Your Credit Report

Paper Summary:

This paper discusses that a friend discovered that he had been a victim of identity theft and credit fraud demonstrating how important it is to be aware of the information on one's credit report. The paper relates that the 2003 Fair and Accurate Credit Transactions Act (FACTA) mandates that the disclosure of credit reports must be free of charge for consumers. The paper relates that the reasons for checking one's credit report at least yearly are (1) the frequent potential for error on the part of the credit reporting agency, (2) the possibility of being a victim of identity theft and not even being aware of it and (3) knowing one's exact credit score can give a person an edge when negotiating things like car and home loans.

From the Paper:

"In previous years, individual consumers' credit scores were unavailable to private people; leaving individuals somewhat in the dark regarding their actual score. Although credit reports and scores could be purchased for a fee of around $30-$50, most consumers did not take the time or want to spend the money to verify that they had not been victims of fraud, or even that a clerical error had occurred in their credit ratings. However, recent laws have mandated the disclosure of credit reports free of charge for consumers. In December 2003, Congress enacted and the President signed comprehensive legislation, the Fair and Accurate Credit Transactions Act (FACTA) updating the 1970 Fair Credit Reporting Act."

Sample of Sources Used:

• Annual Credit Report official website, accessed 4/18/06. Available at https://www.annualcreditreport.com/cra/index.jsp
• Fogarty, Thomas. "Don't let your credit score strike you out," USA TODAY 3/28/02.
• Mierzwinski, Ed. "Preemption Of State Consumer Laws: Federal Interference Is A Market Failure," Government, Law and Policy Journal of the New York State Bar Association Spring 2004 Vol. 6, No. 1, pgs. 6-12
• Savage, Terry. "Credit score has key part in loan decisions," Chicago Sun-Times, 4/8/02
• US PIRG. "Mistakes Do Happen: A Look at Credit Report Errors," June 2004, available at http://uspirg.org/uspirgnewsroom.asp?id2=13650&id3=USPIRGnewsroom&

More papers on Your Credit Report:

• Essay # 61595 : "Identity Theft"
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• Analytical Essay # 46765 : "Marketing Analysis of the Employee Federal Credit Union"

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