Risks of On-line Loan Applications and Credit Reports
Registering, buying and applying on-line has become commonplace. Whether you’ve moved and need to notify the DMV, you are shopping for yourself and/or your family or applying for some type of service or program, you can do it on-line.
Consumers need to be very wary of making on-line applications for loans or getting “free” credit reports from on-line companies. It is very easy for an on-line company to look professional and established, while it’s really just a lure to get your personal information. It’s not worth risking theft of your personal data to get a free copy of your credit report. A complete tri-merge credit report can be obtained from a number of reputable vendors, your bank or mortgage broker for about $15.
As with any other purchase on-line, if you try to get a home mortgage or equity loan, unless you are very savvy about the mortgage process, the loan you end up with may not be what you originally thought you were getting. I have applied for a mortgage on-line and, even with my knowledge of the process, I had to double check and backtrack a number of times to ensure I got the loan program I applied for.
Convenience is a great thing but, sometimes, old-fashioned ways work best. When it comes to your finances, I recommend working with a real live person, not a computer.