Online Credit Report

1. It is possible to make corrections on a personal online credit report.
True
An instant online credit report is not always perfect. Taking the time to find and review this information will allow the consumer to see if there are any mistakes that are hurting the rating or score of the individual. This allows consumers to have any problems or errors fixed. Without repairing any mistakes, it may be difficult to receive loans or other financial assistance. For the consumer wishing to buy a house, car, or other major purchase, any errors can be detrimental. This will cause serious financial problems for the consumer if something is not done to fix any errors on financial records.


2. A three-bureau online credit report is useless.
False
A three-bureau instant online credit report lists all of the consumer's accounts. This allows the consumer to see how each of the three national bureaus are reporting these accounts. Knowing what is on a personal financial record is important for negotiation to lower interest rates. Having the ability to receive these lower rates will help the consumer save money.


3. The Fair Credit Reporting Act allows a consumer to get unlimited online credit reports at no cost.
False
This Act allows the consumer to get one free instant online credit report from each bureau per year through a central credit source. Many companies offer online scores or ratings at no cost or for a small fee. Checking a personal financial record does not have any affect on the consumer's score or rating. Viewing the information will not harm the individual in anyway and should be done on a regular basis to verify that everything is in order.


4. An instant online credit report can be delivered within minutes.
True
With the rise in computer technology, companies are able to quickly deliver an online credit report for the individual to view. These companies can inform consumers about changes. Companies will monitor this information and notify the consumer of any changes vie e-mail.


5. Receiving this information is an important tool for financial management.
True
Proverbs 24:4 - And by knowledge shall the chambers be filled with all precious and pleasant riches.