Explain why someone might want to put a ""red flag"" on their own credit report.

Social Studies

1 answer:

adelina 88 [10]3 years ago

4 0

Answer:

A person can put a “red flag” on his own credit report if he suspects that a fraudulent activity may have occurred on his account.

Explanation:

Credit Report- This report shows a summary of a person's financial transactions. For example, when you order online through your credit card, this transaction is reflected into the credit report.

Red Flags Rule – This is a periodic assessment that institutions commit in order to ensure the safety of financial transactions of people. It also prevents identity theft.

Normally, the institution will put a red flag on your credit report<em> if they suspect a fraudulent activity.</em> However, as a consumer, if you suspect that somebody is using your account then you may put a red flag on your credit report. Doing this will not only prevent identity theft but will also block fake transactions.

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