Tuesday, December 12, 2017

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.

How to Get Free Credit Score from Credit Rating Agencies

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.


Comparing Credit Report Companies

Checking your free credit report is much easier these days due to their access to the internet. These government mandated credit reports can be, on the very least, viewed by the average individual once in every calendar year. This would benefit individuals who want to understand their financial history better and figure out how their 3-digit scores are determined.

The Risks

Comparing Credit Report Companies

With quick access to their credit reports, people are finding more ways of repairing their finances and striving for solvency. But with easy access, there may be potential risks. And a lot of individuals have become victims of scam companies that disguise themselves as reporting agencies but are actually trying to deceive unsuspecting individuals.

Individuals who fall prey to these scammers will find themselves provided with concrete financial advices and loans on certain occasions. But it won’t be long before the scammers present them with hidden fees and large interest rates. The person who has taken the loan will drown in his debts and experience the worse financial problem of his life.

Comparing Companies

But on the brighter side of the business, there are also companies that are highly committed in aiding individuals and honestly revealing to them their scores and ratings. Such companies provide free trials to its members. This will enable individuals to assess the company’s services and view their scores for free at a certain period of time.

There are many companies out there that provide these services and it would be wise for you compare companies and determine which among the companies is best for you. If you enjoy the services of a certain company, then you can always opt to continue availing its service. But if you feel that you can’t continue working with them, you can opt for other companies or cancel your membership if you are already a member.

Comparing Reputable Companies to Scam Companies

Reputable companies will give financial advices, come up with debt settlement negotiations, and provide consolidation loans. In contrast to scam companies, reputable companies have integrity and will not hide fees or surprise you with very high interest rates. They generally work with a repayment loan plan and set interest rates that are fair and reasonable. Scam companies don’t offer free trials and won’t reveal information on interest rates at the start of your membership.

No matter what your reasons may be for choosing a credit reporting company, it will be easier for you to make the right choice if you compare companies. The process of comparing companies will minimize your risks of being scammed and increase your chances of making the best choice.


Credit Bureaus: When You Need To Know Your Score…

When you want to find out your credit score, then you should only consider the services of one of the top three recognized credit bureaus. There are many services such as this site for free 3 credit reports that’s available which purport to provide you with information about your credit rating and also other services which claim that they can repair or fix your credit, but you should know that there are only a few agencies that are approved by the government to provide these services. The three are Equifax, Experian and TransUnion.

Avoid scammers, be careful!

People who are in bad debt are often looking for ways to get out and they might consider the services of a business that is not one of the three major credit bureaus. You need to be careful as some of these companies have been known to collect and sell your personal information. In some cases, they have also used the information gained about  your financial accounts and your social insurance number to commit fraud in your name.

Be careful who you trust with your personal information and do not just hand it out to anyone that speaks to you on the phone.

What kind of services can you expect from the credit bureaus?

The three major credit bureaus offer a variety of services that are very similar. Generally, they will allow you to get a basic credit report for free every few months; this is their most basic service and is made possible by the various freedom of information acts enacted by states and the federal government.

Additionally, the credit bureaus will allow you to receive an enhanced credit score that also includes a rating. Further services might be the ability to provide tips and advice on how to improve your credit score overall and also information about the types of loans that you can expect to get.

For the most enhanced services available from credit bureaus, you might be able to get a live tracking score for your credit rating. Not only will this type of account allow you to log in and check your score whenever you please, from anywhere in the world through the Internet, but you can also set up alerts for fraud and also notifications for when you make payments. These can be sent to your cell phone or your email address.

Credit checking and taxes for personal businesses

If you have your own business, then you should know that your fees for your services with the credit bureaus are usually tax deductible. As a business, you can consider these services part of your “software”, “insurance services” or potentially even “security services” budget and you will most likely be able to include them when you make your tax report as a deductible. Especially if you are signing up for a monthly service, you might even be able to get the entire thing written off as a tax expense.

In general, make sure you get signed up for a service with one of the credit bureaus as soon as possible, to start getting the most information right now about your credit situation.


