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Personal Finance for Teens For Dummies Cheat Sheet

By: 
Athena Valentine Lent
Mykail James
|
Updated:  
2025-04-07 17:00:39
|
From The Book:  
Personal Finance For Teens For Dummies
Personal Finance For Teens For Dummies
Personal Finance For Teens For Dummies book cover
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Financial Literacy Essentials For Dummies
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Whether you’re earning your first paycheck, saving up for something big, or just trying to understand how money works, having the right tools can make all the difference. This Cheat Sheet includes a checklist to make sure that your credit report is accurate, and provides some examples of the types of scams you may encounter by people who want to cheat you out of your money.

Staying on top of your credit report

Monitoring your credit report is one of the best ways to protect your financial health and identity. Use this comprehensive checklist to ensure your report is accurate, complete, and working in your favor at least every three months. Regularly monitoring your credit report helps you catch mistakes early, identify fraudulent activity, and stay in control of your credit journey!

  1. Gather copies of your credit reports.

    Request a free copy of your credit report from each major bureau using the Annual Credit Report website (www.annualcreditreport.com/):

    ☐ Experian

    ☐ Equifax

    ☐ TransUnion

  2. Verify your personal information.

    ☐ Name: Check for spelling errors or unfamiliar names.

    ☐ Address: Confirm that your current and previous addresses are accurate.

    ☐ Employer information: Ensure this reflects your most recent employer (if included).

    ☐ Social Security number: Look for any mismatches or errors.

    ☐ Date of birth: Verify for accuracy.

  3. Review your account information.

    ☐ Active accounts: Verify that all accounts listed are yours. Check credit cards, loans, and other open credit lines.

    ☐ Closed accounts: Confirm that closed accounts are marked as such.

    ☐ Balances: Ensure that balances reflect the amounts you currently owe.

    ☐ Payment history: Confirm that all payments are reported accurately (on-time versus late).

    ☐ Account status: Verify the status (open, closed, delinquent, and so on) for each account.

  4. Look for errors or red flags.

    ☐ Accounts you don’t recognize: This could indicate identity theft or clerical errors.

    ☐ Duplicate accounts: Confirm that there aren’t multiple entries for the same account.

    ☐ Incorrect balances or limits: Ensure that credit limits and balances are accurate.

    ☐ Incorrect late payments: Look for late payment marks that you know are mistakes.

    ☐ Outdated negative information: Ensure that old debts (7-plus years) are removed.

  5. Review credit inquiries.

    ☐ Hard inquiries: Identify who has accessed your credit report, and confirm that they were authorized by you.

    ☐ Soft inquiries: Note these but understand that they don’t impact your score.

  6. Check public records.

    ☐ Bankruptcies: Verify the details and ensure that they’ve been removed after 7 to 10 years.

    ☐ Liens or judgments: Confirm that they’re accurate and removed once resolved.

  7. Address any errors immediately.

    ☐ Highlight any discrepancies or errors in your report.

    ☐ Gather supporting documentation (such as statements, receipts, and correspondence).

    ☐ Submit a dispute online or by mail to the respective bureau(s).

Sample phishing scams

Phishing scams are deceptive tricks designed to steal your personal information or money by imitating people or companies you trust. From too-good-to-be-true job offers to unexpected delivery notifications, scammers rely on urgency and deception to make you click before thinking. We’ve outlined some common schemes — via email and text messaging — so you can recognize the warning signs and protect yourself from online fraud.

Subject: Final Notice — Immediate Payment Required

Email body:

Dear [Your Name],

We’ve made multiple attempts to contact you regarding an unpaid debt of $2,100. Failure to pay may result in legal action, wage garnishment, or asset seizure.

To resolve this matter quickly, please make a payment through our secure portal today:

Pay Now

If you believe this is a mistake, contact our office immediately at 1-800-SCAM-NOW.

Sincerely,
Debt Recovery Services

Text message:

Hey there! I just checked on your social media your so cute! You seem amazing. I know we just met, and this is awkward but... Can you help me pay my phone bill? Just send $50 to my Venmo @LoveScam. This would help me out so much!

Subject: Urgent — You Owe Taxes!

Email body:

Dear Taxpayer,

Our records indicate that you owe $3,257. If payment is not received within 7 days, we will file a lawsuit against you.

To avoid legal action, pay the amount immediately using our secure payment portal:

Pay IRS Now

If you believe this is an error, please call us directly at 1-800-TAX-FAKE. Failure to act will result in penalties and additional charges.

Sincerely,
IRS Collections

Subject Line: Exciting Job Opportunity – Immediate Hire!

Dear [Your Name],

Congratulations! We came across your resume online and were highly impressed with your qualifications. We are excited to offer you a remote position as a “Student Administrative Assistant” with a salary of $1,200 per week. No experience is required — just dedication and a willingness to succeed!

To get started immediately, simply reply with your full name, date of birth, and a copy of your ID. After that, we will provide you with a check to purchase the necessary office equipment. Once you receive the check, deposit it into your account and send us proof of payment.

Act fast! This offer is only valid for the next 48 hours.

Best regards,
[Fake Employer Name]
HR Department
[[email protected]]

About This Article

This article is from the book: 

Personal Finance For Teens For Dummies

About the book author:

Athena Valentine Lent is the founder of Money Smart Latina, a blog and financial education resource center. She leads workshops and classes on money management, financial resiliency, and navigating finances. She publishes a personal finance column at Slate.com.

Mykail James, MBA, is a public speaker and financial educator. Through her online persona, “The Boujie Budgeter®,” she explains complex money topics for young professionals.

This article can be found in the category: 

General Personal Finance