What Protections against Fraud Are You Entitled To?

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What Protections against Fraud Are You Entitled To?

The best way to stay ahead of scams is to know how to identify them. The Securities and Exchange Commission, the FBI, and the Federal Trade Commission are doing their parts to keep us safe from scams and frauds. But they can only do so much. Look to the sources below for more education and protection.

• Keep handy the following contact information:
  • U.S. Secret Service: www.secretservice.gov/
  • The FBI: www.fbi.gov or www.fbi.gov/contact-us/field, or (202) 278-2000
  • The Federal Trade Commission (FTC): ftc.gov/complaint or 1-877-FTC-HELP
  • Your state’s attorney general: www.naag.org, or 202-326-6000
  • The U.S. Postal Inspection Service: postalinspectors.uspis.gov/, or 1-877-876-2455
  • State securities regulators: www.nasaa.org/about-us/contact-us/contact-your-regulator/
  • National Fraud Information Center: www.fraud.org/
  • The Internet Crime Complaint Center: www.ic3.gov/complaint/default.aspx
  • Investor Alerts and Bulletins: www.sec.gov/investor/alerts.shtml
• Get additional information on investment fraud from the Investor Protection Trust, at www.investorprotection.org/protect-yourself/

The Fair Credit Reporting Act (FCRA)

Sometimes the effects of fraud will show up on your credit report, as will mistakes. There is government legislation designed to protect you in this area.

The Fair Credit Reporting Act is enforced by the Federal Trade Commission (FTC) and state consumer protection agencies. It is designed to improve the confidentiality and accuracy of credit reports and gives consumers specific rights and protection. Consumers have the right to:

• View their credit records at credit reporting bureaus.
• Challenge and correct negative aspects of their record if they can prove there is a mistake, and submit statements explaining why they received certain negative credit marks.
• Have inquirers get written permission before their credit reports are released.
• Not be included in direct mail or telemarketing solicitations based on pre-screened lists obtained from credit bureaus.
• Have claims of disputed information investigated and reported to them within 30 days.
• Have adverse information involving collections or charge-offs removed from their credit record using a fair "date certain" calculation.

The Truth-in-Lending Act

This federal regulation requires creditors to establish uniform methods for computing the cost of credit, disclosure of credit terms, and procedures for correcting errors on certain credit accounts. It also grants consumers the right to cancel certain credit transactions that involve their principal residence if they decide not to go forward with a loan.

Restitution and victim assistance

Victims want to know if they will get their money back through restitution. Many federal crimes require payment of restitution; however, many convicted criminals may not have the resources to make restitution. Still, you should know that there is help available. A good place to start is the FBI’s Office for Victim Assistance.