There was a time when consumers had absolutely no idea what was on their credit report and as a result they had no way to defend themselves against errors, omissions or fraudulent entries. In order to protect the general public the government decided to make consumers’ credit reports available to them once a year for free. The government role in free credit report accountability in relation to the credit bureaus actually only states when consumers are eligible to receive their free report and what can be reported in it.
Because the free credit report government provides a way for consumers to protect themselves it is now possible to know exactly what is on your report as well as who reported the information. By taking advantage of your free credit report you can work to repair bad credit as well. Although you may not want the government getting too involved in your personal financial affairs it is good to know that there are laws in place to help you protect your credit score.