How to Get Free Credit Score from Credit Rating Agencies
Credit rating agencies give investors and creditors with significant pieces of information about the creditworthiness of a corporation, an individual, or even an independent government. These agencies help measure the qualitative and quantitative dangers of these entities. They help investors to properly decide on the creditors’ loans or credits by professionally carrying out a risk evaluation.
The quantitative risks assessment performed by these professionals includes comparison of financial ratios with selected benchmarks. On the other hand, qualitative risks analysis concentrates on the management character, legal, political and economic environment in a jurisdiction.
Because your credit score can change anytime, it is important to get credit report at least once a year. The credit rating agency should ensure that the report is up to date and accurate. The United States Federal Trade Commission (FTC) suggests getting credit report that has enacted several laws to make sure that you get the credit report on a periodic basis for free. Because your credit ratings vary on the credit rating agencies, it is best to get a free 3 bureau credit score, mostly provided by institutions such as TransUnion, Equifax and Experian. These are acknowledged by the government which enlightens the individuals on different credit transactions done during the year.
You can request for your credit report as the Fair Credit Reporting Act obliges every nationwide consumer reporting companies to provide their customers a free copy of credit report once a year. You can request this report through online, phone or even through mail. When requesting a report online, you can visit the website of the three major bureau’s credit co-sponsor, AnnualCreditReport.com. You will be asked five basic questions to verify your identity.
If you want to request your credit report by phone, you have to call 1-877-322-8228 and go through the same verification method where you get your credit report usually 2 to 3 weeks.
Alternately, you have to furnish the Annual Credit Report Request Form available. You get your report within two to three weeks after the recipient of the request.