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Credit Protection

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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? If you find any type of errors on your credit report there will be multiple steps that you need to take. The credit reporting company along with the information provider are completely responsible for any mistakes made. The first step that you will need to take will be to write a detailed letter informing the reporting company what exactly is wrong or inaccurate. The next thing that you will need to do is wait for them to do their investigation. This should take place within thirty days of reporting the issue. If they believe that the issue is frivolous, the information will then be forwarded 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?

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?

4. Using the FTC site, what can you do to minimize the chance of your identity getting stolen?

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