the assistance of a Veterans Administration (VA) loan guarantee in 2008.
She's a target of pre-screened credit offers, a practice used throughout the financial industry that violates consumer privacy and sets people up for identity theft. These offers prey upon people who may lack the financial savvy to understand the truth behind the appealing terms. In pre-screening, financial institutions take advantage of vast amounts of data on consumers and their habits to tailor offers of credit cards, home loans and other financing.
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