Accessing Your Online Credit Report
Imagine how hard it would be to loan money to a complete stranger. Somebody walks into your home and asks for a large sum of money under the premise that they will pay you back eventually.
Wouldn’t be very easy, right? Banks and other lenders deal with this predicament on a daily basis, which is why your credit report is so important – it gives lenders an idea of what type of borrower you are and makes you less of a stranger.
All credit reports include the same basic elements:
- Personal Information: Essential identifying information such as your name, address, social security number, etc.
- Credit History: Lenders report account details such as when you opened the account, the amount of the loan, payment terms, a history of whether or not you have paid on time and other such information. Inactive accounts can stay on your credit report for up to 11 years.
- Credit Inquiries: Credit agencies record the number of times an inquiry was made about your credit score. These inquiries remain on your credit score for two years.
- Public Records: Any information garnered from governmental sources such as liens, bankruptcies or overdue child support are examples.
View your Credit Report Online
Because a bad credit score can have a huge impact on your life it is a good idea to check your credit score on a regular basis so you are aware of any small problems before they become big problems. Even the smallest inaccuracies can have a huge impact on your credit score, especially if the problem goes unnoticed.
Many experts recommend you view your credit report once every quarter while others say you should check it once a month. Creditors usually send reports to the credit bureaus once a month so a lot can happen in a short period of time if you don’t pay attention. This may seem extreme but with the ease of an online credit report it isn’t much of a hassle.
How to get a Free Online Credit Report
There are several sites that will provide you with a free credit report online once a year – you need only enter your name, address and social security number and your credit report can be pulled up in a matter of minutes. These sites will provide you a very basic version of your credit report with all the information you need.
These sites make their money selling you on upgrades that you may or may not need, so be careful. Also be sure you are dealing with a reputable company, you don’t want to hand out your personal information to just anyone.