The online space has come to be a real boon for many. Thanks to the internet, you can now do everything at the tips of fingers, while lying on your couch. From ordering food online to making reservations for your next holiday, you can do it all through the online space. If this is not amusing enough, you can now open a bank account online.
Not until very long, opening a new bank account was one of the most boring tasks. From having to visit the bank to produce a bunch of documents, the entire procedure could make you cringe. However, with the onset of the online world, you can now open bank accounts online. Well, this is sure to come as a big surprise, but yes, it is true. This much-needed facility will mean that you no more have take trips to the branch and stand in big ques.
If you are planning to open a bank account online, there is not much that you have to do. However, opening a bank account online will means being more involved than just signing up to a new email account. The procedure may be longer and you need to know and get a get things together before starting. You have to first begin by deciding on the bank that you want to open a bank account with. Most banks have a set number of things that they require to go forward with the procedure and listed below are the items that you will require:
Source of funding – Like in a tradition bank account opening procedure, when opening a bank account online, you have to add a principal fund to the account. You will have to provide a source through which the money can be added. Doing this through a credit or debit card is one of the easiest ways. However, you can also transfer the funds from another bank account by linking it with the account number.
Documents and personal information – The bank requires authentication and thus you will have to provide personal details about yourself. You will have to provide information about your birth date, personal documents such as driving license, passport and more. In the case of a reputed bank, you do not have to worry about security as the information will be kept confidential.
The point of contact – Every bank maintains a relationship with their customers through regular communication. Thus, you will have to update your contact information. This will include your email address, phone number, and residential address. This contact information will be used to update and inform you about various bank deals or requirements in the future.
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.