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Instant Credit Check - How To Ensure an Instant Credit Check Will Be Accurate

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An ever increasing number of businesses are relying upon a quick and easy instant credit check to help with hiring decisions, lending situations, and a variety of other selection tasks, but the majority of consumers are not aware of how important it is that they be sure the results are going to be correct and accurate. Too many common mistakes occur, and the impact could be anything from an application not getting approved or an individual paying a lot more for some type of service. In order to make sure that any information obtained through a instant credit check is being reported properly, a consumer needs to learn how critical the following key points truly are.

Information obtained by an instant credit check is gathered from one of the three different major credit bureaus, but the data is not likely to be consistent between them. If a consumer is informed that negative information was returned, the best course of action is to determine which of the three bureaus is the one to blame. If there is any way possible for the company to check another source, most will be willing to do so if it means retaining a customer. Consumers should never hesitate to ask a company to perform the instant credit check again, but with a different provider.

Individuals are often frustrated when the company cannot tell them exactly what details were reported on the instant credit check results, but it is important to understand that the entire point of the process is that is is quick and contains very little private data. In other words, the only entity that will be able to disclose specifics is the credit bureau. A letter will often come in the mail called an adverse action statement, and this will be sent automatically to the residential address on file.

Consumers should always be aware of what is currently on their credit report, and it is quite possible that misinformation could actually cause a negative return on an instant credit check. Incorrect addresses and other personal information can normally cause a slight negative effect, but wrong accounts and other individual’s delinquencies are certain to pose a major challenge. If a person is totally unaware of what may be present on their credit report, the simple fact of the matter is that a completely innocent person could be plagued with horrible scores. Only gaining access to the information will help an individual realize exactly what is being shown to anyone that has permission to look.

Incorrect data does not have to be left alone, and consumers should know how to properly dispute the data with each of the three credit bureaus. Every reporting agency now has a feature on their website that allows individuals to start disputes online. A live person will initiate contact if any additional information is required. As long as a person has disputed whatever is causing a drop in credit score, they can show this data to any prospective employers or creditors.

Written explanations may often be requested if an instant credit check returns multiple delinquent items. If a person experienced medical problems and was struggling with their bills, this should be explained in detail. While it may not provide a person with the same treatment as an individual with excellent credit, it certainly will help provide a reason for any past seemingly irresponsible behavior. It may be helpful to gather credit reference letters and provide contact details for several different references.

Performing an instant credit check is an excellent way for a company to immediately learn what type of consumer it is that they are dealing with, but the unfortunate truth is that the process has some flaws associated with it. Taking proactive measures to learn what is being reported is the most appropriate way for a consumer to ensure that they will not find themselves in a tough situation simply because of mistakes or errors. Whether a person is looking for a new job or applying for some new type of service, the results may have a drastic impact on a person’s life. Therefore, it is obviously necessary to make sure the correct information is available to the company.

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