Many people are under the assumption that personal credit reports are private and can not be accessed by anyone else. However, this is simply not true. A credit report is comprised of different information. All the information mentioned in your credit report is very important. Not only can your credit be tracked but in some cases so can your investments. For example, there will be some identifying information like your name, address, Social Security number, date of birth and employment information. The Fair Credit Reporting Act states that your personal credit report can be obtained for any purpose. Businesses, friends, family, and future employees can take a look at your credit report at anytime. There is at least another case to consider which will help consumers. The private citizens can access the personal credit report of any business that they are considering using in the future. This loophole has created a huge market for the top three credit bureaus. They can easily sell your credit report for a full profit to anyone with or without your permission. The reason why the Credit Reporting Agency has these rules that basically work against customers right is because people do not know that their personal credit reports can be obtained so easily, and the people who do know do not care. Another problem arises from this lack of privacy - that criminals can access your credit report and then use your credit information including your name, address, and social security number. The best way to make sure you are not being taking advantage of is to obtain a copy of your own personal credit report and check it for errors. Ignoring problems will only lead to more problems. Credit Bureaus are not very forgiving of identity fraud. If your credit score is low it can take a long time to repair and you have no real alternative but to wait and be patient. As technology advances there will continue to be problems with criminals accessing personal credit reports and use them in illegal ways. Unless, we speak to our governmental officials, our credit and private information will be readily available to anyone who can pay the 9 dollars to access it. According to state law, all credit reporting agencies are required to provide you with two free copies of your personal credit report. You can do this by phone or online with Annualcreditreport.com, Equifax.com, and Experian.com. Remember to know your rights as a private citizen, and understand that information you believe to private may not be. Being educated and informed is the best way to prevent identity fraud and save your credit score. Credit scores can affect your ability to just about anything including investing. People with local credit scores are considered high risk to investment companies and they would rather not deal with people who they may lose money too in the long run. Make sure your credit report is correct and up to date before you start investing. |
