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On Line Credit Check

By: EconomyWatch Date: 28 August 2009

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On line credit check is important as your credit report consists of vital personal information. Details include:

place of residence and employment
method of repaying credit
whether you have been embroiled in legal problems such as arrest or bankruptcy.

This report is checked by several businesses before they opt to get associated with you. A credit report can have a far reaching impact on your financial status when it is viewed by others.

Carry out an on line credit check, when you are:

About to make a huge purchase
Want to know your credit scores
Recently denied a new line of credit, such as credit card and car loan
Suspecting someone is using your identity
Suspecting that a creditor may have reported incorrect information about late payments
Wanting to fix your credit report

How is On Line Credit Check Conducted?

You can undertake on line credit check by viewing your credit report at:

AnnualCreditReport.com: Three key consumer credit reporting agencies (CRAs) provide it, namely, Experian, Equifax and TransUnion. This is free of cost.
Websites of the CRAs: Apply to obtain a credit report at any time. Pay a small fee.
Websites offering credit monitoring service: These companies provide round the clock monitoring of your credit report for a monthly fee. You can view your file and conduct on line credit check anytime.

Who Can Undertake On Line Credit Check On You?

It is possible to undertake an on line credit check on any business or an individual, such as a landowner, potential employer, bank and insurance company. The Fair Credit Reporting Act (FCRA) lays down that no one can run a credit check on you without one of the following reasons:

A court order granting them a copy of the credit report
Your written consent to obtain your credit report
Checking your credit worthiness before hiring you as an employee (However, they would need a written permission from you before they can ask for your credit report for this purpose)
To complete a credit transaction
Underwriting an insurance policy for you
Granting you a government license that requires you to shoulder substantial financial responsibility
Use the credit report in a transaction initiated by you