Credit Checks With Instant Results

Consumers can see how a lender might view their creditworthiness almost instantly and for free at least once a year. As of 2011, the national credit bureaus only offer instant credit checks when the consumer requests a report online. The other options require the agencies to mail a report. Purchasing additionally services may be necessary if the consumer wants to know when their report changes immediately.

Identification

The only way customers can get their credit report instantly is after verifying their identity by providing their personal information at the Annual Credit Report website---which is the only website that offers truly free credit reports---or at the websites of the national credit bureaus. Third-party credit monitoring sites also often offer instant credit checks. The alternative to online checks is a mailed or phoned request. Both result in the bureaus mailing a copy of the report, which could take more than a week.

Benefits

Online instant credit checks offer better security than mailed reports, because a thief can steal the report from the mailbox and the national bureaus use encrypted transmission lines for their online requests. They are also best for customers who want to see their credit report immediately, such as when the consumer needs to prepare for a mortgage application and wants to clean up his credit history or check it for errors.

Considerations

The national bureaus have some lag time between when they update their databases and when they receive new information. Even with an online credit check, it may take several months before the bureaus change data. Rapid rescore companies offer a solution for updating credit report mistakes quickly. This type of company has a direct connection to the credit bureaus and can correct errors in a few days if the customer presents evidence of the mistake and the creditor of the account agrees with the claim. Rapid rescore companies have a few disadvantages: consumers must go through a lender, such as a bank or mortgage broker, to use this service and they only correct falsely reported negative data.

Tip

Instead of paying for a report every time a consumer wants to check his score, credit monitoring services send email alerts as soon as the customer's credit report changes. Also, credit monitoring services usually offer unlimited credit reports and scores from one or all three of the national credit bureaus, according to Lynnette Khalfani-Cox of Wallet Pop. Customers that want to check their report several times a week often benefit from using a credit monitoring services.