Credit Monitoring Services for Your Security

In this day and age, it’s very common for people to have to deal with identity theft, and this is why you should consider signing up to one or more credit monitoring services. There are three major agencies in the United States (Equifax, TransUnion and Experian), which all offer live credit tracking services that will allow you to see your a free triple credit report. Every time you make a credit purchase, you will be able to track it and if you see an item that was unauthorized, then you will be able to act to have the problem corrected, so you do not face liability.

It makes sense

It makes perfect sense to include credit monitoring services where they’ll provide your credit report as part of your normal budget for running a household or a business. Just as you would get an alarm for your car, deadlocks for your doors and windows, a security camera for your driveway, you should also consider some sort of credit tracking service.

Many people opt only for the basic credit report that you can do online, but in a lot of cases this is not enough to protect you. Normally, you only do one of these reports every few months and during that time you might find that your score has dropped due to someone misrepresenting you. This is why it makes sense to use some sort of credit monitoring services, so you never have to go through this misfortune.

What are the features of credit monitoring services?

Services that allow you to check your credit score in real time usually have a secure login portal that you can access over the Internet. There are even apps available for your iPhone, Android or Blackberry which will allow you to check your score when you are on the road. This is especially useful for those who have mobile businesses.

Normally, you can log into these services whenever you feel like, at any hour of the day and any time of the year. So even if you are on a vacation and for some reason you run into credit issues, you can quickly check your credit monitoring services to verify the problem and attempt to fix it so you can continue your holiday with peace of mind.

Alerts and notifications are also usually possible when you sign up for a service to monitor your credit. You will be able to set up email and text message alerts to your cell phone for a number of functions — such as when you make a purchase, when you pay a bill, or whenever your score changes at all. This will allow you to remain on top of any attempts to tarnish your credit record and fix problems if and as they come up.

Fraud alerts for credit monitoring services

Most of the credit monitoring services also allow you to create fraud alerts, which can be extremely handy for those situations when you are accused of a purchase in another part of the country. You will be able to set many parameters on these alerts so you can obtain the best protection possible.


As Your Score Improves, Mortgage Loan Rates Decrease

The higher your credit score, the lower you will pay on your mortgage loan rates. Of course, not everyone will be eligible for a mortgage in the first place. Generally, if you have a poor credit score, you will not be able to apply for this type of assistance. Improving your credit score should be your first priority in this instance and this can be done through a variety of methods. Once your 3 credit scores are at a decent level, then you can continue to improve it to benefit from better mortgage rates, or you can simply take a mortgage at a high premium.

Low credit scores allow mortgages at premium rates

If you have a low credit score, then you will most likely only be allowed to take mortgage loan rates at the premium score, that is the advertised rate given by the bank. This can be rather high and it is the way banks discourage clients from taking out loans until they have enough of a credit history to prove that they can pay a loan off.

If you have a low credit score (around 600-700) then you might only be able to get these types of rates or not at all.

Your rates become better as you improve your score

As you improve your credit score (when it goes over 700), the rates you are offered for mortgages are frequently much better. With this, you will be able to plan more financially and be able to make better plans of how you will pay off your loan. Mortgage loan rates can be a serious burden on many families who do not have at least two sources of income, so generally it’s not a good idea to consider taking one out unless you can guarantee this income.

Mortgage loan rates vary from state to state

The mortgage loan rates that you will be eligible for vary from state to state. Every state in the USA has the right to set their own rates and there is legislation in many of the states to protect consumers as well as the banks. There is also a federal rate that influences what your final rate will be and of course international monetary and financial events can severely influence the rates that banks publish as well.

During the global economic crisis of 2008, previously low mortgage loan rates skyrocketed, causing many families to lose their homes when the bank repossessed them. Coupled with the fact that many people also lost their jobs due to a multitude of American industries (especially the auto maker industry) downsizing, this led to a disastrous situation in which hundreds of thousands across the country lost their entire livelihoods.

These kinds of drastic situations are not much that you can do about.

General advice for dealing with mortgage loan rates

Get tips on improving credit score and lower your mortgage loan rates greatly. In general though, if you are paying mortgage loan rates, then you should endeavor to pay off your loan as soon as possible to improve your credit score and get yourself out of trouble quickly.


