Credit Report Scams – Citizen Beware
Almost all of the citizens in America are aware that the government maintains a track record of their financial activities. This is done in the form credit reports. Normally these reports are not meant for public viewing, but according to a recent law passed by the congress every citizen now has the right to view his or her credit report at least once in a year.
There have been reports of recent scams being pulled up by a number of credit rating agencies. They dupe people into believing that they can provide them with a copy of their credit report within a stipulated period of time. People are asked to pay a certain sum of money, usually around $30 to $40. However, these companies are never able to come up with the credit reports and the money shelled out by the applicants is returned back minus a certain sum which the companies claim to keep back as ‘processing fee’.
The truth is that the credit report agencies which are involved in preparing the credit reports of different individuals never indulge in sharing the information in their database at any cost. It is against their ethics. But since they have to act in accordance to the new law passed, they have to show the reports they prepare at least once to the original applicant only and no one else.
Further, nobody has to pay any sort of money for looking at their own credit reports. The processing is done free of cost.
