Credit Protection Worksheet
FP/101-Foundations of Personal Finance
Credit Protection and Identity Theft
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?
You’d tell the credit reporting company, in writing, what information that you found that’s inaccurate on your credit report. The agency must investigate the items within 30 days usually, unless they consider your dispute unfounded. The credit reporting company must forward the data you provide to the company that provided them the information. After the company receives a notice about the dispute from the credit reporting ...view middle of the document...
First of all nothing is free, so as soon as you hear something like that you should be wary of a scam. A lot of these companies that make all these claims of repairing your credit are usually doing something that is illegal or fraudulent such as stealing social security numbers of people underage or no longer living, they replace a person’s credit file with the stolen social security information.
3. Have you, a family member, or a friend been a victim of identity theft? How did it happen? Describe the resolution process- ex. how much time did it take, what credit damage was corrected?
My Mom was actually just recently a victim of identity theft, a couple weeks ago she got a call from her bank questioning some charges that had been made in New Jersey around the same times she had made charges in Toledo, where we live. Obviously my Mom told them they were fraudulent charges because she’s never been to New Jersey so the bank put a freeze on her account. They think someone had gotten her account number by putting a magnetic strip at a gas pump she had used somewhere. It took about a week for her to get everything straightened out, she had to cancel her card as well so it took 10 days for her to get a replacement..it was a big hassle.
4. Using the FTC site, what can you do to minimize the chance of your identity getting stolen?
Some of the things you can do to minimize the chances of your identity being stolen would be to kep your important, personal papers in a an organized secure place at all times. Shredding personal papers and documents, and making sure that any personal information or account numbers are blacked out if they’re thrown in the trash. Always make sure to keep only any personal information that’s necessary on you, and only carry any credit cards that your going to need at one time, so there’s less chance of losing it or getting it stolen if it’s left at home.
Post the Credit Protection and Identity Theft worksheet as a Microsoft® Word attachment.