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7.3 Protect your Identity

7.3 Protect your Identity. Objective: Understand the importance of managing and protecting your personal credit…. Protection:. Report immediately if lost or stolen Report to police—police report will serve as document to dispute fraudulent charges on your account

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7.3 Protect your Identity

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  1. 7.3 Protect your Identity Objective: Understand the importance of managing and protecting your personal credit….

  2. Protection: • Report immediately if lost or stolen • Report to police—police report will serve as document to dispute fraudulent charges on your account • Secure phone numbers of banks, card companies • Secure websites online: https//: and utilize secure socket layer (SSL) on your software • Don’t share numbers with anyone who calls, same goes for SSA. • Last four digits of number on bill only • Shred, burn documents with personal numbers or info

  3. What to do if you discover unauthorized activity on your account? • Report immediately.. Zero Liability- not responsible for charges • 60 days to report errors to the credit card issuer, they must respond within 30 days • Don’t wait do this as soon as possible • Card company will defend you in a dispute • Big Advantage over debit card transactions. • ..

  4. Protect your PIN • Personal Identification Number • Never write on the back of card • Numbers only you would know • Don’t use birthdates, first guess made

  5. Choosing the right credit card • Pay off at the end of the month- don’t worry about interest rates, look for annual usage fees • Large purchases- low APR, • Low introductory rate- read carefully,pay off balances within the intro period, always pay on time, • SAME AS CASH…..??????? • 90 days same as cash • 2 years same as cash

  6. Managing your accounts • Stick to budget • Follow 20-10 Rule • Total credit card debt less than 20% of your total annual income • Monthly payments less than 10 % of your monthly income • Pay as much as possible, avoid minimum payments • Review statements quickly • Set up email alerts, when large or unusual purchases occur • Check account always

  7. Discussion and Case Studies • Group Work

  8. Closure • Quick Quiz

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