Credit checks happen regularly. If you are ready to rent an apartment, take out a loan, or apply for a job, you may have your credit checked. When someone checks your credit, they will look at your current credit report to determine if you can be considered “creditworthy.” Ensuring your credit report is accurate and free of derogatory marks will increase your chances of obtaining what you need.
There are free free credit checks available to consumers. Federal law requires that the credit bureaus release your credit report to you once each year for free, which are available at www.annualcreditreport.com.
Your credit report should list all of the credit accounts and loans you have, as well as any late payments and whether or not you are current on your loans. If you are not current, this will count against you.
Businesses or banks may advertise loans with no credit checks. These loans are designed for people who have a poor credit history. If you have a solid credit history and a high credit score, you may find a better interest rate and terms by finding financing through a traditional bank.
However, if you have a few dings on your credit, loans with no credit checks may be able to help you find a way to borrow the money you need. You should expect a higher interest rate, and a lower loan amount then if you had good credit.
There are more small loans without credit checks available. If you are working to rebuild your credit, then taking out a small loan and paying it back quickly with on-time payments will help you rebuild your credit. You can find these types of loans through stores that are set up as lending services or at a payday loan or check cashing store. Some banks may offer them as well, particularly if you have an established account with them.
It is easy to check your credit report. You can receive a free report at annualcreditreport.com once a year, or you can sign up for a credit monitoring service that will allow you to access your reports more often. No matter which you choose, however, it’s important to check your own credit reports to catch instances of identity theft and to make sure your credit report is accurate, so when it is time to borrow, you will qualify for the loan.
You need to understand how to check credit reports for errors to keep your credit report accurate and to protect yourself for identity theft. First, you should make sure that all of the accounts listed belong to you. If you do not recognize an account, you need to call the bank the account is at and see if the details help you recognize the account. If it is not your account, you will need to file a police report and have the bank take the account off of your credit report. This can take time. You should also check to make sure your payments show up as being on time each month. You can ask the bank to resubmit a new report if anything is not accurate.