CFPB
FinEx News and Updates
In this e-newsletter,
you’ll find the latest tools and resources for financial educators from the
Bureau of Consumer Financial Protection.
Featured
topic: CREDIT FREEZES, CREDIT SCORES, AND IDENTITY THEFT
Identity
theft occurs when someone steals a consumer’s identity to commit fraud, by
using personal information without permission. Identity theft and fraud affect
many Americans. According to the Justice Department, over 36 million
people, or nearly 15% of all U.S. residents age 16 or older have experienced at
least one incident of identity theft during their lifetime.[1]
To
protect against identity theft and fraud, a consumer can seek a security freeze
(also known as “credit freeze”), and regularly check credit reports and scores
to look for[2] possible fraudulent actions.
The Bureau and other federal agencies have tools and resources to help
consumers keep an eye on their credit profile and avoid identity theft.2
A new federal law allows consumers nationwide to get
free credit freezes. A credit freeze
restricts access to a consumer’s credit file, making it harder for identity
thieves to open fraudulent accounts. The Federal Trade Commission has
information on credit freezes here.
IdentityTheft.gov is the federal government’s one-stop
resource for identity theft victims. The site provides streamlined checklists
and sample letters to guide consumers through the recovery process. You
can access this website here.
3.
Access to free credit scores: Insights from the Bureau’s request for
information (RFI) The
Bureau recently reviewed responses to a request for information (RFI) entitled,
“RFI regarding consumers’ experience with free access to credit scores.” The
Bureau sought to learn more about the experiences consumers are having with
access to free credit scores and the experience of companies, and non-profits,
offering their customers and the general public free access to their credit
scores. Fifty-nine percent of respondents found access to no-cost credit
information (scores and reports) to be a powerful and engaging tool in
enhancing consumer financial literacy. Seventeen percent of respondents
were concerned about the marketing practices of some entities that offer free
credit scores. Industry respondents expressed support for providing
access to free credit scores, but cautioned against creating policies or
legislation that mandated free credit score programs. You can hear more
on the results of this RFI and learn ways to use credit information to enhance
consumer’s financial literacy at our October 24, 2018 webinar from 2-3 pm EST.
The Bureau
released a list of companies that told us they offer their existing credit card
customers free access to one of their credit scores. This list also includes
information on other ways to get credit scores for free. You can access the
list of free credit score providers here
and additional information that explains credit scores in more detail here.
The Bureau’s
portal helps consumers find information and learn about credit scores and
reports and also provides links to additional resources. It includes sections
on “The
difference between credit scores and credit reports,” “What to look for and how
to dispute errors on credit reports,” and “Tips for building and keeping a good
credit score.” You can access the portal here.
6. Upcoming Webinar
Credit Freezes, Credit Scores, and Identity Theft
October 24, 2018 (Wednesday) 2:00-3:00 p.m. (Eastern Time)
Join us
for a webinar to learn from the Federal Trade Commission (FTC) about recent
changes to the law allowing consumers to get free credit freezes and
longer fraud alerts. The webinar will also present
what respondents told us about the experiences consumers are
having with access to free credit scores and the experience of companies, and
non-profits, offering their customers and the general public free access to
their credit scores.
Step 1: To join the
October 24, 2018 webinar, please go to the following link at the time of the
webinar: For Participants:
URL: https://www.mymeetings.com/nc/join/ Conference number: PWXW8216343
Audience passcode: 3538575
Participants can join the event directly at:
https://www.mymeetings.com/nc/join.php?i=PWXW8216343&p=3538575&t=c
URL: https://www.mymeetings.com/nc/join/ Conference number: PWXW8216343
Audience passcode: 3538575
Participants can join the event directly at:
https://www.mymeetings.com/nc/join.php?i=PWXW8216343&p=3538575&t=c
This webinar link will not be live until
the day of the webinar.
Step
2: Listen to the audio by dialing 888-677-1833 and
entering participant passcode: 3538575
You must dial in via the
conference line. There is no audio available via Webex.
7.
Missed previous webinars? Watch the recording!
Your Money Your Goals resources
Measuring youth financial
capability
Fraud prevention for older adults
Financial well-being national
survey results
Disaster preparedness and
recovery
Workplace financial education
Youth financial literacy and
savings behavior
Principles for effective financial
education
Resources for servicemembers and
veterans
Accessing credit scores and
reports
Managing
spending
Debt
collection resources
Light-touch
financial education on credit card debt
Libraries
as a financial education resource
Helping
youth to build financial capability
Financial
coaching
Financial
education programs serving immigrant communities
Federal
financial education resources
Financial
Rules to Live By
Evidence-based
insights: tips for strengthening financial education curriculum
Money
as You Grow
Financial
Caregivers Tools and Resources
Measuring
Financial Well-Being
Owning
a Home
Tax
Time Savings
Your
Money, Your Goals Toolkit
Bureau
Consumer Complaint System
Consumer
Credit Reports and Scores
Financial
Well-Being: The Goal of Financial Education
Questions
or comments? Want to unsubscribe? Email us at CFPB_FinEx@cfpb.gov.
Our
Financial Education Exchange network currently has over 3,000 members!
[1] U.S. Department of Justice, Office of Justice
Programs, Bureau of Justice Statistics, Victims of Identity Theft, 2014,
at 8 (Nov. 13, 2017) (“2014 Report”), available at http://www.bjs.gov/content/pub/pdf/vit14.pdf.
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