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Credit Report Tips – Stay away from fake reports

By Karen Anderson
Published: Wednesday, April 21st, 2010

Credit reports are the most important financial documents today. They hold the entire credit history of an individual. When this person applies for a credit, all the creditor has to do is order out a credit report and go through it. He will be able to determine who the applicant is financially. Every credit application goes through the same process. Credit is a term often heard but not explained.

Credit is when a borrower borrows money from the lender to pay for some goods and services. He is also supposed to pay back the sum in periodic and timely instalments. The credit history comprises of all these credits and details of all the payments made on these credits. It will have details regarding any late payments and any amount due as well. Thus, the credit report will help the creditor decide if the loan or credit should be approved or not. If the credit is approved the rate of interest will be decided by the credit report itself.

Credit reports are easy to get. The government of United States has passed a law stating that every person is entitled to a free credit report from the three main agencies namely Experian, Equifax and TransUnion. Any person can visit the site AnnualCreditReport.com and get the free annual credit report.

Going to the agency directly might cost you some money. However, there are other sites and companies today that offer credit reports. Many of these sites are just a scam and do not provide you with accurate credit reports. Visiting these fake sites and trying to get free credit reports might end up hurting you a lot. A lot of these sites are used for phishing and can lead to identity theft as well.

Many of these sites use simple methods such as registering domain names that are just one typo away from the government site for free credit reports. Many users tend to believe they have typed in the right address and end up providing their names and other vital information such as social security number. Once these sites get this info, phishing and identity theft becomes a very process.

Many people today suffer from these tactics. A few other sites use tactics such as using different combinations of the name annual credit and report in their domain names. Once you end up on their site, they will obtain your name and other information and lead to identity theft.

The simple thing to do is be very careful. Every time you enter vital information such as you name and social security number, check the site and make sure the site is trustworthy. If you are looking for sites that offer free credit reports, ensure that the site is good enough.

Visits to consumer forum sites can tell you how good a particular free credit report site is. Always check for the feedback as these users have used the site and have something to say about it. Check to see how professional the site is and if it meets industry standards. The advice given by genuine sites is very good and works always as well.

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