What are Online Credit Reports and Why You Need Them?
The three departments that keep the track of people’s credit report histories in the United States are the Trans Union, Experian and Equifax. You can easily obtain a credit report from these companies with a simple application. The Fair Credit Reporting Act 1970 has made it compulsory for the credit organizations to provide people with their credit reports once a year absolutely free of cost. These reports can also be obtained online.
An individual can apply for an online credit report from any of the above mentioned companies or from all of them. But applying for a credit report is an extremely tiresome job. There are many online organizations that provide credit reports from all the three companies if needed. You can easily place an order by furnishing all the necessary financial and personal details.
Online credit reports have a great advantage over the printed reports that are received by post. The online reports are constantly updated and there is no time lag as in the case of printed reports. These reports are generally ordered on a rotating base, after a period of three to four months so that they can be regularly updated.
These reports mention the number of active accounts an individual has and the transaction and balance in each for a specified time. Late payments, bankruptcies and missed payments are also mentioned. Having instant access to your online credit report can be very useful. If you want to buy a new house, you might want to quickly get your current credit report before talking to the financial experts at the dealership. All the above mentioned companies offer consumer-friendly report that is easier to understand than the official report.
Internet credit reports have become very popular. To date, more than 10 million people have ordered these reports through the Internet via different agencies.
