Credit Protection and Identity Theft Assignment
Credit Protection and Identity Theft Assignment
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.
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.