|| Home | Sitemap ||
When it comes to credit, your FICO score is what counts. If you're new to the credit or home buying game, FICO is probably a very mysterious and confusing word. You probably already know it has something to do with credit; but do you know exactly what your FICO score is and means? If not, read on.
Free Credit Report - Why You Need One!
What's my Credit Rating? Why is it important?
If you're like most of us, you probably don't even think about your credit rating until it's time to apply for a credit card, mortgage or car loan. A little known fact is that people with a 'good' or 'excellent' credit rating can pay a significantly lower interest rate when they borrow money. This wonderful news can mean a savings to you of hundreds or even thousands of dollars over the life of a loan. Why do banks and credit unions give you preferred treatment when you have a good credit rating? Because you have proven to them that you are trustworthy in handling money, pay your bills on time and are responsible for paying back your loans.
How Often Should I Check My Credit Report?
You may want to consider checking what's on your credit report at least once a year. That's right at least once a year get a copy of all three of your credit reports. You'll want to know what each credit bureau (TransUnion, Experian and Equifax) have listed on your reports.
How To Get Free Annual Credit Reports From Major Credit Bureaus
If you plan to apply for a mortgage, car loan, credit card or consolidation loan, then you will need to know what is in your credit reports from each of the three major credit bureaus. These include TransUnion, Equifax and Experian and each keeps a detailed record of your current and past debts, payment history, along with any information on public record, which may include foreclosures, bankruptcies or judgements.
Free Credit Reports
Get Your's It's A Good Thing!
However, unlike your personal resume, you are not the one who puts it all together. The information that makes up your credit report comes from the banks and other financial institutions. They provide this information to the credit bureaus who maintain all the credit reports.
Getting Free Credit Reports Will Require Some Effort
Federal legislation giving consumers the right to a free credit report took effect in December, with a nationwide roll-out that began with Western states. The law requires the three national credit-tracking companies Experian, TransUnion, and Equifax to provide consumers with free credit reports once a year.
ęCopyright 2021 Shopbunique.com. All rights reserved.
Unauthorized duplication in part or whole strictly prohibited by international copyright law.