The credit score monitoring is an important thing to do because only then you will come to know as to improving the scores and what are the necessary steps to take. You can get your credit report with the credit agencies and there is even free online credit report from where you can achieve it. You might be wondering – what is a credit report? The below is the answer for it:
What is a credit report?
A credit report includes information like: place of work, paying bills on time, residential address, info about if you have been arrested before or not, you have been filed bankruptcy or not, you have been sued or not etc. There are many financial experts who often suggest you to do credit score monitoring so that you will know about your status and the ways to improve them. If you keep checking it, then the process of credit-granting can be enhanced. There are businesses that use this information in order to evaluate the applications for insurance, employment, credit etc. It is very essential that the information which is present in the report is accurate and complete. Whenever you make a request to the banks or financial sectors for loans, the first thing they do is, they get a fresh copy of your credit report from the 3 credit agencies and they check for the worthiness. There are many credit agencies but the 3 main ones are TransUnion, Experian and Equifax. A free online credit report can help you in lot of ways but has its own advantages and disadvantages which are as follows:
- It is completely secured.
- It is easy to get accessed to your credit report.
- You can see the report at any time, if you have an internet connection.
- You can save the report in a PDF format in your personal computer and take print out later.
- There is no need to sign up or create an account. All you need to do is to select the country and the 3 credit agencies.
- A person can just see the credit score at any time. You don’t have to wait for the letter in the mailbox and finally have a look at it. You will know the status well in advance.
- You can even cancel the account with just few clicks if you feel that you don’t want to use them further.
- The report can be seen only for a limited time period and hence you will have the need to save it.
- It is free only for the first 30 days, then you will have to pay for the website with an appropriate fee.
- You will have to pay for the company with the required amount in order to see the report online.
- You will be getting a free report by the agencies in a year then there is no point in paying extra money in online just to see it before the report arrives at your home.
- Certain companies might try to offer you with incentives based on your credit report which are not of any worth.
Before you decide to use the online credit reports, you need to be very clear about its advantages and disadvantages. It is very important to have a clean credit when you apply for loans. If you find any mistakes in the reports, you need to rectify them soon so that you can get a clean report. Never give the original documents to the agencies if there is a correction to be made. Send a copy of it with other necessary things required.