Why Some People Never Have Problems With Credit Bureaus

- by James Printon

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Credit bureaus watch all of us all of the time. If we simply turned over our homeland security to the credit bureaus we would have a huge staff dedicated to stopping terrorists rather than finding out whether we have a handle on asset management or not.

Of course what I am saying is facetious; we do not need our credit companies watching anything else period. What I am pointing out is that whatever our situation there are people who keep an eye on our asset management.

And just as the law enforcement people sometimes drop the ball when it comes to keeping out the terrorists; sometimes the credit bureaus drop the ball and mess up our credit reports.

In fact law enforcement has thousands of individuals and organizations scrutinizing everything they do. A police officer is aware that he is always on display. These credit bureaus are never 'on display' they operate behind the scenes. Also they gather far more information about people than law enforcement ever could.

You would never allow somebody to come into your home and look through your papers would you? You wouldn't let the police ask you about your asset management any more than you would let them look at records of your speed on your car. But that is what we do every day with the credit bureaus.

They look into every aspect of your life and finances. Our taxes, wages, outflow and income are all looked at by these same people. These people have power over whether you get a loan, buy a house or can get a job. Why would we allow these shadowy people these powers? Because we often don't understand the situation or how much power these people have.

When we look at our asset management we need to understand that the credit bureaus are looking at it too and they have no intention of letting us know what they are doing. They are doing their best to keep us in the dark about our own credit scores, who they talk to and why. When was the last time a credit bureau told you that they were sending your score to someone?

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In the article above, James Printon talks about how credit bureaus keep consumers in the dark about what information they have gathered on each of us. But a recent amendment to the federal Fair Credit Reporting Act (FCRA) now requires the credit bureaus to shed some light on that information by requiring them to provide consumers a free annual credit report upon request.

Access to the free credit reports has been phased in beginning December 2004 in the West and will finally be nationwide by 1 September 2005. This is good news to consumers.

Now each year, you can request a copy of your credit report and check it for inaccuracies and evidence of identity theft. If you discover errors or missing items in your credti report you can petition the credit bureaus to make the necessary corrections (see Credit Reports for additional information.

You are entitled to a free credit report from each of the three natonal consumer credit reporting companies, and many credit counselors recommend requesting all three since the information contained in each of the credit reports may be somewhat different. Also, it is wise to spread out your requests throughout the year so that you can see any sudden changes that might arise (for example case you are a victim of identity theft).

For more detailed information on how to get your free credit report, read Your Access To Free Credit Reports and "Free Credit Reports - Have You Requested Yours?"

But while you are now entitled to receive a free credit report from each of the Credit Bureaus, they are NOT required to provide you with your credit score for free and therefore the consumer credit reporting companies do not provide you with a copy of your current credit score when they send you you free credit report. Instead, they charge you to get a copy of your credit score. (For an explanation of the difference between your credit report and your credit score, and what they are used for, see Credit Reports vs Credit Scores

Nevertheless, you can obtain a free copy of your credit score from certain third parties. Click here if you don't know what your Credit Score is.