Free Credit Report And Credit Score
Article by Blain Phillips
Credit reports and credit scores are 2 important pieces of documents not only for creditors and lenders, but also for consumers as well. For one to enter into financial contracts with lending institutions, it is essential that he or she maintain or possess good if not excellent credit report and credit score. These document represent the paying capacity and paying patterns of consumers and failure to establish integrity in any of the two documents could be detrimental to potential borrowers.
Apart from ensuring that they pay their financial obligations on time and purchasing within their means, people should also look into their credit scores and credit describing, taking advantage of the fact that copies of which could now be procured for loose. Instead of paying companies money, with a little resourcefulness, you tin get a free credit report and credit score. Especially during times when money is tight, knowing that you tin get yourself a free credit report and credit score is welcomed news.
Some tips on how to get a free credit report and credit score are listed below.
Free Credit Report
The 2003 Fair and Accurate Credit Transactions Act, grants all Americans the right to receive a free copy of their credit report annually from each of the three major credit bureaus, namely, Equifax, TransUnion and Experian. Prior to this law being passed, credit reports were sold by credit bureaus by as much as .50 per copy.
However, credit bureaus would not give out credit reports on their own; instead people themselves should forward a request for copies.
There are three ways of doing this:
1) Go to http://www.annualcreditreport.com, which the government authorized as the sole online source of free annual credit reports.2) Call toll free 877-322-82283) You can get a free annual credit report request brochure from the FTC. Fill out the form then mail to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
Free Credit Score
Unlike credit reports where consumers by law have the right to access them for free once a year, there is no legislation yet providing the same for credit scores. Fortunately, some companioned have clutched this untapped offer and accosting free viewing of credit scores. One such company is Credit Karma. Credit Karma’s scoring range is 300-850 which is similar to the standard FICO. The company uses only TransUnion’s reports as basis for their scores. There are some company that offer free trial programs where one can view their own credit score within a certain period of time for free. Upon expiry of the prescribed amount of time, customers should cancel their membership or else they will be charged for fees thereafter. Examples of businesses that offer these types circumscribed time free services are Equifax, and MyFICO.
The public and private sector have joined hand to offer free credit report and imputing score viewing to the public. And with the power of the Internet, even in the convenience of your own home, you can get yourself a free credit report and credit score.
About the Author
Get more in depth information about credit cards for people with bad credit and credit cards for people with bad credit rating at CreditCardsForPeopleWithBadCreditRating.com!
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