Finances

University of Phoenix Material

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?

Take time to collect all the information you'll need to prove your case, such as copies of canceled checks and creditor statements, and much more. The more the better. All paper work you can come up with is needed. Put everything in writing. I need to have proper document for everything. Contact the bureau whose report you believe is not accurate, give them all your info so that they can verify your information, if you’ve moved, give them your previous address if necessary. Write them as if you were writing a potential employer. Make sure to include what you are disuting, and write it out as clear as possible. Attach any documents, and have all transaction numbers and account numbers. Last but not least, don’t forget to sign the letter.

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?

I personally would not use a credit repair company to help fix my credit when everything I need to know is open for you to do it your self. All the contacts to every bureau you owe is right there for you, and majority of the time if you owe a company, if you call and settle it, you will pay a lot less than what you owe. One creditor says I owe $965 but will settle for $500....