What is a Credit Report?
A credit report is a detailed report showing one’s credit history such as credit cards (revolving accounts) and car loans (installment accounts). Some reports will also show detailed descriptions from tax liens and judgments. Credit score is a 3 digit number between 300 to 850 that is derived from the credit report which determines the amount of money you can borrow and the interest rate you may be able to get. The higher your FICO score, the better the chances of you securing a loan and a good interest rate. Do you have a bad credit score? Read our tips on how to improve your credit score.
Free Credit Report
A free credit report is a great means for inspecting your credit standing and finances. Checking your own credit report does not impact your credit score. Many providers normally charge a fee for your credit report and may take up to a week to give you the information. However, you can get a free credit report, a credit score and a debt analysis, all on your desktop in seconds by clicking here.
Try and find out what lenders see when they access your report before you apply for a loan.
Comprehensive Credit Report for Free
There are three major credit bureaus: Trans Union, Experian and Equifax. You can access your credit report from the all on one easy to read report. Start here!
- Submit your basic contact information to request your credit reports and credit scores.
- You will be able to create a username and password for your account, this will allow you to log in and access your report in the future.
- You will need to provide a credit card number and answer specific questions about your account as proof to access your report.
Things to Check
Identity theft is slowly increasing and regularly reviewing your credit history can help you detect any fraudulent entries and keep your credit score from being ruined by identity thieves. When checking your credit report, you should also check for any errors, invalid entries, mistakes or errors that could affect your capacity to get a credit card, or personal loan. You have the right to have any erroneous information removed from your credit history.
Check that all listed addresses were/are in fact yours. Verify all account information. One thing to double-check is whether or not another person with the same name or a family member (since they have same last names) is not being mixed up with your credit history.
If you do find an error or an inaccuracy, you must contact the credit bureaus and ask them to remove information off your credit report by writing a credit dispute letter.
A section in the report gives all recent inquiries into your credit. There are soft inquiries and hard inquiries. When companies check to see if you qualify for a pre-approved loan or credit card, it is called a “soft” inquiry. Credit checks that are set off by applications filled out, for example credit card, personal loan, or mortgage applications fall into “hard” inquiries. Since too many hard inquiries can be damaging to your credit, you must take note of any hard inquiries that were not initiated by you and contest them with the bureau. They can possibly indicate fraud or identity theft attempts.