University of Phoenix Material

Credit Protection and Identity Theft



Directions


Refer to two articles found at the Federal Trade Commission:

Fair Credit Reporting Act: http://www.consumer.ftc.gov/articles/0155-free-
credit-reports

Avoiding Scams: http://www.consumer.ftc.gov/articles/0120-avoiding-scams-
101


Provide answers to the following questions based on your readings and your
personal experiences. Answers should be 100 to 150 words each.

1. If you find errors on your credit report, what steps would you take to
correct them?
To dispute an error on your credit report, contact both the credit
reporting companyand the company that provided the infor mation. Also
clearly identify each mistake state the facts explain why you are disputing
the information and request that it be removed or corrected.


2. There are many organizations that claim they will repair your credit
for a fee. From your readings, should someone use a credit repair
service? Why or why not? What are some actions these organizations can
take that should be a red flag?
Depending on how bad the judgement is on the credit report I would use
a credit repair company. If it is a company claiming something that I
didn't due and I don't have the means to fight them on my own then I
would use the credit repair company when going against a company that
has assets and the means to put something on your report and your not
knowlegable on how to handle the situation call a well known credit
repair company like Lexington Law which as been around for a while.
What would make me hasitant to use one would be all of the scamming
going on and the identy theft.




3. Have you, a family member, or a friend been a victim of identity
theft? How did it happen? Describe the resolution process, i.e., how
much time did it take, what credit damage was corrected? My sister
recently had her credit card number stolen not the actual card but the
numbers and she ddint understand how it happened because it's a card
she dosent use unless its an emergency so it stays in her wallet well
she learned that they have some kind of credit card reader were u can
stand beside or near a person with the device and it reads cards
though the purse and wallerts or what ever with out ever seeing the
actual card. The spent around $500 and her accounts were put on hold
and she couldn't pay her bills on time cause she couldn't access her
money for like two weeks she ended up owing the bank until it was
resolved by the fraud companythe bank provides.



4. Using the FTC site, what can you do to minimize the chance of your
identity getting stolen?
Lock your financial documents and records in safe place at home lock
your purse and wallet in a drawer at work keep your information
sercure from roomates or workers who come into your home. Shred
receipts, credit offers, credit applications, insurance forms,
physician statements, checks, bank statements, expired charge cards,
and similar documents when you don't need them any longer. When you
order new checks, don't have them mailed to your home, unless you have
a secure mailbox with a lock.



Post the Credit Protection and Identity Theft worksheet as a Microsoft®
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