Terms of Use: 
Free Credit Reports
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Credit reports
contain a wealth of information about your credit history. Consumers now
can get a free copy of their credit report. It's
important to review your credit report at least annually to ensure it is
accurate and that you have not become a victim of identity fraud.
A study by U.S. Public Interest Research Group found that one in four credit
reports contains errors serious enough to cause consumers to be denied credit, a
loan, an apartment or or even a job. The study also found that 54 percent
of the credit reports contained personal demographic information that was
misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect.
The
bottom line is:
CHECK
YOUR CREDIT REPORT EACH YEAR!
Quick facts about getting your free credit report:
-
Consumers can request
to get free
credit reports as part of the Fair and Accurate Credit Transactions
(FACT) Act.
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Each consumer is allowed to get 1 free
credit report from Experian, Trans Union and
Equifax
once every 12 months.
-
The
free credit report does not include your credit
score.
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You are also entitled to a
free credit report: if you believe you may be a victim of identity theft, if
you have been denied credit, employment, insurance or rental housing in the
past 60 days due to your credit score, if you receive welfare benefits, or if
you are unemployed. In addition, you are entitled to a free credit report
annually on request if you live in Colorado, Georgia (two per year), Maryland,
Massachusetts, New Jersey, or Vermont.
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Click here to view a form for requesting a free credit report by mail
for any of the aforementioned reasons.
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To request your free credit report under
the FACT Act, go to www.annualcreditreport.com.
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| A credit score
(ranging from 300 to 850) is the equivalent to a grade on your credit history
report and is used by lenders and credit card companies to determine the
likelihood that you will repay your debt on time. The higher your credit score,
the lower the assumed risk to lend you money and extend you credit.
While no
specific definition of “good” is universally accepted, the general view is that
a score of 660+ is considered “prime” or “A” credit.
However, it all depends on the lender and some companies require a score of 720
or higher to get the most favorable interest rates on a mortgage.
If your credit score is below desirable levels, your ability to get loans and
credit at favorable rates will be diminished. |
Fair Isaac reports that the
US consumer credit scores break out as shown below:
|
Credit score
|
Percentage
of Population
|
| 499 and below |
1% |
| 500-549 |
5% |
| 550-599 |
7% |
| 600-649 |
11% |
| 650-699 |
16% |
| 700-749 |
20% |
| 749-799 |
29% |
| 800 and above |
11% |
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| Differences
of up to 70 points across the three credit bureaus are not uncommon and are typically the
result of different information reported in your reports. Since each
lender can use a different credit bureau, it is important to check your score
with each of the primary 3 primary bureaus:
Equifax,
Trans
Union
and
Experian.
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