Technology And Instant Credit Reports

If the US Congress, industry groups and consumer groups did not exert enough pressure

, you would not be able to view your credit score today. That fight was won over in 2001 and before that year, credit scores are only available to lenders and businesses. Fair Isaac and Company (FICO) developed the method use to compute for credit scores and they thought that credit scores would only confuse consumers. Today, you can view your credit score for a fee though some credit bureaus give free credit score to consumers who request for it.

In a gist, a credit score is a three-digit number that ranges from 300-850 and is computed based on your credit report. This score is how lenders and businesses measure your creditworthiness. If you get a low credit score, you will probably be refused a loan or insurance application. This is why credit reports online are advantageous when it comes to getting prepared for a loan application. You can access your credit report through the internet check if something needs improvement before you apply.

It is not always the case, however, that you get refused for a house, loan, car, credit card, or insurance application if your credit score is low. Sometimes, creditors will agree to approve your loan but you have to pay a higher rate. If you are really in need of a loan yet you know you mishandled your finances during the past few years, access your free credit score online. Gauge how much your score will affect the interest rate of your loan and assess if you can handle it while fixing your credit score for other loans in the future.

With a swipe of your credit card, you get that new gadget in an instant. You can't carry a bulk of cash every time you need to buy a new car, house or insurance. We have to admit that things like credit reports online give us so much advantage when we want to get ahead of people like creditors. Technology has made almost everything efficient and instant. The point here is, your credit score should matter much to you because we are now in a society where credit is unavoidable.

So, exactly how instant is instant when we need to act real fast? Well, even your instant credit report is now accessible online. There will always be downsides to technology but we can use its "upsides" to our benefit. Check and monitor your credit report. You are allowed to get one free report each year from credit bureaus. If you see errors, you can have them corrected or deleted through disputing them. Having a good credit report will merit you a high credit score.

by: Leo Chu

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