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Reasons to Get Your Instant Credit Report |
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An instant credit report is a financial
snapshot of your credit that gives you an idea about your credit rating. If
you have a low credit rating, you might be rejected for the loan that you always longed for. As a result, your dream of buying that magnificent
building or that charismatic car may break into bubbles. So, keep checking your instant credit report from time to time and find out if there is any kind of error on it. According to a recent survey, almost 70% of all instant credit reports contain mistakes. Although most mistakes are small and trivial, such as typos and incorrect dates, your report might not be really free from significant mistakes. In fact, 29% of instant credit reports contain severe mistakes like false delinquencies and judgments that don't belong to the consumer, and for which the lenders might reject the credit application. If you find any kind of error or inaccuracy on your instant credit report, you need to inform one of the three national credit bureaus: Experian, Equifax, and TransUnion. Take the help of the Internet and indicate on the online form what is incorrect and send it back to the agency. Any details in your credit report might be carrying an error--from your name to address, date of birth and social security numbers. When credit bureaus get your complaint, they begin the investigation by contacting your creditors. If the inquiry proves you are correct, your credit is updated and you receive a new copy. If the creditors in question believe they are correct, you receive an explanation of why they feel they are correct and you appeal accordingly. Regardless of whether the information is positive or negative, anything reported to a credit reporting agency stays on file for seven years. That is why it is so important to know what is in your file. In addition to knowing what your instant credit report says about you, it allows you to keep track of who has made inquires into your file. If you are interested in checking your credit information at all the three agencies in one easy step, you can take the advantage of the 3-in-1 instant credit report. You should definitely order a 3-in-1, which includes information from all of them: Experian, Equifax, and TransUnion. Why a 3-in-1? The three credit-reporting agencies do not communicate with each other, so you actually have three different credit histories. It is up to you to make sure that your financial histories are accurate, so it is advisable to get all the three. If you get the 3-in-1 instant credit report, you would be able to compare the information that each credit-reporting agency has on file about you. Besides, you would also have the option to identify if there is any kind of inaccuracy. Your credit may be combined with your spouse's and it can create a problem for you if you get divorced and fail to notify the credit bureaus. So, if you get divorced, never forget to notify the credit bureaus that your status has changed to single. Provide them with the new addresses for both you and your ex-spouse. Specify that all the accounts should henceforth be reported separately. Otherwise, the transactions may be reported on the wrong spouse's account. Besides, you should always watch out for any problems that may arise because of identity theft. Identity theft is a criminal offense. It occurs when a person knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit or to aid or abet any unlawful activity that constitutes a violation of the Federal law or that constitutes a felony under any applicable state or local law. Until and unless you check your instant credit report, you would never come to know about the crime that has been committed in your name. To conclude, your credit is a valuable financial asset. Protect it by checking your instant credit report often. Fraud and identity theft are common occurrences that can be discovered by reviewing your credit report every few months. |
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