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Instant Credit Report

By: EconomyWatch Date: 25 August 2009

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Acquiring an instant credit report has become very easy, with a large number of websites offering information on one’s credit status for free. However, an online instant credit report has its own disadvantages. The crucial disadvantage is of credit reports being scammed by phishing websites. Also, entering your credit card number to check the report can prove to be an additional danger.

These difficulties can be overcome by using government websites such as:

· annualcreditreport.com

· ftc.gov/bcp/conline/pubs/credit/freereports

These websites are authentic and provide comprehensive reports, by compiling credit reports from all the three main bureaus, Equifax, TransUnion and Experian. This compiled report contains:

The consumer’s name, date of birth, residential address as well as the employer’s name
Credit statement and account history
Public records, such as insolvencies and consequent judgment filings
The list of creditors and each one’s contact details

Instant Credit Report: Importance

Instant credit reports are essential when applying for:

Credit cards
Home loans
Auto loans
Jobs

Credit reports are also judged by:

· Potential employers – To check the credibility of the employee, especially if the recruitment is for the financial department.

· Potential landlords – To ensure the tenant’s capacity to pay the rent on time.

· Businessmen, before financing customers on a payment plan – If the particular business model relies on future monthly payments, checking credit reports will become a necessity.

Instant Credit Report: Advantages

The most important benefit of an instant credit report is that it helps you to quickly figure out your credit status and thus:

track your loan records and other mortgage issues
assess credit scores and take remedial steps, if necessary
know your pending bills

It is advisable that you check your credit report at least three times in a year. This way, you will remain up-to-date with all the changes in your credit score. It is vital that all your debts are paid on time because a good credit report is a requisite for any step you take in the financial world. Instant credit report online has the additional advantage of allowing you to check your credit report at your own convenience.