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Credit Protection Worksheet

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Credit Protection and Identity Theft

Directions

Refer to:
Free Credit Report on the Federal Trade Commission’s site.

Identity Theft resource center on the Federal Trade Commission’s site.

Provide answers to three of 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?

If you find errors on your credit report, there are several steps you need to take. Under FCRA, the credit reporting company and information provider are responsible for correcting any inaccurate information on your credit report. You need to write a letter to the reporting company explaining what information is inaccurate. The credit reporting company will usually begin to investigate the information that was said to be inaccurate within thirty days unless they consider your dispute to be frivolous. Then they will forward all the information relevant to the inaccuracies on your report to the organization that provided the information.

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?

From what I took from the readings, you should not just use a credit repairing service. These credit services can jeopardize your credit security by possibly not properly securing your information. There are a lot of fake credit repairing sites on the internet and it can be easy to use the wrong one and end up with damage to your credit and the risk of someone taking advantage of your information. You should not believe the credit repairing agencies that claim they will fix your credit for a fee,...

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