Credit Report Scams

By: EconomyWatch   Date: 25 August 2009

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Acquiring a copy of your credit report is vital for assessing and improving your financial health. However, you must be cautious while purchasing your credit report, as there are several credit report scams that are rampant online. Free credit report scams are a very common practice.

How to Avoid Credit Report Scams

You can avoid credit report scams by following these measures:

Know your options: The US federal laws entitle you to obtain free credit report from the three major credit bureaus:

  • Equifax

  • Experian

  • Trans Union

Avoid approaching private agencies for the same. It is not necessary to acquire all three credit reports at once. Instead, you can space them at quarterly intervals to get a more comprehensive picture.

Also, the three major credit bureaus jointly run a site annualcreditreport.com for streamlining credit report application. This is important as it is the only site authorized to provide free credit reports.

Look out for misleading sites: Ensure that you are applying online with the right source. There are a large number of ‘free report’ sites, which use names resembling annualcreditreport.com or hidden behind links. This may appear as though you are directed to annualcreditreport.com. It is advisable to type annualcreditreport.com directly in the address bar rather than on search engines.

Use secure channels: You will be required to disclose your personal information in order to acquire your annual credit report. Tips to consider:

  • Stay alert about online security.
  • Take maximum measures to safeguard your information.
  • Use only a private system for application.
  • In case you are unable to access one, ensure that the open system has the option of emptying the browser cache.

How to Spot Credit Report Scams

Credit report scams are happening nearly every day, so:

  • Do not trust unsolicited emails regarding credit reports.

  • Genuine credit reporting companies do not send such emails.

  • Do not trust a website that asks for unnecessary information such as PIN number as the major bureaus already have these details.

  • In case major bureaus ask for any such information, make your disclosures using a direct helpline or phone, rather than online.

If you feel that you have fallen prey to a credit report scam, report it immediately to all three credit bureaus. Also, notify the Federal Trade Commission and your local authorities.


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