Getting a free instant credit report is almost the same thing as getting a free credit report. Different companies offer different products and a free instant credit report is available only through certain companies. The information you receive from a free instant credit report is generally the same as the information you would receive in a free credit report through the mail .Your free instant credit report can help you keep track of your credit history. Here are a couple of things to know when looking at your free instant credit report.

What is a Free Instant Credit Report?

Your free instant credit report gives you your credit rating. It lists all of your outstanding loans and debts (including credit cards), as well as any information about debt default. You may think your credit is in fine standing because you *eventually* pay off your bills, but each time you're late, your lateness appears on your free instant credit report. You'll feel the effects of a good or bad credit standing when you apply for an apartment lease, a mortgage, or any other loan. A good credit rating will go a long way toward assuring you a space in your dream apartment or a plot of land that's all your own.

Establishing Credit

If you've never had a credit card, it may behoove you to get one just to establish credit. If you don't qualify for a bank's credit card, apply for a department store card (they have much lower standards for successful applicants). Keep in mind that if each of you has credit cards in your own names, you each have your own credit report. If you have any joint cards, the card will appear on both of your reports.
In general, having "good credit" means you pay your bills on time and maintaining a personal financial profile that helps to make lenders feel secure that you will make payments on time. Good credit also means that you are not borrowing so much that you are putting yourself at risk for financial problems.

Having good credit makes it easier to get a loan when you need it, and helps you get lower interest rates when you borrow.

Here are the basics about credit, credit ratings and how to avoid overextending yourself financially.

Here’s why good credit is important.

Having good credit makes it easier to get loans and credit cards, and you’ll get better interest rates when you do borrow. Credit problems, on the other hand, can make it harder to get a loan or lower interest rate just when you really need financial help.

If you have credit problems, they won’t go away overnight. Late payments more than a year ago can affect your credit history today. Major problems, like bankruptcy or a loan default, appear on your credit record for years.

So what do lenders look for?

Lenders evaluate the risk level in extending you credit. They are interested in the likelihood that you will make payments on time and pay off the loan. Most lenders use a credit scoring system to evaluate how good a risk you are.