- Summarize major consumer credit laws.
- Develop a plan for protecting personal information.
- Watch Video 3.1
- As you watch the video, record the missing words from pages 93-94 of the textbook as they pop up on the left side of the video screen by filling in this form. (pages 93-94) .
- Discussion Questions:
- What is the fastest-growing white-collar crime in North America today?
- How often should you check your credit report for errors?
- What should you do if you think you are a victim of identity theft?
- When you file a complaint with a credit bureau, they put a temporary freeze on your account. How long does that last? If you want to extend it, what needs to happen?
- What issues was the Fair Credit Reporting Act (FCRA) intended to address?
- If you refute a claim on your credit, what are you liable to pay? If the credit bureau doesn’t address your complaint within 30 days, what should happen?
- A strong password should include what elements?
- What is the Federal Trade Commission (FTC)?
- Create a new Google Document, title it Consumer Credit Laws-(Your Initials), and move it into your Lesson 3 folder.
- Obtain your assigned credit law listed below.
- Use the internet to research in more detail the background and passage of your assigned consumer credit law. In your document, you should explain why this protection was needed and describe what practices prompted the passage of this legislation in the first paragraph. In the second paragraph, explain how you feel this has helped consumers. Your document should use Times New Roman font, 12 font size, line spacing set to double-space, and include your references in a footer.
- Truth in Lending Act of 1968
- Fair Credit Billing Act of 1975
- Equal Credit Opportunity Act of 1975
- Fair Debt Collection Practices Act 1978
- Truth in Lending Act (amended 1982)