Free Online Credit Reports

The Fair Credit Reporting Act of 2004 has made it necessary for all credit bureaus to provide free credit reports to the public once a year. By September 1, 2005, all Americans were entitled to obtain their credit reports once a year free of charge. The credit reports can be from the three major American credit bureaus — Equifax, Experian and Trans Union.

The official website to go to for free credit reports is http://www.annualcreditreport.com. This site provides instant online credit report after you file an online application giving your name, address, and date of birth and social security number. Further clarification and modifications in the credit report are provided by the Federal Trade Commission website that which hosts http://www.ftc.gov/credit.

It should be noted that the above is the only official government website providing free online credit reports. Other websites purport themselves to be official by coining similar names similar to the above and claim to give free online credit reports. Most of these websites do provide credit reports but without a credit score. You also have to pay a fee. However, there are some genuine websites that do provide free credit reports once a year as per the FCRA rules.

A free online credit report contains four major sections – a person’s identification, public records, credit history and information about inquiries from creditors. The credit report would carry the FICO score, which may range from 200 to 850. A credit report of 500+ is considered good; while above 720 is considered excellent. It is this scores that creditors base their opinion on whether to give a loan or not. Credit reports also contain information of any financial upheavals like missed payments, etc.

The availability of free online credit reports has made them all the more accessible to the general public. This favors the government, as people become more aware of their credit problems and try to repair them. This helps build building up national economy. Businesses use these reports to constantly monitor their progress, while the general public uses them to acquire loans, insurances, etc.

Major Reasons Why You Need to Get Your Free Online Credit Score

Viewing a free online credit score is considered to be hugely possible at present. With the many sites that offer this service at present, it is a bit easier for you to get your score and determine you current financial standing. But it is more effective if you gain your score from one of the three major and popular reporting agencies today. These agencies are Experian, TransUnion and Equifax. Although it may be a bit hard to obtain your report from these agencies because the government only allows one to view it once every year, you are guaranteed that the report that will be shown to you is accurate. You are sure to gain high quality information so it is better that you go with these agencies rather than trying the many available sites at present. This will give you an assurance that all the obtained information is accurate.

One of the major reasons why you need to get or to view your free online score is the fact that it allows you to obtain more realistic financial expectations. If your report shows that you currently have a poor credit, then you will no longer expect that you can easily obtain a loan or that you can purchase a new house through credit. Because of this, you will have a realistic expectation on what might happen in your finances. You will be able to know about the specific types of loan that you can effectively apply considering your current status. You will also gain knowledge regarding specific credit arrangements that you can possibly make. Being able to know your credit score will also allow you to view the risks associated with applying for a substantial amount of loan. Knowing your credit score can also save you from being greatly embarrassed or depressed when you expect your loan to be approved and it does not happen.

Obtaining a free online credit score also allows you to determine if you have serious financial problems. If there is, you will be able to think of ways on how to repair it. Knowing about your current credit score enables you to identify solutions about your financial problems. You can also decipher your weak and strong financial points and it will be very helpful in bringing a healthy balance in your finances. Once your score is repaired, financial opportunities will be widened. This means that you will have the opportunity to avail of loans once you apply for it.

Being able to learn about your credit score will also give you a chance to do some corrections. Obtaining a free online credit score will enable you to determine if your credit report contains erroneous information. If after viewing your credit score you find out that there are errors in your credit report, you will have the chance to correct it immediately. That is why it is important that you view your credit score at least once every year so you can monitor errors. If there are, you should immediately take an action to correct it.

Getting Online Credit Card Approval

With the advent of the Internet, the way we run our businesses has changed dramatically. It has made the world spin faster and no one wants to wait for anything anymore than few seconds to few minutes. Waiting for 300 seconds too long and it is frustrating. The credit card industry tries to exploit this growing weakness of the society to market its products. They try to attract customers through instant online credit cards and online credit card approval schemes.

How does online credit card approval system work?

Once you fill your application online for your choice of credit card your credit details will be verified by the system; if you have your credit history anywhere between good and excellent then you are certain to get your credit card application approved and you will be notified of your status through email. In case of poor credit, your application will be declined and this too will be notified of the status of the application.

Is it safe to apply online?

You have to be careful while you apply for online credit cards; stories on online credit card scams never cease. Try to identify reputable credit card companies before you apply for your credit card. If you suspect that the application is requesting unnecessary information then be warned and try to check on other online application forms to see whether they request similar information. Secondly, be cautious of the terms and conditions; double check everything before you submit the details. Many online credit card approval schemes demand security deposits. The range of security deposits vary from $200 to $600.

Is online credit card approval really useful?

The answer would be yes and no. It is useful because you know the status of your application for the credit card instantly, you will know whether your application has been approved or not. You save yourself from the painful period of waiting and also the frustration when your application happens to be declined. It is lot more helpful to be updated of the status even if it is going to be declined so that you can start checking out for other options.

Besides that, online credit card applications to a great extent seem not to worry about the credit history. There are people who have got their application approved even without a good credit history. However, we are not sure whether those are some exceptional cases or whether that is the general trend with online credit card applications. For some strange reasons there are also people with good credit history whose applications have been declined. This can be due to various possible reasons including the inability of the system to access the credit history of the applicant at the time of the application submission.

Even though your application gets approved instantly you have to wait for your credit card to reach you through mail before you can start using it. This is yet another marketing gimmick from the credit card industry.

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