Unit 7 Day 5 Consumer Protection & Fraud. Consumer Credit What is Credit? the ability of a customer to obtain goods/services before payment, based on.

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Presentation transcript:

Unit 7 Day 5 Consumer Protection & Fraud

Consumer Credit What is Credit? the ability of a customer to obtain goods/services before payment, based on the trust that payment will be made in the future. What is Credit? the ability of a customer to obtain goods/services before payment, based on the trust that payment will be made in the future. The chart below shows how your credit is set up: The chart below shows how your credit is set up:

Credit Scores 750 – 850: A – Very good credit 750 – 850: A – Very good credit 700 – 749: B 700 – 749: B 630 – 699: C (680 or higher is good) 630 – 699: C (680 or higher is good) 580 – 629: D 580 – 629: D 300 – 529: F – Not good enough 300 – 529: F – Not good enough US National Average: US National Average: If your credit is weak you must have a cosigner when making large purchases such as a car. If your credit is weak you must have a cosigner when making large purchases such as a car.

Consumer Protection Laws FTC – Federal Trade Commission FTC – Federal Trade Commission What does it do? What does it do? Protects Consumers: Prevent fraud, deception, and unfair business practices in the marketplace. Protects Consumers: Prevent fraud, deception, and unfair business practices in the marketplace. Maintains Competition: Prevent anticompetitive mergers and other anticompetitive business practices in the marketplace. Maintains Competition: Prevent anticompetitive mergers and other anticompetitive business practices in the marketplace.

Fraudulent Practices What is Identity Theft? is the fraudulent acquisition and use of a person's private identifying info, usually for financial gain. What is Identity Theft? is the fraudulent acquisition and use of a person's private identifying info, usually for financial gain. Ex: of ID Theft: Phishing: via ; Vishing: via the phone; Spyware and Skimming Ex: of ID Theft: Phishing: via ; Vishing: via the phone; Spyware and Skimming Other illegal practices: Ponzi Schemes & online scams Other illegal practices: Ponzi Schemes & online scams

What can consumers do to avoid scams? Know who you’re dealing with. Know who you’re dealing with. Know that wiring money is like sending cash. Know that wiring money is like sending cash. Read your monthly statements. Read your monthly statements. After a disaster, give only to established charities. After a disaster, give only to established charities. Talk to your doctor before you buy health products or treatments. Talk to your doctor before you buy health products or treatments. Remember there's no sure thing in investing. Remember there's no sure thing in investing.

Resolving Consumer Conflict Better Business Bureau - is a nonprofit organization focused on advancing marketplace trust, consisting of 113 independently incorporated local BBB organizations in the US and Canada, coordinated under the Council of Better Business Bureaus in Washington, DC. Better Business Bureau - is a nonprofit organization focused on advancing marketplace trust, consisting of 113 independently incorporated local BBB organizations in the US and Canada, coordinated under the Council of Better Business Bureaus in Washington, DC. Examples of scam: Examples of scam: