Checking your credit account can help you know your standing and thus, can save you the shame of being turned down when applying for a loan or for a new credit card. Since your credit history contains detailed information regarding your financial behavior for the last few years, it is very important that you have it monitored at least once a year. The good news is, with the advent of the internet, it is now way too easy to have an access to your credit details. Online credit reports can now be obtained from the three national credit reporting agencies - the Experian, Transunion and Equifax.
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You actually have three credit records and they are not similar. It is because the creditors and lenders may forward your details to one or two of the three chief credit bureaus who separately report the data. By monitoring all your credit accounts, you can be protected from identity theft and you will be able to keep up a good credit reputation. And this can be the key if you want to get low loan rates since lenders consult these reports to find out how borrowers have treated their previous credits.
The Fair Credit Reporting Act (FRCA) provides all the citizens with a right to view or to have a free copy of their credit report annually. Designed with the borrowers in mind, such act allows them to examine all the information in the report and challenge its correctness. So if you feel that some pieces of information in your record are misleading or inaccurate, then you can have it reviewed or reinvestigated. Through amendments in year 1997, the FRCA now made it a violation if someone got a copy of another person's credit account without permission.
Advantages of an Online Credit Report
With the dawn of the internet and the advancements in technology, and if you have a computer with internet connection, you can easily check your credit statement online. Depending on the website, the services can be free or charged. Usually, the consumer reporting agencies will ask for a nominal fee of $30 yearly for their service.
By accessing your credit record online, you can now review it carefully from the comfort of your home. You can get rid of long waits just to have a copy of your credit history. Through the internet also, you can view and print one or all your three credit records. There are also websites that give automatic notifications in case there are crucial changes in your account like late payments. Some also offer analysis to let you know the ways of improving your scores and the factors that are actually affecting it.
Disadvantages
Since online credit reporting has now become very popular, many scams have been developed as well. You must be careful in choosing your credit history provider because there are online sites who want to earn big bucks out of your credit card information. They will get your details on the alleged reason of signing you up and you will just be surprised later on that there are charges in your account that you didn't made.
There are also credit bureaus, especially the small ones, that offer very minimal security. So there's a very big possibility that your credit card details and your credit score will be hacked into. It is advisable to sign up for the service of a major credit bureau since they have secured site and they won't charge you that much.
Obtaining a Clean and Correct Credit Record
It has been recorded that almost 25% of credit information have errors, and some of these are serious and bad enough to affect the customer's ability to get a loan. Though credit bureaus are strict in their reporting process, they still commit mistakes. Sometimes, outdated details that must have been removed from your record are still there, affecting your score.
It is very much important to obtain a clean online report of your credit. So if you feel that there are some incorrect or false information in your file, take the necessary action. Bear in mind that you have the right to dispute the factual errors and incorrect details in your credit history. And also because of online credit reports, the dispute procedure has also become a lot faster. The only thing that the customer has to do is to fill out the form with the information regarding what he/she wants to dispute.
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