Instant Credit Report for Free

With the click of a mouse you can find your instant credit report. The federal government offers this access for free on an annual basis from all three of the major credit reporting agencies. Lenders also can have access instantly. But what exactly is in these instant reports?

Your credit report will show several things. It gives a summation of your history of handling credit, i.e. the loans for which you have applied, the ones that were rejected and approved, your payments and the delinquencies, and the like. It also has personal protected information such as your Social Security Number, your employer, your address and your date of birth. In essence, it shows a potential lender all about you in a nutshell of about two to three printed pages.

Information on the report usually stays on for about seven to ten years. Any bankruptcies or foreclosures, rejections or denials of credit will show up for that length of time. So will any inquiries others have made into your credit report.

There used to be restrictions on who could get this report online, including you. But with advanced security measures and government regulation, anyone can instantly get their reports via a personal computer. That makes it a great deal more convenient to the average consumer. It is a good idea to pop it up on your computer before you decide to go ask for a loan or apply for credit - just in case there are discrepancies that need clearing up.

Instant credit reporting makes it easier for lenders as well. Instead of feeling out reams of paperwork and waiting for weeks to find out if you are approved for a loan, it is done while you sit at the table at the bank or car dealership and sip a cup of coffee. The loan officer no longer has to wait for snail mail or a clerk in an office half way across the country to look you up and review what is said about you by other lenders.

Now granted, not everyone has access to your financial records. That would be scary. Instead, lenders have access through controlled passwords and monitored memberships in the three credit reporting agencies. You, as well, must go through security hoops when you log on to get your free report. That's a good thing. In the day of so much identity theft and scams, you need to have your personal information protected. All three credit reporting entities go through great measures to try and assure that is the case.

Through Internet access and fax machines, what once took days if not weeks to receive is available in minutes. No carriers needed. Your instant credit report is available free.