Free Instant Credit Reports – Score

Bart Newman asked:




Equifax, TransUnion and Experian are nationwide consumer reporting companies required by the Fair Credit Reporting Act or FCRA to provide consumers a copy of their free credit report with score each year. This Act is implemented by the Federal Trade Commission, a consumer protection agency that also promotes privacy and accuracy of information from these three companies.

In general, a credit score is the measure of credit risk computed from a collection of credit reports using a standardized formula. It includes information of your address, how you pay your bills, and whether you have filed for bankruptcy or have been sued or arrested. The scale for credit score ranges from 349 to 849; indicative, for example, that a 640 rating will most likely give you difficulty getting a good loan. This kind of information are sold by consumer reporting companies to insurers, creditors, employers and businesses for evaluation of your credit, employment, insurance and home rental.

So why would you want to have a copy of your credit report? Because it contains information whether you can get a loan and how much you will have to pay; to make sure that it is up-to-date, accurate, and complete before doing a major purchase for car, insurance, house or even to apply for a job. Getting your report on a regular basis makes you manage your accounts well and lets you venture on possible ways to improve or raise your score. This is also one of the many ways to combat identity theft which has been widespread today especially to internet-related transactions.

To get a free credit report with score, you need to provide your name, date of birth, address, and Social Security number. You may also need to indicate previous addresses if you have moved in the last two years. To ensure your security, every nationwide consumer reporting company asks for information that is exclusive to you.

Along with the credit report, it is also advisable to request for credit monitoring to be updated of any strange transaction or activity on your accounts such as change of account information and opening and closing of investments and bank accounts.

Usually a free credit report with score can be accessed immediately although it may even take longer if the nationwide consumer reporting company requires more information to verify your identity.

Under a state law, consumers living in Vermont, Georgia, Colorado, Maine, Massachusetts, New Jersey and Maryland have access to free credit report with score.

Jon

Ann Richter asked:




When a bankruptcy appears on your credit report, you feel as if you have to get used to being denied credit or a loan because of it. You have been told that this information will stay on your credit report for a maximum of seven years, too. For a while now, you have been interested in doing some type of credit repair. But, you have heard from friends that doing anything like this after a bankruptcy is difficult to do. You’d like to remove the bankruptcy from your credit report so that you can have a clean credit record, but you just aren’t sure how to go about how to do this.

You know that it’s not just the gas companies and department stores that are checking your credit when you apply for an account with them. When you applied for a new job last month, you were turned down because of your credit record. You’ve been told that the insurance company you use will be checking into your credit file when the time comes for you to renew your car insurance. Once they see that bankruptcy on your record, you are afraid that you will be hit with a huge rate increase.

It’s Not Always Your Fault

It’s enough to make you feel like a failure, and you’re not alone. Almost everyone who has been forced to file for bankruptcy feels this way, too. For some reason, people in the United States seem to look down on those who have bankruptcy on their record, and this just is not fair. You had no control over those medical treatments you had to go through after your car accident. You could not help that you missed so much work that you got way behind on your bills. And, neither could many other Americans suffering from the same problems as you.

You can’t even get a job anymore without having to answer questions about whether or not you have ever filed for bankruptcy. It’s listed right there on the job application, and you are required to fill out that section, too. What’s a person to do? People have told you that it isn’t possible to remove such a stigma as bankruptcy from your report.

Did you know that it is the law that you can dispute an item on your credit report that is wrong or listed in error? The credit bureau has to prove that the information contained in your file is true. You need to be the one who makes sure that the information in your credit file is accurate and up to date. Since a bankruptcy stays on your credit file for so many years, you should start trying to up your credit score so your credit can be restored as soon as is possible under the circumstances.

Patricia