Question

If you've been a victim of identity theft, what should you do after contacting the company that reported the suspicious charge and issuing a credit fraud report?

A: Wait until the company sends you confirmation that everything has been resolved.
B: order a credit report.
C: Report the identity theft to the federal Trade commission.
D: None of the above

Answer 1

Answer: If you've been a victim of identity theft, you should order a credit report after contacting the company that reported the suspicious charge and issuing a credit fraud report (option b)

Explanation:

The credit report is separated into sections like :

Identifying information like (name, address, date of birth, social security number)

Employment history

A consumer report (if you have added any credit account information)

A list of public records  

Recent inquires  

You will be provided with all the credit card activity that has been done in the past and will help you identify the suspicious transaction that you did not approve

Answer 2

Option B is correct.

The credit card holder should order a credit report in case of identity theft, and suspicious transactions carried out from his account.  

Further Explanation:

Identity theft:  Identity theft is an illegal use of the identity of someone to get the illegal financial advantages from that person’s bank accounts.

Desirable actions from the victim of identity theft:

The victim of identity theft should order a credit report. The credit report is detailed information regarding the payment history, amount owed, types of credit used, new credits, and length of credit history.  

The credit card holder can review the credit report and analyze the transaction. The cardholder can examine the details of the suspicious transactions such as amount, receipt of the fund, timings of the transaction to ensure that the transaction is authorized by him or not.  

Justification for the correct and incorrect options:

A.

Wait until the company sends you confirmation that everything has been resolved: This is an incorrect option.

There could be more suspicious transactions if the cardholder waits for the inquiry by the company.

B.

Order a credit report: This is the correct option.

The credit report would help in identifying the nature of the suspicious transactions.

C.

Report the identity theft to the federal trade commission: This is an incorrect option.

It would be a long process, and the commission would take time to resolve the issue.

D.

None of the above: This is an incorrect option.

The credit card holder should order a credit report to validate the approval status of suspicious transactions.

Learn more:

Learn more about the credit card balance.

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Answer details:

Grade: Senior School

Subject: Business Studies

Chapter: Money and Banking

Keywords: Victim, identity theft, contracting company, reported, suspicious charges, reported, credit card, credit report, credit fraud report, confirmation, company sends, order, Report, identity, theft, federal Trade commission, None of the above.