Free credit report term came in picture with 2003 act amendment in Fair credit reporting act (FCRA). Till then people were not aware of how to get free credit report from Credit Bureaus.
As of now annual credit report website which is jointly owned by three major credit bureaus (Equifax, Experian, and TransUnion) provides free credit report to consumers. This service is once a year. Each consumer in America is entitled to free credit report from each of credit bureau.
If you want to know more on how to access free credit report. Visit FTC webpage for all question and answers related to credit report. Free Credit Report
Additionally visit Annual credit report which is gateway to three major credit bureaus for getting free credit report. Visit …. Annual Credit Report
Why you need credit report
First it gets chances to you verify what gets reported against your name from lenders, banks, and other sources. This is also chance to correct wrong information getting reported under your name.
You can contact each of credit bureau and submit disputed entries. Also information present in credit report educates you how wisely you can manage your financials. Lastly you get to know what factors make up of your credit score and what can make them go up and down affecting your credit history.
Remember Credit report is consumer balance sheet which gives you information about your credit score makeup. Same time your credit report is window for lenders to judge you for your trustworthiness. Use free credit report from annual credit report website to get information and facts about your consumer history.
Read more about credit report, credit monitoring and credit score at .... Free Credit Score
Monday, December 14, 2009
Saturday, December 12, 2009
About Credit Score
Credit Score Makeup
Well in America wherever you go for big shopping such as Car, boat, furniture, jewelry, and home buying or borrowing a big loan for land/home or a personal loan, your credit score will be checked by businesses before making a decision on your credit request. Every bank, financial institution, lenders and big business do check every potential customers credit score before lending big money. What exactly is credit score? To know more about this subject, let’s understand about credit score
Credit score is a 3-digit number drawn after statistical formulas are applied on an individuals credit file. Company called Fair Isaac developed the formula and their formula was called as FICO. Developed in 1970 by Fair Isaac, the credit score over the years has become a decision tool for financial institutions and lenders to judge the trustworthiness of a loan applicant. The higher credit score a loan applicant has it gives comfort zone to lenders in offering loan to borrowers. The higher credit score cuts the credit risk for lenders.
Credit Score Range
The FICO scoring model has eight categories to classify an individuals credit health. The FICO based credit score ranges between 350 to 850. Each range is labeled under credit score category.
350 – 499
500-549
600-649
650-699
700-749
750-799
800 – Above. More on credit ratings..... www.eCreditScore.us
Credit Score Categories
Based on persons credit score number people are classified into excellent credit, good credit, fair credit, bad credit and no-credit categories. Anything below 550 credit score is considered bad credit, 700 to 770 is considered good credit and above it is considered excellent credit. This categorization of credit score help lenders to cap loan to applicants and keep credit card balance limits in check.
Read more on what is the makeup of credit score and why it is important to monitor credit score. www.eCreditScore.us
Well in America wherever you go for big shopping such as Car, boat, furniture, jewelry, and home buying or borrowing a big loan for land/home or a personal loan, your credit score will be checked by businesses before making a decision on your credit request. Every bank, financial institution, lenders and big business do check every potential customers credit score before lending big money. What exactly is credit score? To know more about this subject, let’s understand about credit score
Credit score is a 3-digit number drawn after statistical formulas are applied on an individuals credit file. Company called Fair Isaac developed the formula and their formula was called as FICO. Developed in 1970 by Fair Isaac, the credit score over the years has become a decision tool for financial institutions and lenders to judge the trustworthiness of a loan applicant. The higher credit score a loan applicant has it gives comfort zone to lenders in offering loan to borrowers. The higher credit score cuts the credit risk for lenders.
Credit Score Range
The FICO scoring model has eight categories to classify an individuals credit health. The FICO based credit score ranges between 350 to 850. Each range is labeled under credit score category.
350 – 499
500-549
600-649
650-699
700-749
750-799
800 – Above. More on credit ratings..... www.eCreditScore.us
Credit Score Categories
Based on persons credit score number people are classified into excellent credit, good credit, fair credit, bad credit and no-credit categories. Anything below 550 credit score is considered bad credit, 700 to 770 is considered good credit and above it is considered excellent credit. This categorization of credit score help lenders to cap loan to applicants and keep credit card balance limits in check.
Read more on what is the makeup of credit score and why it is important to monitor credit score. www.eCreditScore.us
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