1. Section 6.3 Protecting Your Credit

2. Billing Errors and Disputes Notify your creditor in writing Notify your creditor in writing Pay the portion of the bill that is not in question Pay the portion of the bill that is not in question The creditor must acknowledge your letter (30 days) The creditor must acknowledge your letter (30 days) They must adjust your account or tell you why the bill is correct (no longer than 90days) They must adjust your account or tell you why the bill is correct (no longer than 90days) If no mistake is found they must promptly send you a new bill with what you owe and any charge you missed while you were questioning the bill If no mistake is found they must promptly send you a new bill with what you owe and any charge you missed while you were questioning the bill

3. Protecting you Credit Rating According to law: According to law: A creditor may not threaten your credit rating or do anything to damage your credit reputation while you are disputing your bill A creditor may not threaten your credit rating or do anything to damage your credit reputation while you are disputing your bill Your creditor may not take action to collect until your complain has been answered. Your creditor may not take action to collect until your complain has been answered.

4. Credit and Stolen Identity Identity theft : When someone else uses your personal information for their own purposes Identity theft : When someone else uses your personal information for their own purposes Figure 6.8 (3 steps) Figure 6.8 (3 steps) Contact the credit bureaus Contact the credit bureaus Contact the creditors Contact the creditors File a police report File a police report

5. Protecting your credit from theft or loss Tear or shred any papers that contain personal information Tear or shred any papers that contain personal information Close accounts immediately Close accounts immediately Place Stop payments Place Stop payments Cancel cards Cancel cards Be sure your card is returned after you make a purchase Be sure your card is returned after you make a purchase Keep a record of your card number separate from your card. Keep a record of your card number separate from your card.

6. Keeping Track of Your Credit You may not know your information has been stolen until you notice something is wrong You may not know your information has been stolen until you notice something is wrong When you open new accounts after identity theft make sure the accounts are password protected only When you open new accounts after identity theft make sure the accounts are password protected only Keep a close eye on new instances of identity theft and notify the creditor immediately Keep a close eye on new instances of identity theft and notify the creditor immediately

7. Government Protection Privacy Rights Clearinghouse of the Federal Trade Commission (FTC) : provides information on how to network with other victims Privacy Rights Clearinghouse of the Federal Trade Commission (FTC) : provides information on how to network with other victims The U.S Secret Service has jurisdiction over financial fraud cases The U.S Secret Service has jurisdiction over financial fraud cases The Social Security Administration may administer you a new social security number The Social Security Administration may administer you a new social security number You can file complaints with the FTC by a consumer helpline, the mail, or the internet. You can file complaints with the FTC by a consumer helpline, the mail, or the internet.

8. Protecting Your Credit Information on the Internet Use a secure browser Use a secure browser Keep records of your online transactions Keep records of your online transactions Review your monthly statements Review your monthly statements Read the privacy policy of the website you visit Read the privacy policy of the website you visit Keep your personal information private Keep your personal information private Never give your password to anyone online Never give your password to anyone online Do Not download files sent you by strangers Do Not download files sent you by strangers

9. Cosigning a Loan Think Twice about cosigning on a loan Think Twice about cosigning on a loan This means you are legally responsible for the loan payments if the other person does not make them This means you are legally responsible for the loan payments if the other person does not make them The lender would not require a cosigner unless they thought the person was considered a risk The lender would not require a cosigner unless they thought the person was considered a risk If neither of you repay the loan this will show on your credit history If neither of you repay the loan this will show on your credit history

10. Complaining about consumer Credit There are formal complaint procedures if you cannot work out something with the lender There are formal complaint procedures if you cannot work out something with the lender You can get help from the Federal Reserve System You can get help from the Federal Reserve System You may take legal action against creditor, but if you decide to file a lawsuit you should be aware of the consumer credit protection laws You may take legal action against creditor, but if you decide to file a lawsuit you should be aware of the consumer credit protection laws

11. Consumer Credit Protection Laws Descriptions on page 183- 184 Truth in Lending and Consumer Leasing Acts Truth in Lending and Consumer Leasing Acts Equal Credit Opportunity Act Equal Credit Opportunity Act Fair Credit Opportunity Act Fair Credit Opportunity Act Fair Credit Reporting Act Fair Credit Reporting Act Consumer Credit Reporting Reform Act Consumer Credit Reporting Reform Act

12. Your Rights under Consumer Credit Laws If you believe the your have been refuse credit because of discrimination you can If you believe the your have been refuse credit because of discrimination you can 1. Complain to the creditor. Let the creditor know that you are aware of the law 1. Complain to the creditor. Let the creditor know that you are aware of the law 2. File a complain with the government Figure 6.9 2. File a complain with the government Figure 6.9 3. If all else fails you can sue the creditor 3. If all else fails you can sue the creditor