Credit Protection and Identity Theft Assignment Essay

1. If you find errors on your credit report, what steps would you take to correct them? If I believe there’s an inaccuracy anywhere on my credit report or find any errors on it, the steps that I would use to help me correct those errors would be; Step 1 Request a fresh report directly from the credit bureaus. Step 2 see if any information is missing from my report, Step 3 Collect data to prove my case, such as copies of canceled checks and creditor statements.For example, if my credit report shows that I owe money to a creditor that was paid in full, I need to find the statement that shows a zero balance, and saying that the bill was paid off. Step 4 I need to contact the agency whose report contained the error/wrong information with a letter stating why I’m contacting them.

Also in that letter I need to provide my name, Social Security number and date of birth, and make sure to write professionally, without anger or threats, and include all the details, such as account numbers, invoice or check numbers and payment dates.After I write my letter I need to make it clear what I want changed and sign the letter. Once the letter is sent off to the bureaus, I wait for them to get my results back. 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 don’t believe someone should use credit repair services to fix their credit because; some credit repair clinics use practices that are fraudulent, deceptive, and even illegal.There are a number of credit repair places that steal the credit files or Social Security numbers of people who are under 18 or have died, and substituting these for the files of people with poor credit histories, and advising clients to create a new identity by applying for an IRS Employer Identification number. Credit repair services can actually make someone’s situation worse. Most of the time, people are advised to stay away from credit repair services, as they tend to charge exorbitant interest rates themselves. . 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 experienced identity theft, and I don’t wish to because I hear how hard things can get when someone takes your identity. As far as I know none of my friends have been a victim of identity theft from what I know of, because I know it’s not a subject that most people want to talk about with everyone.

I do believe some of my family members may have been victims of identity theft or someone was trying to steal their identity, but I never got the full details of what really happened with their situation. I do remember someone got hold of some of my mother’s information, and messed up her credit some. For a few years she had someone working with her to fix it; I’m not share if it’s completely fix or if the issue is still in process, but for the most best I just see her taking it one day at a time.My mother is not someone who talks about those things, but it’s only because she hates to worry me and my siblings. 4.

Using the FTC site, what can you do to minimize the chance of your identity getting stolen? Some of the steps I can take in order to minimize my chances of having my identity stolen are by being more aware of how and when I use my personal information. By keeping close tabs on my personal information, I can reduce my chances of becoming an identity theft victim. Making sure not to record my passwords and Social Security number on paper is one way to keep someone from stealing my information.Another step is to shred pre-approved credit applications and other financial documents before discarding them, and order credit reports every year from each of the major credit reporting agencies and thoroughly review them for accuracy. It’s important to always make sure to shred receipts and copies of documents with personal information on them as well, especially if they are no longer needed. Because I am a college student I feel as though that makes me an even easier target for someone to steal my identity.

Not knowing to much or enough about how to protect your identity is sure way for you to get it token.


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