Instant Credit Score

 

By now, you may have had a brief idea on what a credit rating is and how it works. You now have a working understanding of how important your credit is; how it affects everything from landing your dream job, getting that nice house up on the hill, and all those other things you wish you may have.

 

 

Also, you are now aware that it is a necessity to always check your credit rating to avoid some unnecessary issues.

 

Being up to date with the status of your credit rating will definitely put you in a position where you may be able assess all the possible business ventures you may want to undertake and to plan ahead for future issues. Since that is the case, we may now take this time to learn how you may get your own credit report. Below are some helpful hints on how you may be able to track your credit rating.

 

Video: Checking Your Credit Score

 

Steps to receive credit report

 

credit card reportBeing kept in the loop of your credit standing is very essential, even if you are not planning on getting a loan. These days, identity theft is more common as more and more unscrupulous individuals get away with using other people’s account through technology.  If you have encountered problems with regard to your credit, you can immediately check your credit report.

 

In the United States, federal law mandates everyone gets a free annual consumer credit report from the three major credit report agencies: Transunion, Equifax, and Experian.

 

You can receive a credit report by phone, by mail, a written credit report or you may get a credit report on line. The quickest way of course is through the internet, as there are numerous credit report agencies who are engaged in this kind of business. These internet sites ask for basic information such as your personal, residential, occupational, and financial details. The information gathered by these sites is secured and you can be sure that you are protected from identity theft.

 

Differences of the 3 credit reports

 

instant credit scoreThe three credit bureau agencies: Transunion, Equifax, and Experian, process different sets of information. This is due to the fact that different lenders and creditors report to these three agencies. The three credit bureau agencies also engage in the sale of your credit information to concerned individuals such as your potential employer, the bank in which you applied for a loan, or your future apartment landlord.

 

The best thing to do is to get your annual free consumer credit report from these three agencies to ensure that you are informed of your entire credit history. It would be wise to avail of a three-in-one credit report from the three agencies because you can get a package fee for three reports plus your credit score.

 

Importance of getting an instant credit report annually

 

Information obtained from your credit report is like a report card. It is the gauge in which creditors or lenders will use to asses if they will “pass” or “fail” you in your application. Thus, it is vitally important to at least review your credit report annually for any errors, mistakes, or inaccuracies.

 

You should take note that even if you close an account, it will not improve your credit score.

 

Having your credit report monitored by a company

 

It would be better to have your credit report monitored by a company. Face it; it would be better if professionals handled your credit account due to the gravity of the consequence in case you miss something in the process of analyzing your credit report.

 

Video: Improving Your Credit Score

 

However, there is also the risk of providing complete strangers with your credit report. Be sure to analyze the credit report agency which you will entrust your personal details. Remember that some companies ask for your name, address, phone number, and social security number. Be wary in checking the reputation of these providers.

 

credit reports

 

According to the Identity Theft Resource Center, the data of identity theft occurrence rose 47% in 2008 from the previous report in 2007. This means that you must be extra careful in keeping track of your credit report starting this year.

 

In choosing a credit report monitoring package, you must first consider if the companies can reach you on time and efficiently in case they encounter problems with your credit report. Preferably, they should be available 24-hours everyday. You can never know a time when you are out on vacation and something goes awry with your credit history. See to it that you can be reached by phone or by email. It would also be better if the agency you choose monitors your credit reports from the three major credit report bureaus.