Credit Protection and Identity Theft
Building a Better Credit Report on the Federal Trade Commission’s site: www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm
Identity Theft resource center on the Federal Trade Commission’s site: www.ftc.gov/bcp/edu/microsites/idtheft/consumers/deter.html.
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?
There are four steps you should take to correct errors. The first step is to get a free credit report. The second step is to check for errors and omissions. The third step is to gather all of your documents such as cancelled checks and creditor statements to prove your case. The fourth step you should take is to put all of this, your documentation, your free credit report, in writing.
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? No. The only trusted site for credit information is annualcreditreport.com. One of the red flags is that a site will offer a free trial. However, you have to put all of your credit card information in and then they will charge you after your free trial have ended without your consent.
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 father was a victim of identity theft. He went to a gas station, swiped his card and all of his information was taken. He got a call from the bank asking if he took a trip to the Ukraine because he had charges on his credit card for over a thousand...