EverFi Module 8 Consumer Protection Answers

1.It is generally safe to provide your Social Security Number to:

ANSWER : Verified trusted sources that need it.

2.) The primary goal of the Consumer Financial Protection Bureau is:

ANSWER : To protect consumers by regulating financial products and services.

3.) Which action will be least helpful if you’ve been the victim of identity theft?

ANSWER : Ordering your latest credit report.

4.) 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?

ANSWER : Order a Credit Report

5.) Which document puts you at the LEAST risk of identity theft?

ANSWER : Cash receipts

6.) Which type of password would be considered secure?

ANSWER : A short phrase from your favorite song.

7.) Consumer protection laws are meant to:

ANSWER : Prevent unfair or deceptive business practices.

Consumer Fraud

ANSWER : Deceives you into providing personal info

Identity Theft

ANSWER : Steals your personal info & Impersonates you

Which of the following describes an effective strategy for protecting yourself against identity theft?

ANSWER : Avoid using unsecured wireless networks

In which of the following situations should you expect to provide your Social Security number?

ANSWER : Applying for federal student aid

Steps for Resolving Identity Theft:

ANSWER : 1.) Contact the company that reported suspicious charge.

The Federal Trade Commission

ANSWER : (FTC) is a U.S. government agency that protects consumers against false advertising and other 

unfair business practices.

Consumer Finical Protection Bureau

ANSWER : (CFPB) is a U.S. government agency that helps protect consumers by regulating financial 

products and services, especially mortgages, credit cards, and student loans.

Credit Card Accountability Act of 2009

ANSWER : is a law that makes credit card companies adopt fairer practices. It puts restrictions on when 

credit card companies must provide your credit card bill, accept payments, and notify you of changes to 

your fees or rates. It also requires credit card companies to put information on interest payments and 

the number of years it will take to pay off any debt on your monthly statements.

Fair Credit Reporting Act

ANSWER : mandates that the information in your credit report is accurate, complete, and private. This 

act also gives you the right to view your credit report and dispute incorrect information.

 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?

ANSWER : Report the identity theft to the Federal Trade Commission.

2.) The primary goal of the Consumer Financial Protection Bureau is to:

ANSWER : To protect consumers by regulating financial products and services.

3.) The safest action to take if someone claiming to be from your bank calls you to ask for account 

information is to:

ANSWER : Provide only your name and account number.

You may have been a victim of identity theft if…

A.) You look at your credit report and notice accounts you didn’t open

B.) You notice charges on your bank account that you don’t recognize

C.) Your favorite store e-mails you to let you know their data was stolen

D.)All of the above

ANSWER : { D. }

5.) What is the safest way to dispose of old bank account statements?

ANSWER : Shred them in a paper shredder.

6.) It is generally safe to provide your Social Security Number to:

ANSWER : Verified trusted sources that need it.

Fair Debt Collection Practices Act

ANSWER : aims at doing away with abusive and deceptive practices by those who collect debt. For 

example, it regulates the hours that collectors may call a consumer and prohibits collectors from 

publishing a consumer’s name or address on a “bad debt” list.

7.) The best way to investigate fraudulent transactions on your credit card is to:

ANSWER : Review your recent credit card statements.

Identity thieves can use your personal information to:

A.) Open a credit card

B.) Sign up for electricity service

C.) Get a cell phone contract

D.)All of the above

ANSWER : { D. All the above }

9.) What activities might require you to provide your social security number?

ANSWER : Renting a car.

10.) Consumer protection laws might result in:

A.) Fewer unwanted telemarketing calls.

B.) Lower prices at the gas station.

C.) Both A and B

D.) Neither A nor B

ANSWER : {Both A. and B. }

4.) Which action will be least helpful if you’ve been the victim of identity theft?

ANSWER : Ordering your latest credit report.

What is the FIRST action you should take if you suspect there has been a fraudulent charge on your 

credit card?

ANSWER : Contact the credit card company to report the fraudulent charge.

Which new password is the strongest alternative to the weak password: “ilovedogs”?

A.) $iL0V3dGs6!

B.) LoveDogs18!

C.) @EyelUvDawGs

D.) All of the passwords are equally secure.

ANSWER : { D. All are secure! }

Which of the following scenarios might indicate that you have been a victim of identity theft?

ANSWER : Your credit report displays accounts you did not open.