part b: short answer\n5. list two steps you can take if your identity is stolen.\n6. what is one way to…

part b: short answer\n5. list two steps you can take if your identity is stolen.\n6. what is one way to protect your credit information when shopping online?\n7. if you are struggling with debt, what are two services or organizations that can help?\npart c: application/scenario\n8. imagine you receive a credit card bill with a $200 charge you don’t recognize.\n - what specific actions should you take under the fair credit billing act?\n9. a friend asks you to cosign their car loan. based on what you know, what risks would you face, and what questions should you ask yourself before agreeing?\n10. suppose you are falling behind on debt payments. create a short 3 - step personal action plan to start managing your debt responsibly.

part b: short answer\n5. list two steps you can take if your identity is stolen.\n6. what is one way to protect your credit information when shopping online?\n7. if you are struggling with debt, what are two services or organizations that can help?\npart c: application/scenario\n8. imagine you receive a credit card bill with a $200 charge you don’t recognize.\n - what specific actions should you take under the fair credit billing act?\n9. a friend asks you to cosign their car loan. based on what you know, what risks would you face, and what questions should you ask yourself before agreeing?\n10. suppose you are falling behind on debt payments. create a short 3 - step personal action plan to start managing your debt responsibly.

Answer

Brief Explanations:

  1. Contact the fraud departments of the three major credit - reporting agencies to place a fraud alert, and file a report with the Federal Trade Commission.
  2. Use secure payment methods like PayPal or credit cards with fraud protection, and ensure the website has a secure (https) connection.
  3. Credit counseling agencies such as the National Foundation for Credit Counseling can offer advice and debt management plans. Non - profit debt relief organizations may also provide assistance.
  4. First, notify the creditor in writing within 60 days of receiving the bill. Then, the creditor must acknowledge the dispute within 30 days and resolve it within two billing cycles or 90 days.
  5. Risks include being liable for the loan if the friend defaults, and it can affect your credit if payments are missed. Questions to ask: Can my friend realistically afford the payments? What is my financial situation if I have to take over?
  6. Step 1: List all debts, amounts owed, and due dates. Step 2: Contact creditors to explain the situation and see if payment arrangements can be made. Step 3: Create a budget to free up money for debt payments.

Answer:

  1. Contact credit - reporting agencies for fraud alert; File a report with FTC.
  2. Use secure payment methods and ensure website security.
  3. Credit counseling agencies; Non - profit debt relief organizations.
  4. Notify creditor in writing within 60 days; Wait for creditor's acknowledgment and resolution.
  5. Risks: Liability for default, credit impact; Questions: Friend's affordability, my financial situation if taking over.
  6. List debts; Contact creditors; Create a budget.