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Section 6.3

Section 6.3. Protecting Your Credit. Billing Errors and Disputes. Notify your creditor in writing Pay the portion of the bill that is not in question 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)

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Section 6.3

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  1. Section 6.3 Protecting Your Credit

  2. Billing Errors and Disputes • Notify your creditor in writing • Pay the portion of the bill that is not in question • 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) • 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: • 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.

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

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

  7. Government Protection • 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 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.

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

  9. Cosigning 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 • 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

  10. Complaining about consumer Credit • There are formal complaint procedures if you cannot work out something with the lender • 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

  11. Consumer Credit Protection LawsDescriptions on page 183-184 • Truth in Lending and Consumer Leasing Acts • Equal Credit Opportunity Act • Fair Credit Opportunity Act • Fair Credit Reporting 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 • 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 • 3. If all else fails you can sue the creditor

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