A credit report is a mere number which determines the credibility and authenticity of an individual or company based on their previous monetary transactions. It also keeps a tab of all the delay in payments and bankruptcies. This helps all the money lending organisations filter out the defaulters from genuinely interested men. However, in order to view a detailed report, one has to visit the Federal Trade commission. But this is not feasible at all circumstances. Besides, if there are any discrepancies in the credit report, one needs to approach the particular institution which has given the wrong feedback.
The latter has much more diverse impact and will definitely take the life out of the individual before he can convince the FTC to rectify the error. The process takes around 2 to 3 months and starts off with the initial paper work. One needs to be very persistent in sending the letters to the FTC explaining the error and the reason it was caused. However if you do not possess any hard proof and documents, your request will be not taken into consideration. After the submission of letters, the CRA takes a considerable amount of time to verify the authenticity of the complaint and cross references several instances to ensure its accuracy. Following this, the CRA then prepares a revised edition of the individual's credit report and sends a copy of it to both the borrower involved and his corresponding lender. However, if the CRA is not satisfied with the argument provided by the petitioner, then the application is rejected immediately. But the person involved can still argue it out at the agency through a
center named Credit Info Center.
In order to avoid all this chaos and mayhem, the online credit report has come into existence. You can view it now, later and whenever you want to. It also helps you realise any aberration that has occurred in the report. In such a scenario, one can swiftly take action and correct the errors committed on the report.
Any changes that are made in the original report are immediately reflected on the online version. Hence, in case of any misunderstanding between the lender and the borrower, the online format can help them resolve any problem that may arise due to the inconsistency in the hard copy.
Since the credit report is provided instantly to the concerned individual at the time of need, a nominal amount needs to be paid in order to view the report. This is because a free credit report is sent only once every 12 months which is a very long period of time.
Thus the opportunity to work from one's own backyard is provided by the online credit report. Time and tide wait for none and hence do not waste your time in going behind a hard copy of the report. Rather, find your scores online and provide them at the required places then and there and see your business flourish.
Good credit scores means you are a favorite of lenders and it indicates that your finances are under control. This is why it is imperative to get your free credit report at least once in a year.