Instant Credit Check

An instant credit check can be a valuable financial tool for a number of reasons. Potential employers often use these checks to screen employees before hiring. Landlords who need to know if a possible tenant is likely to make rent payments each month can also benefit from these services. Consumers also need to have a handle on how their credit is scored and if there have been any changes in this score. From time to time, erroneous information can damage these scores and the instant credit check is a good way to monitor these discrepancies. Whatever the reason, speedy access to these reports can provide a valuable tool for individuals and businesses alike. Some services charge a small fee per report and will tailor the reports to the needs of the client. Whether used for pre-employment information, tenant screening, or financial information, the numbers of providers of this valuable service are vast. There are restraints that can apply, however. Only legitimate businesses are allowed to access this information for screening purposes. Individuals can seek information on themselves, but not on another person.

The benefits of the instant credit check are multiple. Anyone who wishes to gain approval for a loan for any purchase, whether it is for a car, a home, or a business will need to prove that they can be trusted to pay this money back. That is where these reports come in. By recording all credit activity including missed payments or timely debt pay offs, a consumer earns a score that can either qualify or disqualify the potential borrower for needed financing. When negative information appears it will generally remain on the report for two years or so. Bankruptcies, on the other hand, tend to remain for a much longer period of time, possibly as long as a decade. Awareness of any financial issues can be the first step toward making needed corrections. Making timely monthly payments or pursuing debt consolidation can be effective ways to improve shaky credit. Good financial responsibility can be a lifelong asset. With the availability of the instant credit check, that asset can be viewed in a moment and maintained over a lifetime.

There are many web sites that offer an online instant credit check. These instantaneous reports reflect any charge card activity, payment activity on installment loans and other general credit behavior. In addition to this data, there may be other information included as well. Public record issues and past bankruptcies are also generally included. When negative information is included, a consumer should check its authenticity. If the information is correct, only the passage of time will mitigate its impact. If the information is false, there are steps that a consumer can take to remove the harmful data and correct the report. Credit scores will usually range between 400 and 800 or higher. Obviously, the higher the score, the better the individual's rating will be. Ease in monitoring this score can be largely due to the availability of the instant credit check. The Bible talks about the importance of praising God. "I will praise the LORD according to his righteousness: and will sing praise to the name of the LORD most high". (Psalm 7:17)

The Fair and Accurate Credit Transactions Act insures the availability of these reports to all consumers. Nationwide bureaus are required by law to offer a free report to consumers once per year. The consumer must request this report. Services that charge for the instant credit check may not be the best bet for the individual who only needs to look into their history once per year. Why should anyone pay for a report that is available free of charge on a yearly basis? Consumers can request a free copy of their own information either by e-mail or by phone. By keeping track of this information, individuals can watch out for possible identity theft and make sure that their ratings do not slip. The Federal Trade Commission, or FTC, oversees the enforcement of this law. Unfortunately, the ready availability of so much personal data can also increase the risk of theft and fraud in addition to identity issues. The FTC works to make sure that consumers do not fall prey to unscrupulous business practices.

Whenever an individual looks into an instant credit check, they will generally see three scores listed. There are three major bureaus that establish these financial ratings. Each one of these bureaus assigns a separate score, which is frequently included in the report. Since each bureau maintains information on consumers, creditors will consult these organizations when they need information on a potential borrower. Reporting organizations supply the information that determines a consumer's FICO score. Whenever a consumer is seeking information on their credit score, locating a service that will include information from all three major bureaus is very important. Not all reporting services are created equal. Some of these providers neglect to provide even one score from a major bureau rather than information from all three. A wise consumer will utilize the services of an organization that offers a three in one report that also includes scores. It is also a good idea to remember that speed is not the only feature in an area as important as this. By making sure that the provider will include all needed information and by taking advantage the availability of free yearly reports, a borrower can keep up to date on important financial data.

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