1. MONEY MANAGEMENT II Billing Errors/Disputes & Identity Theft

2. What We’re Covering Today Billing Errors & Disputes  Examples  How to dispute an error and the investigation process Identity Theft  Signs of ID Theft  Examples of ID Theft  Steps to take in case it happens  How to prevent it in the first place The Fair Credit Billing Act

3. Examples of Billing Errors Billing Error: When there is some form of error in billing to your credit account. Examples:  A charge for something you did not buy  An amount on your bill that is different from the actual amount you paid  A charge for something you did not accept on delivery  Arithmetic errors  “Double” billing  Payments not credited to your account

4. Dispute That Error Baby! Steps to take when billing errors are noticed 1. Call your credit card company the error has occurred with Record the date of the call, whom you spoke with and the agreement that was made 2. Request a “Chargeback” while the matter is investigated 3. Notify the company in writing of the matter and request it be investigated. Send by certified mail Request a return receipt Include copies of documents (sales slips) that support your position

5. Example of a Dispute Letter Dear Sir or Madam: I am writing to dispute a billing error in the amount of $______on my account. The amount is inaccurate because (describe the problem). I am requesting that the error be corrected, that any finance and other charges related to the disputed amount be credited as well, and that I receive an accurate statement. Enclosed are copies of (use this sentence to describe any information you are enclosing, like sales slips or payment records) supporting my position. Please investigate this matter and correct the billing error as soon as possible. Sincerely, Your name Enclosures: (List the enclosures.) BE SURE TO SEND THIS TO THE “BILLING INQUIRIES” ADDRESS OF YOUR CREDIT CARD COMPANY!

6. The Dispute Process Creditors must acknowledge your letter within 30 days of receiving it. They must also resolve manner within two billing cycles (not to exceed 90 days total) You may withhold payment on the disputed amount (and any applicable charges). You are still responsible for paying any part of the bill not in question. The disputed amount can be applied towards your credit limit

7. The Dispute Process During the process the creditor cannot  Threaten your credit score  Report you as delinquent  Close your account Creditors are allowed to report that you are challenging your bill  It is against federal law for creditors to deny you credit because you have disputed a bill No matter the investigation results, everything must be provided in writing. The paper trail provides evidence of the process.

8. Identity Theft: Using someone’s name, Social Security Number, credit card number, or personal information, without consent, for your own purposes. Signs of Identity Theft include:  You see withdrawals from your bank account that you can’t explain.  You don’t get your bills or other mail.  Debt collectors call you about debts that aren’t yours.  You find unfamiliar accounts or charges on your credit report.  Medical providers bill you for services you didn’t use.  You get notice that your information was compromised by a data breach at a company where you do business or have an account. Signs of Identity Theft

9. Examples of Identity Theft Identity Theft can happen a number of ways, here are just a few:  Stealing/Forwarding Mail  Stolen credit cards/numbers  Dumpster Diving  Phishing  Impersonation to gather personal information  Impersonation to use benefits These are just examples! There are other ways ID thieves can get your personal information and they are thinking of new ways everyday!

10. What To Do If You Are A Victim 1. Contact the fraud department of each of the three major Credit Bureaus  Flag my account with a fraud/security alert!  Request my permission before any new accounts open! 2. Contact the Creditors  Any accounts that have been tampered with opened fraudulently  Follow up in writing 3. File a Police Report  Keep a copy of the police report in case creditors need proof of the crime

11. Steps to Prevent ID Theft From Occurring Keep financial documents locked away Limit what you carry Ask “Why” when probed for personal information Shred personal documents when no longer needed Watch your mail! Be clever with passwords Get good encryption and antivirus software As always: REVIEW YOUR CREDIT INFORMATION REGULARLY!

12. The Fair Credit Billing Act Rights provided by the Fair Credit Billing Act include:  When opening an account creditors must provide you with a written notice outlining your right to dispute billing errors  Send your bill at least 21 days before the due date  Credit payments to your account on the day they are received  Limiting your financial responsibility to $50 if someone has used your credit account to make purchases without your permission.  You do not have to pay for goods and services that you didn't accept, were not delivered as agreed, or were not as promised.

13. Wrap-Up & Review There are many different ways billing errors can occur When disputing a billing error be sure to follow the proper guidelines Identity thieves are working overtime to get your information If you are a victim of identity theft make sure you act quickly Know the rights provided by the Fair Credit Billing Act