Credit Rating and Online Credit Report Agencies
The ‘Fair Credit Reporting Act’ has made it mandatory for every credit report agency involved in the maintenance of the financial records of an individual to provide them with a copy of their credit report at least once in a year. Credit reporting agencies are those which maintain a track record of all the financial activity involving account information, cash transactions, credit history etc.
The best three organizations involved in this work are ‘Equifax’, ‘Experian’ and ‘Trans Union’. For attaining the report of oneself, one only needs to send an application stating the need for obtaining the credit report.
Because of the fact that all the agencies take into account different aspects of an individual, there is a possibility that one may have different credit ratings from different companies. Hence, one should ask and apply for a copy of their credit report from all the three above mentioned companies.
There are other agencies which operate online too and can provide people with the same information as the much acclaimed ‘Big Three’. There are certain advantages of obtaining their reports online. One of the biggest advantages is that they do not have to apply to separate companies and can easily obtain the information required by them in a few hours.
Online credit reports provide much more information as compared to the normal credit rating agencies. They mention everything ranging from the number of accounts that the person has or may have had in the past, loans applied for in the past, dues that need to be cleared out and a number of other details.
