Chapter 8 notes

View Ch. 8 notes here. Remember to do the self-check quiz to prepare for the quiz tomorrow.

Get Your Free Credit Report Here Only!

Order a copy of your credit report. An amendment to the federal Fair Credit Reporting Act requires each of the major nationwide consumer reporting companies to provide you with a free copy of your credit reports, at your request, once every 12 months.

To order your free annual report from one or all the national consumer reporting companies, visit www.annualcreditreport.com, call toll-free 877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can print the form from ftc.gov/credit. Do not contact the three nationwide consumer reporting companies individually; they provide free annual credit reports only through www.annualcreditreport.com, 877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

Under federal law, you’re also entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance or employment, and you request your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company that supplied the information about you. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; you’re on welfare; or your report is inaccurate because of fraud. Otherwise, a consumer reporting company may charge you up to $9.50 for any other copies of your report.

To buy a copy of your report, contact:

Equifax: 800-685-1111; www.equifax.com

Experian: 888-EXPERIAN (888-397-3742); www.experian.com

TransUnion: 800-916-8800; www.transunion.com

For more information please go to the government website with more useful information and tips that you should share with everyone! Go the Federal Trade Commission's site.

At Risk for Identity Theft

Qwest Communications held a summit last year that focused on protecting teens from identity theft.

"Many teenagers discover they are a victim of identity theft when they first apply for a driver's license and find that one has already been issued to someone else under the same Social Security number," according to the report that came out of the summit.

The summit also compiled a list of tips.

FOR TEENS

Don't be intimidated: Tell adults who ask for your Social Security number, driver's license or credit card numbers that you want to know how they'll use them and how they'll protect them from being stolen.

Guard your personal information: Protect your passwords on your computers, wireless phones, pagers and other devices, and don't store personal identification information there. Shred all documents containing personal information.

Don't use your mother's maiden name as a password: "A thief who discovers your mother's maiden name can also locate and obtain your original birth certificate," says Judith Collins, an identity theft expert. "With an original birth certificate, perpetrators can orchestrate a complete takeover of your identity."

Check yourself out: When you turn 16, check bank and credit card statements regularly for irregularities and check your credit report at least once a year.

FOR PARENTS

Monitor your child's credit: Always check your teen's bank and credit card statements for irregularities.

Protect personal identification information: Make sure your teenager doesn't keep his or her Social Security card and other valuable personal information in his or her wallet, purse, backpack or car.

Encourage password protection: Help your teenagers create passwords that are hard to steal — a combination of numbers and letters only they will remember.

— Pamela Yip

Credit Report

Seniors,

It is crucial that you protect yourself from identity theft. It is also important to find your credit score because it will be very important in terms of any major economic decision you make. Read this short article below.

By Cynthia E. Brodrick


Your credit score is the single most important factor determining whether you'll get approved for a mortgage, car loan, credit card, insurance... AND, even if you do get approved, the score will determine what the interest rate will be. Bad credit score = higher rate. In other words, ignoring your credit score could cost you money!
Don't walk into a car dealership or a mortgage banker's office or a credit card application blind. Know - and understand - your credit score. Thankfully, you can take a look at your money reputation by getting your credit score along with a copy of your credit report.
Your credit report has all the juicy details that creditors are sharing with each other about you. What bills have you been late on? How free and loose are you with credit cards? Are you are a good risk, someone who can be trusted with other people's money?
You can order your credit report online and receive it instantly from Equifax.com, TrueCredit.com, and Experian's CreditExpert.com. Be sure you choose the option that gives your credit score too. More than likely, this will cost you about $15. Shop around for what's the best deal for you. Your credit score may be slightly different at each, but until you know there's a problem, one credit report should do you.