How To Understand Your Credit Score?

Many people do not understand their credit score as the numbers can become quite complicated. In fact, there are quite a few actions that can affect your credit score very easily either negatively or positively. Apart from the scores reported by the three main credit agencies (TransUnion, Experian, Equifax), there is also a comprehensive average score which is known as the FICO score. It’s a good idea to get an average of all of these scores, as sometimes different agencies report different things or may be lagging behind on certain information.

What about no credit score?

In some situations, it is possible to not even have a credit score, so you should learn about free credit report gov here. It can be very confusing as in these situations you are treated as if you had a bad score, but in fact it’s due to other reasons that your score does not really exist yet. If you have never used credit in your life before (such as if you have just left home or school and are starting out in a career) or if you have recently moved to a new country, you will not usually have any credit score at all. This can be aggravating, but your only option for a while will be to use debit cards, personal checks or cash. In time, you will be able to improve your score and be eligible for more credit.

What are the consequences of a bad credit score?

Having a bad credit score might prevent you from doing certain things. For instance, it could be difficult to rent an apartment or to get a loan for items such as cars or computers. If you need to use a credit card to make payments in some places (such as for airline tickets or shows), you might be forced to pay more in cash or by check because you may not be eligible for a credit card with a bad credit score.

The devil is in the details

Improving your credit score is a simple matter of paying your bills and debts in time for a few months. Eventually, the agencies will be able to build up a profile of your payment habits. The faster you pay your bills, the easier it will be to improve your score.

What do those numbers mean?

Understanding your credit score is as easy as noting down what the numbers actually mean. These numbers range from 0-999, but the average is between 330-850.

330-619. This is very bad credit. In the banks, you will be referred to as a “credit leper”.

620-659. Not a very good score, but you will still be able to obtain some financing.

660-720. A decent score which will open up some more financing options for you with better rates.

721-750. A good score that will allow you to get even better rates which are lower than the prime rate.

751 or higher. A score in this category is considered an excellent credit score and this means that you will be able to apply for mortgages and other large borrowing.


Obtaining a Credit Report

There are many reasons why you would need to obtain a 3 credit report. Generally, though, it’s to secure some sort of a loan from the bank such as a mortgage or to apply for a credit card. In other cases, people may need to check their credit score because of security reasons — they have been the victim of identity theft and want to make sure the criminals have not done anything wrong with their financial information.

Where do you get your credit report?

Depending on what country you live in, you can often get a free credit report from any of the large credit checking agencies. Many governments (such as the United States, Canada and most of the European countries) provide laws which allow you to access this information for free under the various freedom of information acts.

In the United States, you can fill out a form usually found at the bottom of the major credit checking agency websites for a free credit check. You will usually need to give them your name, address and social insurance number and there may even be a time limit of one of these every year. You will usually receive your credit score in the post within a few weeks.

Obtaining an enhanced credit report

An enhanced free credit score gov might in fact be more appropriate to your needs in many cases. You can get one of these at any of the major credit checking associations, such as TransUnion, Equifax and Experian. All three of these companies offer a variety of competing services, so you might need to check each individual website for the current benefits in comparison.

Some useful features of an enhanced credit report

Getting an enhanced credit report will give you access to a lot of information and you should look at the different services available and see if you need any of these features.

Live and current situation. All three of the agencies allow you to track your current credit score in real time. You can log in at any time of the day and check to see what your rating is at that particular time. There will probably be a 1-2 day delay as you make purchases, but using a feature such as this it is easy to stay on top of criminals who are trying to use your identity. You will be able to respond much faster to a developing situation and take steps to inform your credit card company or a relevant party that you are a victim if needed.

Alerts to email and cell phone. For the added layer of extra protection, you can choose to have your credit report changes texted to your cell phone or sent to you by email, so you do not have to log in, only when necessary.

Analysis of your credit. All three of the services offer an in-depth analysis of your buying habits and can potentially give you great advice to improve your credit report in the future.

Make sure you stay on top of your free credit reports and sign up for one of the three services..

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