Managing Your Personal Finances Essay

1193 words - 5 pages

1. Numerous fake check scams occur each year. Information and videos are available at
Write up a report on what you discovered at this site. Throughout the years millions of people are scammed from fake checks. “73% of banks reported check fraud losses in 2010, totaling approximately $893 million”( Fake check scams may include: overpayment scam, lottery scam, and work from home scams. All of these checks are fraudulent and cause people to lose thousands of dollars. “760,955 cases of check fraud were reported in 2008 with actual losses estimated at $1.024 billion (2009 ABA study), 561,306 cases and $969 million in 2005 (2006 ABA study), and 616,469 cases and $677 million in 2002 (2003 ABA study) (
People should be aware of fake check scams. For example, you should never accept or deposit a check for someone you don’t know. Actually, last year I was the victim of check fraud. A teller allowed two different people to cash two fake checks into our account. These checks were cashed without our knowledge and we did not even know the people. Eventually, they found that the teller had something to do with cashing the fake checks. According to ( “60% of all fraud incidents within a business involve employees”. This issue was very stressful but in the end the teller was fired.
Watching this video should you the way people can be easily scammed. I also discovered how people will try to manipulate others to do fraudulent things. For instance, telling someone that they won the lottery. How can you win if you never played the lottery? After, watching the victims interviews I determined they you cannot trust people because you can lose all that you have trying to help others. Something surprising was finding out that “the imprisonment rate for check fraud is only 2” (

2. List the federal laws that protect you if you have a complaint regarding consumer credit; outline your rights under the consumer credit laws.
There are several different laws that helps protect you if you have a complaint concerning consumer’s credit. These laws are the Truth in lending and consumer leasing, the equal credit opportunity act, the fair credit billing act, the fair credit reporting act, and the consumer credit reporting reform act credit law. These laws are helpful when you want to file a complaining consumer credit report.
First, the consumer credit reporting reform act “of 1997 places the burden of proof for accurate credit information on the credit reporting agency rather than you” (Hughes, 2009, p. 197). This law helps protect consumers from having incorrect information put on their credit report. If a credit report display incorrect information they may be sued. “If a creditor of the credit bureau verifies incorrect data, you can sue for damages” (Hughes, 2009, p.197). For example, Billy went to apply for a house loan. The...

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