Credit Reports
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A credit report is a record of the history of your revolving accounts and installment accounts. Revolving accounts include credit cards, department store cards, and gas cards. Installment loans are mortgages, auto loans, and student loans. There are three credit bureaus that keep databases of these reports know as, experian credit report, equifax credit report, and transunion credit report. This report used in conjunction with a mathematical formula such as the FICO (an acronym for the Fair Isaac Corporation) score converts the information in your report into a credit score.
Your credit score is the single most important aspect of your life that is not controlled by the government. It is used by lenders to determine what kind of risk you are and before extending you credit. Lenders use your credit score to determine your creditworthiness and what terms to grant you.
Credit Reports and Credit Scores are used by banks, credit card companies, insurance companies, and landlords.
- Good credit allows you to obtain mortgages, auto loans, and credit cards
- Once every 12 months you are entitled to a free credit report at annualcreditreport.com
- Credit repair allows you to fix disputed items on your credit report
- You may still be able to get credit with bad credit or a bankruptcy on your report
Getting Credit Reports
There are many ways to get your credit reports online today. You can visit any of the 3 credit reporting bureaus directly or use annual credit report .com to get 1 free credit report per year. It is always a good idea to check your credit report frequently, especially before submitting a credit card application. In addition you can use the services of a good credit report company to get a copy of your report at any time for a small fee.
Finding out Your Credit Score
In the US a Credit Score typically ranges from 300 to 850 points. FICO is the most popular scoring system in use today. You can easily find out what your credit score is by contacting one of the three credit reporting agencies or by using one of the many services available. Your credit score is determined by applying a formula to your credit report. Lenders use this score to determine your ability to repay a loan before granting credit. Banks determine who qualifies, how much credit to extend, and at what interest rate.
Credit Repair Services Explained
You can clear up credit report mistakes by contacting the credit reporting agencies directly. Sometimes there are so many errors you need the help of a good credit repair service. You may need to file dispute letters directly with creditors clean up your credit report, this is an area where repair services can assist too.
Credit Reports Are Invaluable
A current copy of your credit report and score is always good to have. Once you understand the importance of your 3 in 1 credit report and a good credit score you are way ahead financially. It is easy to get an online credit report at any time day or night. Each credit report agency can allow you to check your credit score. Knowing this number will help you to build credit and check your credit. Credit report repair offered by many services can turn a low credit score into a good credit score.
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