Reducing the usage of papers and having electronic transfers done directly to our bank account is known as direct deposit. It is a simple and cost-effective process mostly used for income tax refunds and pay checks.
Setting up your direct deposit access:
Life becomes simple with direct deposit. Go cashless, tension free, and quick with assurance for your transactions. Pay checks, tax refunds, and social security payments can be easily deposited or transferred to your US bank savings account. All you need to do is register yourself for the direct deposit scheme with your bank account details linked to it. Make sure the details you give in are secure so that the entire process can be done online by login to the particular website.
Benefits of direct deposit:
There’s no fear of losing checks anymore as transactions are made easy, thereby reduces financial crimes. It’s easier to track down crimes and check the problems. It is a cost-effective method reduces the usage of paper and ink and the transaction is secure. It also gives immediate access to your funds, reduces the work load of going to the bank and filling papers, and waiting for your transactions to be passed and approved.
How safe are your transactions?
There are always notifications for your transactions from the bank. This assures that all your details are safe and there’s never a risk of losing your personal details. It also makes it easy for the government to directly transfer your deposits safely in account; this reduces the process of sending checks and mailing documents. This is comparatively a safe measure as the funds are immediately transferred and there’s no risk of losing the check, misplacing it, stolen, wrong address, spelling errors, delay of postage, etc. Make sure that you keep your direct deposit account details safe and do not reveal your password and pin numbers to others.
Important tips to remember:
Make sure you have a good internet connection with access to emails. The direct deposit refund dates are announced online and one needs to keep track of them. The direct deposit system is very useful for students to transfer funds to their institutions. Keep your bank details correct and passwords confidential to avoid delay in the process. Link your account with the direct deposit website if you are enrolled with the government schemes in order to avoid any delay or theft. It is an easy process for government employees to get their salary as it reduces the check clearance time and is available spot on.
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.