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Where can I get a free credit report online?:All states by September 2005 offer eligibility for an annual free credit report. If you go to Annualcreditreport.com it allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. You can also request your report by phone or mail. Monitoring and periodically reviewing your credit report is an effective tool in fighting identity theft. Every day I hear about new cases and reports of people's identities being stolen to use in credit card scams. The amount of wasted time and potential money to get your credit back in good standing is something no one wants to go through. Primetime and 20/20 consistently report on victims of identity theft and credit card fraud and it's often the case that even 1 or 2 years down the road the credit for that person are still not cleared up properly. Since getting your credit report is FREE, don't hesistate to contact one of the 3 agencies that keeps track of credit histories to check that your name and credit status are not being used by someone else.
Do I have to pay for a credit report score?:Yes, if you want a credit score from an online company you need to pay. A credit score is different than a credit report. A credit score is something that lending institutions look at when determining your APR for a loan (house, car, boat, etc). A credit report is just a history of your lines of credit and payment history. It's more for your own information to watch for identity theft and such. A credit score does cost about $20 to get it send via Equifax, Experian, or Trans Union. If you are trying to get a home loan it will be very important to have the highest FICO score possible. Keep track of your score and try to get it up to 720 or higher in order to secure the lowest APR on any loan you apply for.What is on a credit report?:Credit history or credit report is a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The term "credit reputation" can either used synonymous to credit history or to credit score. This information is used by lenders such as credit card companies to determine an individual's or an entity's credit worthiness; that is, the means and willingness to repay an indebtedness. This helps determine whether to extend credit, and on what terms. With the adoption of risk based pricing on almost all lending in the financial services industry, this report has become even more important since it is usually the sole element used to choose the APR (annual percentage rate).
What about companies that claim they can improve my credit report for a fee?:The Federal Trade Commission (FTC) cautions consumers to be wary of companies that make claims regarding credit repair. These companies, commonly called credit clinics, don't do anything for consumers that consumers cannot do for themselves at little or no cost. The following are warning signs that the FTC says consumers should look out for:
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