Credit Protection and Identity Theft

Good Essays
1 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.

If you find errors on your credit report, what steps would you take to correct them?

Steps we can take include writing to the credit reporting company describing what we feel is inaccurate on our credit. If we do this the agency must investigate the claim. After the investigation is complete they will send us written results with a copy of our credit report if any changes had been made. Another way we can try and correct information is by contacting and disputing any information directly with the lender. If a lender does not resolve our problem then we can request that the lender attach a statement about the dispute for every time they report the credit agency.

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?

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?

I have never been a victim of identity theft nor do I know anybody who has. From what I have read the resolution process can be long and painful mentally and physically. It could also take a very long time as in years if not caught in time. We would have to contact lenders and close out and dispute anything that was not of our knowledge. I believe then an investigation will start and if the person is ever caught then they can begin on recovering your credit and removing whatever credit was used without your knowledge. Any credit we knowingly used is

You May Also Find These Documents Helpful

  • Good Essays

    Identity theft is an important crime in society today and it needs to be heavily enforced and prosecuted. According to Transunion.com, As of 2015, 9.9 million Americans are victims of identity theft, with an incident happening on average every 19 seconds. This proves just how important of a crime identity theft is and that it should be better protected and have harsher consequences. The legal definition of identity theft according to Dakota Family Bank and Foundations of Computer Society is “the fraudulent acquisition and use of a person's private identifying information, usually for financial gain.” Identity theft is in relation to the crime of stealing as if someone is committing Identity Theft, then they are taking the name of someone…

    • 928 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Summary: Chapter eight is a study of fifty-nine inmates all in prison for some sort of identity theft. When asked why they committed identity left most of them said it is because it is an easy way to get quick cash and get a lot of it. “Many identity thieves claimed that they spent money on everyday items.” Some of them blow the money on drugs and partying but those actions make their risk of getting caught higher. The motivation for becoming an identity theft can be as simple as being in poverty or as complicated as losing a job and having the chance of ending up in poverty.…

    • 302 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Greenberg wrote this article to talk about new technology and digital watermarks that help prevent identity theft. Greenberg states, “Reports on the use of biometrics technology and digital watermarks to secure important documents and prevent identity theft. Information on the biometric technology; Features of the digital watermarks; Responsibilities of individuals who are using these technologies.” This article relates to my topic because it explains, what can contribute to decreasing identity theft. This article is valid because it gives many examples on decreasing identity theft.…

    • 626 Words
    • 3 Pages
    Satisfactory Essays
  • Better Essays

    Identity theft is serious. While some identity theft victims can resolve their problems quickly, others spend hundreds of dollars and many days repairing damage to their good name and credit record. Some consumers victimized by identity theft may lose out on job opportunities, or be denied loans for education, housing or cars…

    • 1193 Words
    • 5 Pages
    Better Essays
  • Satisfactory Essays

    When people steal the identity of another person it causes that person to lose a lot of money feel…

    • 263 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    The first thing is, what identity theft is. Identity theft is a term that is used to refer to all the crimes in which another person will take and use someone else’s own private personal data for his or her own benefit. They will use it to obtain a driver license or other important documentation that they may need. In the United States and Canada there have been countless numbers of identity thefts by using their credit card. Identity theft has put a damper on people and their financial means. This is what identity theft is and why it is the most common crime in the United States.…

    • 930 Words
    • 4 Pages
    Good Essays
  • Good Essays

    White collar crime and credit card fraud are complex crimes that are generally related to business, industry, and economic schemes. The U.S. Department of Justice defines white collar crime as a “nonviolent, illegal activities that rely on deceit, deception, concealment, manipulation, breach of trust, subterfuge, or illegal circumvention” (Criminal Investigation, 11th Edition). Statically these sophisticated crimes are usually committed by caucasian and european men. No matter the circumstances, the crime will always have a victim! This crime is a very pervasive issue that has low priority in law enforcement due to matters as terrorism.…

