Your Credit Report


Everyone desires to live the American dream. There will always be this car that we will want to drive, a quaint house in an ideal neighborhood, or simply enough money to fulfill one’s dream business.



There will also be a day when we finally pluck up the courage to make this happen and we go to the bank to try to get a loan to do just that.  It would be quite shocking to find out that your request is simply denied because of a bad credit standing.


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Importance of doing a credit check


checking your credit reportA credit report creates a big impact in our lives. It may define one’s ability for a bank loan, an insurance coverage, or even the ability to apply for a credit card. If you leave your credit report unchecked, you might be shocked at how some unscrupulous individuals take advantage of you through identity fraud. In this, a person uses your credit and charges nominal amounts in your account. There is also the issue of the absence of a credit standing. This is a detrimental situation as you will have no proof that you regularly pay your bills.


The appropriate thing to do is to conduct at least an annual credit check. This would lessen the possibility of other people taking advantage of your credit. It would also be a good opportunity for you to correct any inaccuracies in your credit report.


Where to do a credit check


credit scoreYou can check your credit by phone, mail, fax or going online. In the United States, there are three major credit bureaus conducting a nationwide credit assessment and credit rating. The three bureaus are: Transunion, Equifax, and Experian. You can access your credit here for free on an annual basis. It is advisable if you get all the reports from these three companies. These agencies provide all the information you need in assessing your credit history.


Besides the three agencies, there are also many credit check agencies available online who offer credit monitoring. Just be sure of the reputation of the agency you use. Also, make sure that the site you use is secure because you will be placing valuable information in these sites such as your name and social security number.


How often should one do a credit check?


To ensure that no one is fiddling around with your credit, you should at least run a credit check once a year. Some experts say that one must run it at least once a month. You will never know when a thief may have been charging large amounts to your account.


In the United States, most creditors update their accounts to credit report bureaus once a month. However, circumstances may arise when you will need to update your account more often, as in the cases of you obtaining successive loans for a business or an event in your life. 


It would be wise to constantly check your credit to avoid possible error. Like what most would say, it is better to be safe than sorry.


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Companies that run credit checks


There are companies online that offer to check your credit and monitor it for you. You should be very wary in choosing an agency for this is a very confidential matter. You may have to input personal information in such sites. Bear in mind that it would be best to monitor the reports coming from the three credit bureaus to ensure that all avenues are checked.


credit report


It would be best also to equate the amount you will spend as opposed to the risk that you are putting your credit. Some services exist which you can do by yourself, although it would be better to leave some things to a professional, especially when it comes to one’s credit rating.


Can anybody do a credit check on me?


There are many reasons why some people or companies conduct a credit check. They can be potential creditors, a loan bank with your pending application, your credit card company, or a future landlord.


As a rule, the law considers a person’s credit to be very private. One cannot do a credit check on you without first seeking your permission. However, some can seek such information through the three main credit bureaus.