A credit report is something that everyone should understand. They are the most important factor when it comes to applying for a loan, renting an apartment, getting a good credit card, and more. Your credit report and credit score show potential lenders your financial history, the good, the bad, and the ugly.
Almost all financial institutions, including banks and lending companies, use credit reports as their main means of deciding whether or not to give an applicant the loan to which they have applied. Potential customers who have a history of not paying bank loans on time are more likely to do it again, and there for are seen by lenders as undesirable. The better your credit score and report are, the more you will potentially be able to borrow, at a lower interest rate as well.
In the past, the only means of obtaining a credit report was through special credit tracking agencies, and could take days to prepare. Now, with advances in modern technology, anyone can request an instant credit check at absolutely no cost. The US Federal Trade Commission requires that the three major national credit reporting companies (Equifax, Experian, and TransUnion) provide a totally free copy of your credit report to you, if requested, up to once every 12 months.
There are dozens of sites on the internet that will help guide you through the process of requesting a free online credit check. They can also assist you in improving your credit score, should you find it to be lower than you would like it to be. You can also see a record of all the companies that have previously conducted a credit check on you!
One of the major benefits of performing a free credit report check is to check for identity theft, fraud, errors, and out of date information. A great deal of people fall victim to identity theft and fraud with out being aware of it. Your credit score can be greatly effected by fraudulent activity, greatly reducing your chance of receiving loans and credit cards. By frequently checking your credit report, you can discover these mistakes and have them corrected before they harm your credit score. You can also check for errors which may have been caused by the credit reporting agency itself.
How Do I Get a Free Online Credit Check?