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Chapter 9 Credit Problems and Laws

Chapter 9 Credit Problems and Laws. How Can Consumers Protect against Errors and Fraud?. Disputing a charge is the process of informing a credit company of an error on your bill. Document all steps of your dispute and send a letter to the credit company.

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Chapter 9 Credit Problems and Laws

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  1. Chapter 9 Credit Problems and Laws

  2. How Can Consumers Protect against Errors and Fraud? • Disputing a charge is the process of informing a credit company of an error on your bill. • Document all steps of your dispute and send a letter to the credit company. • Credit card fraud is when someone uses your credit account to steal money or goods. • Notify creditor as soon as possible. 9-1 Resolving Credit Problems Slide 2

  3. What Help Is Available to Consumers? 9-1 Resolving Credit Problems Slide 3

  4. What Help Is Available to Consumers? • Federal agencies • Federal Trade Commission (FTC) Bureau of Consumer Protection • U.S. government (www.usa.gov) • Consumer Action Handbook • Consumer Financial Protection Bureau • Federal Bureau of Investigation (FBI) • State agencies 9-1 Resolving Credit Problems Slide 4

  5. What Problems Can Arise from Debt? • Credit delinquency • Collection agencies • Judgment • Garnishment • Repossession and foreclosure 9-1 Resolving Credit Problems Slide 5

  6. Focus On . . . Telemarketing Fraud • To protect yourself, know the danger signs. • Examples: upfront fees, pressure to act immediately, no written documentation • Use a credit card in case you need to dispute the charge later. • Be cautious when dealing with unknown companies. • Use caller ID to avoid unwanted calls. 9-1 Resolving Credit Problems Slide 6

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