TDCI’s Consumer Affairs Division Offers Tips for Financial Literacy Month

NASHVILLE – In celebration of financial literacy month, the Tennessee Department of Commerce & Insurance’s (TDCI) Division of Consumer Affairs is partnering with the Tennessee Jump$tart Coalition to promote consumer education. 

“It’s not always easy to understand the many aspects of personal finance,” said TDCI Deputy Commissioner Bill Giannini. “Without accurate education, many consumers become vulnerable to deceptive business practices, scam artists and identity theft. The Division of Consumer Affairs offers services and resources to prevent Tennesseans from falling victim to these types of schemes.”

Learn the ABC’s of Personal Finance:

A is for “Ask for Help”

Personal finance involves multiple parts, including how to effectively manage personal expenses, savings, investments, debt, credit cards, insurance and more. With a wide variety of options, many consumers struggle to navigate the financial landscape. Fortunately, help from TDCI is just a click or phone call away.

TDCI Advocacy Resources:

• Start with the Division of Consumer Affairs to access educational resources. There you can also file a complaint against companies, individuals or scam artists who attempt to steal your money or trick you into revealing your financial information for fraudulent purposes.
• Visit verify.tn.gov to ensure the professionals and/or businesses you plan to utilize are properly licensed to operate in Tennessee, including accountants, real estate firms/agents, contractors, motor vehicle dealers and salesmen and various other professional licensees.
• Know that the TDCI Consumer Insurance Services Section exists to help consumers and mediate insurance-related disputes.
• Contact the TDCI Securities Division to learn how you can protect yourself from investment fraud. 

B is for “Budget”

To prevent financial vulnerability, consider setting a budget. Realistically assess your income and spending habits in order to manage your personal finances and save money for the future.

When emergencies arise, many consumers often resort to payday loans and advance-fee loans. These loans contain high interest rates that are difficult to pay off. Sometimes loan companies use deceptive practices to take advantage of consumers who are financially vulnerable. Even worse, scammers often pose as loan companies in order to steal sensitive information like checking account numbers and social security numbers. Some scammers pose as advance-fee loan companies to trick consumers into paying advance fees for loans they will never receive. Therefore, saving is key to preventing these risky situations.

Budgeting Resources:

• Free money management resources may be available at your local public library.
• Computer software programs can also be useful for maintaining your budget, balancing your checkbook and creating plans to pay down your debt. The Federal Trade Commission offers a free “Make a Budget” worksheet that may be helpful to begin your budget.
• Visit www.consumer.ftc.gov for more tips and advice related to budgeting, money management, identity theft and imposter scams.

C is for “Credit Check”

Check your credit report to ensure the information is correct and up-to-date. Monitoring and evaluating your credit history is important because it may also affect credit card approvals, apartment rental agreements, mortgage rates, cell phone contracts or even job applications. Doing so also helps you detect signs of identity theft.

Credit Check Resources:

• Receive a free annual credit report through www.annualcreditreport.com. This service allows you to request a free copy of your credit report every 12 months from each of the three credit reporting bureaus (TransUnion, Equifax, and Experian).
• Learn more about credit and how it affects your personal finances by visiting www.consumer.ftc.go v

###