Free Credit Reports Instantly

Archive for November, 2009

The Federal Trade Commission (FTC) alerts consumers about access to free credit reports. This information pertains to the fact that according to the Fair Credit Reporting Act (FCRA) you are entitled to one free credit report every 12 months.

However, you should also know that you are actually entitled to one report from each of the three agencies, not just one report total every year. Therefore, you can receive a copy of your payment histories and other vital financial records as kept by Equifax, Experian, and TransUninon.

Additional FTC Guidelines

In addition to the above, you are also entitled to the following:

• Accuracy and privacy of the information kept about you
• The right to know if someone has stolen your identity
• Immediate access to your credit report if you file online
• To receive your requested report within 15 days if you want it mailed to you
• Right to a free report if you are unemployed and looking for work within 60 days
• Right to investigation in case of an error
• Opportunity to dispute your case when necessary
• The right to know if anyone has obtained an unauthorized copy of your financial records

FTC Function

The Federal Trade Commission works to prevent consumer fraud. They also fight against unfair and deceptive business practices, including false advertising. They also help consumers remain aware of problems and thus teach buyers and sellers to avoid being a victim of fraud.

The FTC also helps people file complaints in the event a company or individual has wronged them in some way. This organization deals with all types of consumer-related scams, including falsified records, fake credit report fraud, and credit card identity theft.

Consumers Beware!

The Internet has given rise to many fraudulent websites claiming to offer you a free credit report instantly. While some of these sites are very helpful, you need to watch out for any sign of a stolen identity.

WARNING: If you seek a credit report instantly online, make sure you know whom you are dealing with. This is especially important if you are signing up for a free trial of a credit monitoring service.

Remember, you should know what you are getting yourself into and who you are dealing with at all times. This is not to make you paranoid but rather to make you aware.

Use the Internet with caution when seeking a free copy of your financial history. Your financial future greatly depends upon taking proper precautions.

As you seek a free credit report that you can receive instantly, you may wonder what good it would do you. I mean, if this was a waste of your time why would you even want to do this?

It turns it does have some benefits to you. For one, it can help you catch any instances of credit card fraud or identity theft much quicker. It can also help you keep track of your financial history so you can maintain your accounts easier.

Different companies might provide different services than another. However, overall attributes of free credit reports include as follows:

Credit scores-This is a number from between 300 (the worst you can get) and 850. An average score is between about 600 to 700, while higher than that would range from excellent to perfect (A1 rating).

Your score an indicator of your total payment activity measured by a variety of factors. It often is compared to others, by way of a national average.

Report Cards-An optional service might include a certain letter grade of your credit. This measures your debt to income ration for which you might get a letter grade as if you were in school.

Monitoring/tracking services-If any changes are made you are alerted instantly. This is the beauty of signing on with a company to receive your free credit report instantly. Of course, the definition of free may pertain to a free trial. Still, at least for a time it is free.

Summaries-You might see a summary of your payment history. This often is an abbreviated service that outlines what you may observe in further detail if you were to sign on to paid services. The free version of your payment history often can tell you quite a bit, even if it is a summary.

Calculators-You can use these to evaluate certain credit trends and evaluate what effect making certain financial moves could have on your credit history.

With that, you may also be introduced to interest rate trends. This can help you make decisions about CDs and savings accounts, mortgages and home equities, unsecured debt (i.e. credit cards), and auto loans.

News reports-Maybe you have poor credit and are in need of a way to try to fix it. This can help you gain the tips and knowledge you need to better your situation. Maybe you will also gain knowledge about how to get financing after bankruptcy, repossession, etc.

An instant free credit report may be requested for a variety of reasons. All of these involve different scenarios in which you or someone else may need information about you regarding your financial history.

Reasons for seeking info about your financial history include the following:

• You may be moving and are applying for an apartment. The owner of a place you want to rent may need to verify in some way that you will be able to make your monthly payments.
• Maybe you are currently applying for a job. Your past ability to make payments on time will prove that you are a person who attends work regularly and are dependable and responsible.
• You may be applying for new cell phone service. If so, you might be in need of knowing what your credit score may be. If you show this to potential phone companies, it may help you get service faster.
• Maybe you are a property owner who wants to check up a tenant. However, of course you need permission from the person who is applying for an apartment in order to do this.
• You may be an institution who wants to verify the creditworthiness of a potential borrower. You would also need permission from the loan applicant in this situation.
• You might be an individual or family looking for a new home, car, etc. Sometimes getting a “head’s up” on your financial situation ahead of time can speed this process along.
• You may just be a person who is rightfully concerned about identity theft. Monitoring your financial history on a regular basis should help you immensely.

More Info

Realize that when seeking your free credit report instantly the information you receive may be limited. However, you are likely to see what your credit score is and you should be able to obtain a limited viewing of your prior payment history.

Obtaining a free credit report instantly is to your advantage. It greatly reduces the wait time needed to generate your information in the event you are seeking info about securing financing for a car, home, or other investment.

The advantages of obtaining a free credit report instantly include as follows:

• You do not have to wait very long to get verification in the event you are buying a new home or car. You also can get instant access to your credit report in the event you need this info to sign up for new phone service, etc.
• In the unfortunate event someone is stealing your identity you can take care of it much faster. It also gives you more advantage in your case because you have caught the situation immediately. (Sometimes identity is stolen in order for people to make purchases with your money but it also can be used to get a job.)
• The report you receive shows information as posted at all three major credit bureaus. This usually is complete with your credit score as well as records of your payment history. You can immediately see how your score competes with the rest of the nation as well.
• It makes updated your personal information such as your address, phone number, and other biographical records much easier. It helps you spot errors much faster, too. You can also find out if any defaulted or late payments are on your record that can be removed.

Precautions

Be careful when seeking a free credit report instantly. There are scammers out there who will take your personal information and use it to steal your identity. Only seek information about your financial history from a source you can trust.

You may want to consult an online e-commerce or other related business bureau site for more information about a specific company. The most popular of these is the Better Business Bureau, but there are other private and government consumer sites that may be helpful in this regard.