Credit Reports According to Obringer Essay

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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.

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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 loan applicant based on its tolerance for risk. Lenders have the right to access the consumer's information, just as the consumer has the right to access his or her own information.

Freedom of information is one of the hallmarks of a capitalist democracy. Therefore, credit reports are central to the American way of life. As standardized methods of gathering and disseminating information on borrowers, credit reports help businesses make important decisions. The information contained in a credit report is sensitive, though, which is why consumers need to learn how to protect themselves against identity theft. Accessing one's own credit report online is an important step towards safeguarding personal data. Credit reports are a reality, unavoidable just like death and paying taxes......

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