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Instant Credit Report > Checking Your Instant Credit Report: Will the Price be Right?
Checking Your Instant Credit Report: Will the Price be Right? |
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An instant credit report is that piece of paper that licenses your loan. If your instant credit report shows a good credit rating, you are more likely to get a loan from your creditors. It's because the creditors perceive you as a satisfactory customer and a good risk taker on account of your good credit rating. But if your credit rating were low, most of the lenders would not really welcome your loan application. They assume that you would not be able to repay your bills and that could cause them to issue a credit denial. Most Americans have never seen a copy of their instant credit report. Honestly, there are millions who have never tried to get a copy of their credit report. It's because they don't really know the importance of an instant credit report. Your credit report can have a dramatic impact on your financial stability. With good credit, you can obtain benefits of all kinds: a home mortgage or a lease on an apartment, an auto loan, low-interest credit cards, and much more, with ease. But if your credit history is poor, many of these financial options are unavailable to you. Even though you are eligible for a bad credit personal loan, you might have to pay very high interest rates on it. Consumers should always be aware of what is contained in their instant credit report, especially if they intend to apply for credit or insurance policy, or are seeking employment. In your instant credit report, public records such as bankruptcy filings, lawsuits, court judgments, foreclosures, judgment liens, tax liens, and criminal arrest and convictions are also included. Inquiries by creditors and others are also listed in one's credit report. Where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy-all can be viewed on your instant credit report. In fact, the credit-reporting agencies sell the credit information to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. Getting a free copy of your credit report will be very easy soon. Thanks to the Fair and Accurate Credit Transactions Act (FACT Act), a revision of the Fair Credit Reporting Act. According to this act, the three major credit-reporting agencies: Equifax, TransUnion, and Experian: are required to provide consumers a free instant credit report, upon their request, once every 12 months from a centralized source. This centralized source includes a Web site, a toll-free telephone number, and a postal address. To apply for your instant credit report from any of the three national credit bureaus: Experian, Equifax, or TransUnion: you need to provide some personal information. This includes: your name and address, your social security numbers, your date of birth, and your spouse's name etc. If you have moved in the last two years, you may have to provide your previous address also. Besides, the credit-reporting agencies may ask you for some other information like your current monthly mortgage payment to confirm your identity. The next thing you need to do is to move to the authentication page. In this section, you would be asked some specific questions and the answers can be given only by you. These questions will be related to your present financial obligations. And once the authentication process is over, you would be able to view your instant credit report on the computer screen. It is worthwhile to check your instant credit report regularly to ensure that the information has been updated and is correct. Your credit rating changes in accordance with your credit score and any severe credit problems could hamper your prospects for getting a loan or a credit card. It may even mean that you would end up paying a higher interest rate on any car loans or mortgages you may have; also the insurance companies will be likely to put you in a higher risk category if your credit rating is bad. Therefore, it is always important to keep track of your credit report. |
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