Home > Identity Theft > Instant Credit Report Helps You To Be Aware Of Identity Theft
Instant Credit Report Helps You To Be Aware Of Identity Theft |
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Your entire financial history is documented in your instant credit report, which relates to instant accounts such as mortgages, cards, auto loans and installment debt. It can also provide other information such as collection accounts, public records or fraud alerts. Foreclosure, bankruptcy, tax liens judgments or other legal actions form part of public records. An instant credit report also includes information on who has had access to the report. Known as inquiries, these appear in the instant credit report giving the name and address of the party or company, which has accessed the report. As unknown accounts or unauthorized inquiries can be due to identity theft or other fraud, it is important to keep checking your instant credit report to make sure the accounts listed are accurate and to see who has accessed the same. Americans have gotten so used to getting everything in an instant due to their fast paced lifestyle that patience has taken a back seat, little realizing that "instant" does not always guarantee the best results. Instant credit reports are an exception to the rule. America is in the grip of identity theft as this has become a big problem over the last few years. Those who perpetrate this crime steal the Social Security Number of gullible consumers and with a little bit of work they are able to obtain credit cards, identifications, loans, etc. in their names. They can also find out if their credit is of value to them, and then subsequently destroy their credit with a slew of rash decisions using their name. When you become the victim of an identity theft, you will not even know anything about it, until the creditors start contacting you. It is, therefore, very important for you to keep checking your instant credit report, which will help you to stay updated with the status of your credit report and assure you that no errors or fraud are bringing down your credit rating. The concept of identity theft has taken deep roots and thousands of Americans are becoming victims of this fraud every year, without even realizing that their credit is being destroyed until it gets too late. This necessitates checking of your instant credit report regularly so that any suspicious entries or movements can be noticed in time and remedial measures undertaken before it is too late. You should also check this report before applying for a loan. It is now possible to apply for an instant credit report from the comfort of your home by going online to the three major instant bureaus; Equifax, Experian and TransUnion that are commonly referred to as instant reporting agencies or CRA's. Each account listed on a instant credit report is known as a trade line and an instant credit report will contain information concerning the current status of the account, the high instant balance, the type of account, when the account was opened or closed, the name of the creditor and any delinquency information. You can also receive the instant credit report by e-mail or by downloading from the websites. Unknown accounts or unauthorized inquiries are often a sign of identity theft or other fraud and you should check your instant credit report regularly so that you become aware of all information coming into the report. It is only when you know that something fishy is going on, that you can investigate the same and dispute this information before it damages your credit rating. Thus, if you keep checking your instant credit report you can increase your chances of success in many areas of your life, whether personal, professional, or financial. Instant credit reports are used by most lenders to view the potential buyer's creditworthiness. If there are errors or if frauds are being committed, the credit rating will dip considerably thereby disqualifying you from getting the credit that you wish to have. So, it is important that you know what is going on in your report so that you can take timely measures. |
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