Fp/120 Credit Protection and Identity Theft
University of Phoenix Material Jordan Shane
Credit Protection and Identity Theft
Directions
Refer to:
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?
To correct any errors on your credit report that you may find, all you have to do is get a copy of your credit report and collect all the data you can find that will prove your case. Take all the evidence and document it in written form while also providing your name, Social Security number and date of birth. Remember to stay calm and be professional. There is no reason to make threats or get angry. After mailing your case to the reporting agency all you have to do is wait a maximum of 30 days for the agency to complete an investigation.
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 one should ever use a credit repair service. In most cases they are shady people pretending to be able to help and victimizing people that may really need help. All these companys will do is promise they can remove bad “items” from your credit score (which is imposible) and make you pay hundreds to thousands of dollars in fees before vanishing forever.
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?
Credit Protection and Identity Theft
Directions
Refer to:
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?
To correct any errors on your credit report that you may find, all you have to do is get a copy of your credit report and collect all the data you can find that will prove your case. Take all the evidence and document it in written form while also providing your name, Social Security number and date of birth. Remember to stay calm and be professional. There is no reason to make threats or get angry. After mailing your case to the reporting agency all you have to do is wait a maximum of 30 days for the agency to complete an investigation.
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 one should ever use a credit repair service. In most cases they are shady people pretending to be able to help and victimizing people that may really need help. All these companys will do is promise they can remove bad “items” from your credit score (which is imposible) and make you pay hundreds to thousands of dollars in fees before vanishing forever.
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?