Free «Federal Trade Commission» Essay Sample

1) What law allows for free access to credit reports? Federal law

2) How many reports can you obtain in a 12-Month period? One

3) By what means can you obtain a copy of your credit report? : There is a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report.

4) What are the three credit reporting companies? TransUnion, Equifax and Experian.

5) Based on your rights associated with fair credit, who has access to your credit file? Creditors, insurers, employers and other businesses that use it to evaluate applications for credit, insurance, employment, or renting a home.

6) Does your employer have access to your credit file? Yes, but only if one agrees and it has to be a written consent.

7) What protections or rights do you have associated with information in your file that you believe is the result of identity theft?  Getting free copies of the information that is contained in their files

8) If your credit card is stolen, what should you do? Inform the company that issued the credit card for it to be cancelled.

9) For how much are you responsible when a credit card is stolen? Not more than 50 US Dollars if the transactions were unauthorized and reported immediately.



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10) In terms of Credit and Debit Card's, what is blocking? Placing a "hold". This occurs when one seeks for certain services and the provider holds an amount higher than the actual value of the service to ensure money is there for payment after billing is done.
11) Why can blocking be a problem and how can it be avoided? It can cause bounced checks, also not good for those accounts whose balances are close to credit limit. To avoid enquire about blocking from the service provider and decide whether to use it.

12) What types of disputes are covered by the Fair Credit Billing Act (FCBA)? Billing Errors Unauthorized Charges, charges for disputed goods, charges indicating the wrong date or amount etc.

13) What recommendations does the FTC have if your personal information has been stolen or lost? Report the matter and keep alert.

14) If you are a victim of identity theft, what immediate steps should be taken? First alert the credit company and check report. Then close the accounts that have been tampered with, report the matter to the police and then file a complaint with Federal Trade Commission.

15) When trying to get a business loan, what protections do you have? Laws are in place to protect the consumer from providers that may cheat by obtaining detailed information on the product or service.


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