The consumer can learn about the various ways credit reports may -- and may not -- be used by reading credible source data online or in print publications.
One of the ways consumers can empower themselves is to gain access to their own credit reports. Access to one's own credit report is easily obtained online, by paying a fee to one of the credit bureaus or consumer reporting agencies. Gaining access to one's personal data is a proactive step towards the protection of one's privacy. As the Privacy Rights Clearinghouse (n.d.) puts it, "Ordering your credit report once a year and knowing your credit reporting rights are among the most important steps you can take to safeguard your privacy." Once a year is only a guideline; some individuals might need to order their credit reports often if they have been conducting numerous transactions. Some consumers rarely use credit cards, let alone ask banks for loans. Such people should still order their credit reports with relative frequency.
Ordering credit reports is one of the most important steps a business can do to protect itself, too. Businesses cannot be expected to lend money on faith alone. Businesses need to have access to the standardized credit report data that is available to them. As Obringer (n.d.) states, "having all of the information helps them ensure that they are making the right decision." A credit report does not contain any advice in it; a business can make its own decision on whether or not to accept a...
Mortgage Fraud If a rash of armed bank robberies swept across America next year, and if in these robberies criminals absconded with $30 billion dollars, one may be certain that a public panic would ensue. The banking system would likely be changed forever. If thousands of armed thugs went rampaging across the nation forcing people out of their homes, into the streets, and then destroying the properties, leaving the occupants homeless
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