Opening your first bank account can be a huge deal if you think about it. Are you unsure of which bank to choose? There are hundreds of banks to choose from. This means that you should have a few things in mind before you choose one.
Here are some tips that you should know when choosing banks and institutions:
Legitimacy
This is probably the most important thing that you need to consider. Many new banks have cropped up and they offer great interest rates and other features. Such features can tempt you to open an account with them. But make sure that the bank is totally legitimate. This keeps your money safe. You don’t want them to suddenly close up and run away with your money.
Location
With facilities like online banking, you don’t have to visit your bank that often anymore. But you’ll need to visit your bank if you want to deposit cash. That’s the reason why most people look for a bank that has a branch that is near to their home or office. Having an ATM of your branch near your place also helps.
Branches
If you’re sure that you’ll never leave your city, then you can open an account in a bank that has only one branch. But if there’s a possibility that you will be moving from place to place, then choose a bank that has a number of branches in different cities, or even countries. This can save you a lot of hassle in the end.
Services
One of the most important things that you should consider when choosing a bank and institution are the services they provide. You might be planning to open a saving account for now. But in the future, you might need a home loan or business loan. You might even consider opening a fixed deposit account. All of these services can be easily availed when you’ve already got an account in that bank. So, check out the services that different banks offer.
Fees And Rates
The fees and rates of different banks differ. If you’re opening a saving account, compare the interest rates of all the banks. Most banks offer an interest rate around an average number. However, even a .5% difference can be huge over a term of 5-10 years. That’s dependant on how much money you have in your account.
Most banks don’t charge you anything as long as you’ve got an account with them with the minimum balance. Some can charge you for extra services they provide. This includes things like SMS alert etc. Look for these as well.
Choosing a bank and institution becomes a lot easier when you know what you’re looking for. If you’re someone who prefers one-to-one banking, then you should choose a small bank with a few customers. But if you’re someone who travels a lot and prefers banking online, then choose a bank that has a good online presence. This includes a good website and a reliable app.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.