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Why Online Credit Reports are Better?

By Ruth Racey
Published: Sunday, September 20th, 2009

Most Americans go through their lives without paying any attention to their credit histories or scores. Unbeknownst to them, their credit scores affect their means of living and financial situations greatly. Sadly, many cardholders only pay attention to their credit scores after being denied insurance, credit, or mortgage.

Credit histories and scores are crucial in any financial life. Together, these provide essential information needed by card companies, insurance providers, and banks to assess an individual’s financial worthiness. Through credit reports, different institutions can come to conclusions whether a particular cardholder is financially stable or not. This then affects how individuals receive extended credit or whether they can apply for loans in the future.

In the past, credit reports were only accessible to credit card companies and financial institutions. With the passage of new laws, however, cardholders can monitor their records and deal with their credit scores with a more hands-on approach. For instance, cardholders can file complaints if they believe their records contain errors or mistakes.

Victims of identity theft or credit card fraud often discover anomalies in their records after receiving copies of their credit reports. For many, this is too late. Unauthorized purchases and charges can also affect credit scores negatively. Because of this, there is a growing need to monitor credit reports more closely.

However, the federal government only allows cardholders to receive their free credit reports once a year. And with only three credit bureaus handling the records of millions of Americans, the most many cardholders can do is accept the fact that they are entitled to only three free credit reports each year.

Fortunately, cardholders can access and monitor their records anytime they desire through online credit reports. At present, there are dozens of websites offering their services to interested individuals. These sites provide cardholders almost unlimited access to their credit reports. While their services may not be free, the websites allow Americans to keep tabs on their credit scores and histories.

Online credit reports give cardholders a fighting chance against identity thefts and credit card scam artists. Diligent consumers who keep track of their card purchases and transactions can also compare their own records with those of the credit agencies’. Mistakes and possible unauthorized charges are much easier to spot using online credit reports.

Some sites even offer extended services like detailed analyses of cardholders’ credit reports. Individuals can even see who have accessed their records recently. Knowing who is interested in their credit reports can give cardholders advanced warnings about potential card offers or problems.

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