Online Credit Reports
If you prefer to do things the quick and easy way, you’ll like online credit reports. They are safe and secure. Major credit reporting companies use almost military-grade security to store your personal information.
In the past, credit reports were mailed or available for personal pickup from a lender or bank. Now you can purchase credit documents on the internet and receive them immediately.
It seems almost too easy. You can enjoy the speed and convenience of the web for requesting an online credit report. To make sure your credit report is delivered securely, be sure to request it from a trusted source.
Where To Get Your Credit Report On The Internet
One of these is www.FreeCreditReport.com which is a consumer credit service owned by Experian. You may know that in 2003 Congress passed the “Fair and Accurate Credit Transactions Act.” This is commonly referred to by its acronym, FACTA.
Thanks to FACTA, everyone is entitled to a free credit report once a year from each of the bureaus. This includes getting a credit report online. It’s a good way to begin monitoring the information being reported about you.
AnnualCreditReport.com it is the official site sponsored by all three of the major credit reporting companies. This does not include your scores. You must pay a separate fee to the credit reporting agencies for your credit scores when you order it through them.
As our visitor, we can let you in on a better way to get your credit report free. Quizzle saves you time and money, a smart way to begin managing your credit.
Always look for an “Opt Out” clause when ordering credit reports online. It’s usually buried in the fine print and it lets you choose to not have your information shared with other companies. If in doubt, request your report from a source such as the one we gave you above or sponsored by one of the major credit reporting companies.
After You Pull Your Credit Online
Your web-based credit report arrives almost instantly. However, you may be emailed a password and security code to see it. You should check your report for incorrect information because mistakes happen, even at the credit reporting companies.
Credit bureaus collect information from consumer data sources and public records. Scan your credit report looking for errors. If any item is being reported negatively then simply requesting the bureaus to delete it can produce immediate improvements in your profile and credit scores.
A lender’s credit report has cryptic coding. These numerals and letters designate various types of information used to analyze your credit risk. The consumer type of report you get online is intended for your personal use, so it’s more user friendly. Although credit reports use different codes, most follow the same outline. It’s important to know how to read a credit report.
What To Watch For With Credit Records
The source you select for your online credit report makes a difference in the report’s accuracy and in your score. Credit scores you get on the web will probably vary from those your lender has. There are a few reasons for this.
- Seasoned data
- Different data sources
- Different credit score system
Credit report providers to businesses are wholesale vendors. These resellers purchase the information from firms specializing in mining data from public and private records. This data is stored over time, or “seasoned” after it’s collected. By the time the information is provided to the company where you buy your online credit report, it’s changed in different ways. When added up, this will affect your scores.
Most financial institutions still use the FICO score to determine your risk as a borrower. The credit scores you receive online are seldom FICO scores. They are usually proprietary credit scores that each of the credit bureaus promotes to consumers. Confusing, isn’t it?
This can become a problem if you are applying for credit to make a major purchase such as a home or automobile and your scores are borderline what is needed for credit approval. If you got your credit report online and your scores differ from those the lender has, then how can you know that your score meets the lender’s guidelines?
One solution would be to get the credit report your lender is using directly from the lender. Use this copy to match what your qualifying scores and profile must be for loan approval. Generally, pulling your credit online keeps you fairly close to what you need for having your credit approved with most lenders.
Shop Around For Internet Credit Reports
When a business runs your credit, insist on receiving a copy of the report so that you can compare it with what they are telling you. If they give you a hard time about it, you can always shop around to find a lender who is willing to share your report with you to help you optimize your credit.
You can also refer to this list to shop for credit reports on the web. If you don’t qualify for the free report you can still purchase it from these services. They are reputable and established. Several are sponsored by the credit bureaus. Be cautious and read the disclosures. Learn more about credit reports on this website.
- www.Experian.com — Free Credit Report/Credit Score. Registration required.
- www.Equifax.com — Credit Report/Credit Score. Various credit products.
- www.FreeCreditReport.com — Free Credit Report/Credit Score.
- www.CreditReport.com — Credit Report/Credit Score. Registration required.
- www.ScoreSense.com — Credit Report/Credit Scores. Subscriptions required: $29.95/month.
Free Trial period: 7-days.
- www.FreeCredit.com — Credit Report/Credit Score. Subscriptions required: $29.95/month. Free Trial: 7 days.