Credit reports are now available online with a click of a button. These instant credit reports are instrumental in giving a person a clear picture of where their credit rating stands, and how potential mortgage lenders view their creditworthiness.

The major credit bureaus are Equifax, Experian and Trans Union. They all provide instant online credit reports. These reports can be requested through online application forms that ask for name, age, address and social security number. They also request a fee that can be made by credit card online. Almost instantly, the credit report appears and shows information about the credit history, details of all open accounts and delinquencies if any. The FICO score is mentioned on the report, and companies that inquired about your credit are listed.

An online instant credit report may not be infallible, as there may be mistakes such as wrong or misspelled names, faulty addresses and erroneous social security numbers. Anyone requesting a credit report must keep a vigilant eye on the credit history. There may be mistakes in reporting delinquencies, or missed payments might be mentioned that may not have occurred. Any discrepancy in the credit report must be reported to the credit bureau within a month. The company will look into the complaint and clear up the confusion.

Since September 1, 2004, every person is entitled to one free credit report a year from all three credit bureaus. But, if the person asks for a credit report more than three times, there is a fee of $10 or more for 30 day access to the account. This period includes all requests for modifications and corrections in the report.