Any financial account maintained by a financial institution is a bank account. A deposit account, credit card account or any other type of account offered by a financial institution is a bank account. It represents the funds entrusted to that particular institution.
Online Bank Account
Thanks to technology and its growth, the internet has touched the banking sector too. It is now possible to conduct multiple actions on your bank account by accessing it virtually over the internet. E-banking or online banking is an electronic payment system. It enables the user to perform a range of financial transactions over the internet. Online Banking enables the user to access the core banking system of their financial institution. This is in contrast to the real scenario where we approach a brick-and-mortar branch of that bank/financial institution.
An internet accessible device and an internet connection are the most basic prerequisites for online banking. One needs to register for the service and set up a user ID and password and validate the credentials to access the account virtually or online. The practice has become no regular now that all banks provide you an access ID for internet banking to all customers. All you have to do is validate the ID and then access the account with a password.
How To Use Online Banking
The customer needs to access the website of the financial institution by logging in from the correct URL. Then the customer accesses his/her own account by logging in with the provided ID. This is most cases can be changed later if needed. A complex password is needed to log yourself in, which you set for yourself. The financial transactions that one can perform online generally include the facility of checking the bank balance online, a list of the recent transactions, online bill payments and funds transfers between one’s own accounts or within the accounts of different customers. You can also view and in most cases download a copy of the bank statement. Users can also update their addresses and other required document details, order cheque books, and report a loss of debit/credit cards.
Advantages Of Online Banking
-Easy access to the bank
Previous to the availability of online banking facility, people had to visit a branch of the office even for minute issues like checking balances. Online banking has made these non-transactional tasks easier.
-The cost of transactions has lowered due to the ease in which transactions have been possible.
-One can access the account with ease and can have an access from almost anywhere.
-Time-saving transactions have been one of the biggest boons.
-These transactions are very safe and secure. You just have to be careful about not advising anyone of your logon and password.
-Accurate and immediate money transactions have been possible
-Account security.
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.