1. Chapter 9 Credit Problems and Laws

2. Slide 2 How Can Consumers Protect against Errors and Fraud? 9-1 Resolving Credit Problems Disputing a charge is the process of informing a credit company of an error on your bill. o 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. o Notify creditor as soon as possible.

3. Slide 3 What Help Is Available to Consumers? 9-1 Resolving Credit Problems Better Business Bureau Promotes responsible business practices in the marketplace to build trust between buyers and sellers Consumer ActionPromotes consumer rights, publishes educational materials, and advocates for consumers in the media and before lawmakers Consumer Federation of America Works to advance pro-consumer policies on a variety of issues before state and federal legislatures, regulatory agencies, and the courts Consumers UnionProvides advice about products and services in its publication Consumer Reports National Consumers League Sponsors the Fraud Center and addresses a wide range of issues in the marketplace Public CitizenAddresses issues such as the consumers’ right to seek redress; clean and safe energy sources; and strong health, safety, and environmental laws

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

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

6. Slide 6 Focus On... Telemarketing Fraud To protect yourself, know the danger signs. o 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