Credit Protection Worksheet

627 Words May 6th, 2013 3 Pages
University of Phoenix Material

Credit Protection and Identity Theft

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.

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

If you find errors on your credit report, there are several steps you need to take. Under FCRA, the credit reporting company and information provider are responsible for correcting any inaccurate information on your credit report. You need to write a letter to
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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 grand mother had her identity stolen once. We found out the elderly are a common victim of identity theft. An entire year went by before she knew her identity was stolen and the only reason she found out was because she found out she was missing money from her account each month to the point that her mortgage payment was not being paid in full each month. She was under the impression the bank took care of everything, her husband was taking care of the finances but he passed away so everything started to unravel. Once she found out she owed the bank a lot of money toward her mortgage and was very behind on payments. She never found out who did it, had to get all new cards and numbers, and is still paying for it today.

4. Using the FTC site, what can you do to minimize the chance of your identity getting stolen? There are many ways to minimize the chance of getting your identity stolen such as; keeping or shredding all documents with your name, address, any important numbers like your social security number or bank account numbers. If you need these papers, put them in a lockable fire safe. There are also web sites called “Active Duty Alerts” that can help

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