Free Instant Credit Reports – Score

Paul Abbey asked:




Today actually getting hold of an instant credit report is much easier to achieve than it was a couple of years ago. As we are all beginning to realize being able to know where we stand in relation to how credit worthiness is extremely important to many of us today. Unfortunately if your credit history is poor or bad actually getting a loan or mortgage is very difficult to achieve.

But by getting hold of a copy of your credit report from any of the three major credit reporting agencies you will be able to see just where you stand when it comes to your credit worthiness. Today not only are there personal credit reports a person can obtain but there are also business credit reports available.

The main feature of any of these types of reports is that they contain data relating to either you or your business which the various credit reporting agencies have collected. It contains information relating to your financial position and will show if you have any problems relating to late payments or debts remaining unpaid.

But when it comes to you getting hold of a copy of your credit report you need to be very careful when you are trying to obtain it. This is because the report will contain very important and personal information about you including details of your name, your address, any contact numbers and your date of birth. Plus it will also contain your social security number all of which can be extremely beneficial to those people who like to use other people personal details to obtain funds and goods fraudulently.

Therefore if you choose to arrange to get hold of your credit report through one of the many online services that offer such a facility you need to make sure that it is a completely secure website. With a site such as Experian they have a padlock which they use to denote that this is a secure site and no one else will be able to gain access to your personal and financial information.

The biggest advantage to be had from getting hold of a copy of your instant credit report especially if you are considering taking out some form of credit (loan or mortgage) is you will be able to see whether you are likely to be declined or approved. Certainly by keeping abreast of your credit history and how you are being scored will ensure that when it does come time to take out any kind of loan or mortgage you will be able to do so more easily. Plus it allows you the chance to help to improve your credit history if at any time you find that your financial situation changes.

Andre

Tim Gorman asked:




Credit reports are pointers to your credit worthiness. It gives information about your credit history – past and present loans from various sources and payments made, late payments and payment dues to the creditors. From the credit report, the credit score is derived. The credit report is the basis on which you will be able to apply for various loans. The better your credit report, the better chances you will have of getting a loan. A good credit report will always fetch better loan amounts, lower interest rates and easier payment options. From a personal point of view, a credit report can help you to keep an eye on where you stand as regards to your credit situation.

Having stated the importance of a credit report, let us look at how to get totally free online credit reports. According to Fair and Accurate credit transaction Act, the three top credit agencies in the USA Experian, TransUnion and Equifax are obliged to provide free credit reports to those who seek them within a period of 12 months. The act has been enacted to ensure that every American knows what reports the credit bureaus are providing about him. It is also a measure to curb the increasing identity thefts and errors in the reports. So, getting your credit report periodically and manning it for errors and omissions has been made easy now.

The three credit bureaus have jointly created a website where you can request your rightful free copy of your credit report.

Log on to http://www.annualcreditreport.com for placing a request for your totally free online credit report. You have the option to order all three-credit reports simultaneously or order each one at different times. Ordering them at different times helps because you will be able to monitor your credit report on a periodic basis throughout the year. This way, you will be able to see the effects of any major financial transactions you might have got into. For example, if you are getting a large home loan, it will be a good idea to get a report before this to make sure it is in good order to fetch you a higher loan amount and lower interest rates. It will also be a good idea to get a report after a major transaction to ensure that all the details in the report are correct and to get an idea of what effect it has had on your credit report.

There are many sites online that advertise for a ‘free’ credit report or even a three-in-one credit report that has the reports from all the three top credit bureaus. But they are attached to some other offer, usually on a free trial basis for a week or a month. At the end of this period, your credit card account will be credited for some amount, if you forget to get out of the free trial (which typically everyone forgets). And you will be trapped into this offer for a minimum period like one year and have to continue to pay every month. For this reason, be careful of sites that advertise ‘free’ credit report(s). Plan your credit reporting and use the above-mentioned site to get your totally free online credit report, absolutely free of cost!

Henry