Credit Card & Identity Theft - Baylor University

Credit Card & Identity Theft - Baylor University

Credit Cards & Identity Theft By Financial Foundations Check your Credit Score: Go online and request a copy from any of the credit bureaus at least once a year or use Credit Karma to check Equifax and TransUnion for free.

Look at all three reports Compare and note differences Credit Score Tips: Pay consistently and on-time Do not exceed more than 30% of your credit limit Do not open multiple accounts at once Use your card like a debit card: do not spend money you do not have.

Utilize cards with good rewards frequently. Different cards have different perks. Review terms and conditions Credit Cards

College students in 2015 graduated with an average of $1,109 in credit card debt Current APR varies between 15.21%-23.33%- $450 HOWEVER the EAR varies between 16.42%-26.26% Know your effective annual rate (EAR) How much you are really paying for every $ borrowed

When your wallet is stolen or lost: Call the bank immediately! For a credit card, you are only liable for $50 of unauthorized purchases. The same applies for a debit card but you must call within two business days!

Credit Card Theft- Statistics 47%- Worlds credit card fraud happens in the U.S. Americans only account for 24% of the total credit card usage Barclays: U.S. still relies on old technology

The adaptation of EMV chip-and-pin technology has reduced counterfeit fraud EMV technology has reduced fraud in the UK by 70% Retailers will be required by credit card companies to have upgraded their checkout terminals to accept the new cards Identity Theft

$16 B. stolen from 12.7 mil. U.S. consumers in 2014 New identity fraud victim every two seconds Victims are three times more likely to take a year or more to discover that their identities were misused Identity Fraud Study by Javelin Strategy and Research Students are the most likely victims of identity theft!

Prevention What can you do to prevent identity theft? Preventing Identity Theft Lock you social security card in a safe place Use different passwords for different types of

sites Do not give personal information over the internet Be aware of your surroundings when divulging critical information Summary of the Federal Trade Commissions recommendations: 1.Read your credit card statements

Carefully and often 2.Know your payment due dates 3.Read your health insurance plan statements 4.Shred documents with personal information This includes financial information 5.Review your credit reports at least once a year Its free! What to do after identity theft: Step 1: Alert a Credit Agency File an initial fraud alert Contact either Experian, Equifax, or TransUnion Once you inform one credit agency, they will notify

the rest. It is free and lasts 90 days Step 2: Freeze Credit Lines Call your bank Initiate a credit freeze This will disable your lines of credit Such as a bank or business that offers store credit cards, from authorizing credit

Step 3: File Identity Theft Report File an identity theft report This informs local and federal authorities Two part process: File with the Federal Trade Commission-FTC(online) File a police report, either online or in person IMPORTANT: Obtain a copy of the report and the police report number

Step 4: Contact Credit Bureaus/Businesses File a report for each fraud dispute Contact collection agencies and banks Take notes on the date, time, name of person you spoke with, and any instructions IMPORTANT: You may be receiving calls from a lot of individuals

Step 5: Fraud Alert Place an extended fraud alert with each of the credit agencies They are free and lasts for seven (7) years

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