    • 346 Words
    • 2 Pages
    Good Essays
  • Good Essays

    For example, if a younger sibling uses their older sibling’s ID and passes it off as their own, this can be considered identity theft. But even in a state where they can charge people with identity theft for fake ID’s, they might not. Prosecutors are allowed to choose when to charge a person with a crime or not. This is very risky and can simply be avoided by not possessing a false ID. Another legal consequence is being processed as a criminal and having a record. Possessing or using a fake ID is a crime and can even be considered a federal crime in some…

    • 1231 Words
    • 5 Pages
    Good Essays
  • Better Essays

    Identity Theft Effect

    • 3103 Words
    • 13 Pages

    Consumers have the most control over protecting their personal information. Therefore, educating consumers is the most important aspect of a successful identity theft protection program. Companies must convince consumers that it is their own personal responsibility to be aware of the risks of identity theft and that consumers must be diligent in taking steps to protect their personal information. Companies have introduced many safeguards to prevent identity theft. The following are some services offered by companies to prevent identity theft:…

    • 3103 Words
    • 13 Pages
    Better Essays
  • Satisfactory Essays

    Review what the customer claims is incorrect with the loan and compare to LoanServ. If the information is not the same, determine if an error. First, pull the origination documents to determine if the change was due to an ARM adjustment or a loan modification.…

    • 78 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    “Identity Theft” is a term that you have probably heard a lot in recent years. As things become increasingly automated and electronic, your personal data is at a higher risk of being stolen or compromised, resulting in a loss of money, credit, and time. And although most people have heard of identity theft fraud at some point, lots of people still don’t understand exactly how it works.…

    • 395 Words
    • 2 Pages
    Good Essays
  • Better Essays

    The field of Information Technology is one of the fastest growing fields in the world. Daily innovations and discoveries are flooding our lives. The continual strive for speed and efficiency make the world move faster into the new era of digital information. In addition to advances in computing, many other fields are forced to innovate and comply with the demands of the new 21st century consumer.…

    • 7416 Words
    • 30 Pages
    Better Essays
  • Good Essays

    Online Identity Theft

    • 1300 Words
    • 6 Pages

    There are many useful tactics to find out if you have been a victim of identity theft. The most useful tactic is to order your free credit report from the three major credit bureaus; Equifax, Experian, and Transunion. Each of the credit rating companies will give you a free credit rating report throughout the year. That means you can get a free credit rating every four months throughout the year. Simply checking your bank statements each month will allow you track your expenditures and to see any anomaly’s. There are also more prevalent ways to know if your identity has been stolen. Debt collectors may begin to call and leave voice mails asking for money you have never spent. Mail may start going missing such as bills if someone has changed your billing address. Identity thieves commonly do this so theirEqu victims do not see the expenditures they are placing in their names. A serious realization of identity theft may come when you find out you have a warrant out for your arrest. Someone could have committed a crime in your name and it would be unknown to you until you have pulled over and then arrested. This is serious inconvenience for you can have major…

    • 1300 Words
    • 6 Pages
    Good Essays
  • Satisfactory Essays

    Online Identity Theft

    • 423 Words
    • 2 Pages

    Identity theft is a form of stealing someone's identity in which someone pretends to be someone else by assuming that person's identity, usually to access personal information or obtain credit and other benefits in that person's name. The theft occurs when someone uses another's personally identifying information, like their name, identifying number, or credit card number, without their permission, to commit fraud or other crimes.…

    • 423 Words
    • 2 Pages
    Satisfactory Essays
  • Best Essays

    Identify theft refers to any fraud that takes form of pretence to be someone else with a motivation of stealing money or to get any other benefits. The use of the term identity theft is actually a misnomer because it is difficulty to steal individual identity. One can only use identity theft but not really steal it. The main aim of identity theft is to gain individual identity in order to use it for monetary or any other benefit. On the other hand, an individual whose identity is stolen suffers negative consequences in different ways. Identity theft is a new crime in the world that has increased with the new technology. Many countries have specific laws which are aimed at making identity theft a crime but others are yet to put in place strict laws that make identity theft a crime.…

    • 2412 Words
    • 10 Pages
    Best Essays