Chapter 15- Questions 3

What is the maximum amount you may be required to pay if someone uses your credit card illegally?

$50

Lost credit cards are another key element in credit card fraud. What are two key actions that you should take?.

-Be sure that your card is returned to you after you make a purchase. -Keep a record of your credit card numbers

What three key actions can you take if you notice that your identity has been stolen?

-Contact the credit bureaus -Contact the creditors -File a police report

There are several steps that you can take to protect your credit information on the internet. What steps can you take to recognize fraud, avoid it, and report it?

-Use a secure browser -Keep records monthly bank and credit card statements -Review your monthly bank and credit card statements -Keep your personal information private -Never give your password to anyone online -Do not download files sent to you by strangers

What immediate action should you take if you believe that an identity thief has accessed your bank accounts, checking accounts, or ATM cards?

Close your accounts

If you continue to experience problems after taking steps, what government agencies can you turn to for help with this matter?

Contact the Privacy rights clearinghouse of the federal trade commission (FTC)

What do you do to dispute billing errors on your credit cards? What steps do you take?

First notify your creditor in writing, and include information any information that might support your case. Then pay the portion of the bill that is not in question

Protecting your credit rating: According to law, what can a creditor NOT do to you?

May not threaten your credit rating or do anything to damage your credit reputation while you are negotiating a billing dispute

What Can the Federal Trade Commission NOT do for you, and what can they do for you as a consumer?

The FTC cannot resolve individual problems for consumers but they can act against a company if it sees a pattern of possible law violations

If you ever purchase a defective or bad item, and the store will not accept a return, what can you do according to the Fair Credit Billing Act?

You can tell your credit card company to stop payment because you made a sincere attempt to resolve, or clear up, the problem

In a case where your identity is stolen, in what ways can you learn about this happening to you?

You may get bills for a credit card account you never opened, or you may see charges to your account for things that you did not purchase