Getting A Free Credit Report Score
Obtaining your free credit report score will enable you to take a closer look at your credit worthiness standing. This will enable you to gauge how likely you would be approved on your next credit application. Getting your free credit report score would mean that you would have to obtain a credit report from one of the three credit reporting agencies here in the US. And by law, you are entitled to get one free of charge every 12 months.
According to The Fair & Accurate Credit Transactions Act of 2003, each individual is entitled to obtain a free credit report from each of the major credit bureaus once in a span of a year. This will ensure that US citizens have the right to access their own credit report information. With a free credit report score on hand, people would be able to know where they stand and what lending institutions would be able to look at when they apply for new credit.
A free credit report score can provide you with the information that you need to examine your own credit worthiness to future lenders. It is simply a record of your credit payment history. The main purpose of a credit report is to help lenders assess every credit applicant in order to objectively decide whether to grant the approval. The credit report can be used to assess an individual for any type of credit account, whether it is a car loan, student loan or home mortgage. When you receive your free credit report score, it is very important that you know the different types of data that can be derived on it.
A credit report is divided into four distinct sections. Here is a break down of what you will be able to receive from your free credit report score:
Identifying Information – this includes any information used to identify you. Aside from your name, it includes information on your current and past addresses, birthday, contact numbers, SSS numbers and driver’s license numbers, employment history and possibly the name of your spouse if you are married. By this information alone, you can see that your own identity might be compromised if the credit report gets into the wrong hands. It is therefore important that you always be vigilant as to who gets hold of your free credit report score.
Credit History – this is where every credit account that you have opened so far can be seen. Entries would include the dates the different accounts were opened, the type of account, the amount of credit, the fixed monthly payments, the account status, how much you have paid and still owe and the time of each payment.
Public Records – this includes information on financial related delinquencies such as bankruptcies, tax liens and court judgments. This section is better off being left blank in order for you to have a better credit score.
Inquiries – this includes the information listing everyone that has requested to see your credit report. It is a detailed list that includes every inquiry made (including yourself) to see your credit report.
Your free credit report score should be as accurate as it can possibly be in order to ensure that it provides lenders with the right information. Misinformation can sometimes affect how your credit score may be calculated. So it is therefore wise to closely examine your free credit report score for errors in order to avoid providing the wrong information to creditors.