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The Ultimate FAQ For Credit Scores

ultimate credit score faq

Free Credit Reports Can Be Handled Annually

The thing about working with free credit reports is that a person is going to be able to get them on an annual basis. This is a great necessity because there is no telling how a person’s credit score is going to change over time. There is always the potential that one’s credit score can be find one time and difficult to handle the next.

It is entitled by law

Free credit score reports can be handled by people every year in accordance with general law. All people are allowed to receive information on their credit scores on an annual basis. This is something that will be consistent for all three of the main credit reporting bureaus. This will make for something that can get a person to work with more information with regards to one’s credit.

Can these reports be spread out?

Since a person gets one free credit report each year from every single credit reporting bureau it will help to spread out all of one’s credit reports. For example, one credit reporting bureau can be contacted in March while another is contacted in June. This is a smart move to handle. It will allow a person to have a consistent check on one’s credit to see that there is nothing wrong with it over various different periods of time in the year.

Can one get a free credit score report within the same year from the same bureau?

The truth is that the three major bureaus are not going to be willing to work with giving out credit reports to people at random times for free within the same year. They are going to ask for money from people who want to make multiple checks on their credit reports each year.

However, a credit reporting and scanning service can be used to where an agency can review the credit that one has and report on any sudden changes to it. This is something that is used predominantly for preventative purposes in order to see that no one deals with any identity theft problems.

Be sure to work with a free credit score report each year. All three free credit reports from all three bureaus can work to allow a person to have an easier time with figuring out what is going on with one’s credit. They can be used to get a person to see what is going on and can help to ensure that a person will be safe from any credit troubles.

Things to See in Free Credit Reports

A great part of a free credit score report is that a person can find all sorts of data on one’s credit score on it. My Credit Helper goes over all of this and more…

These are all things that are critical for anyone to see because they can get a person to figure out what one is doing right when it comes to one’s money. They can also be reviewed to see if any changes need to be made from a financial standpoint. The things that work in a free credit score report include:

Credit history information

This relates to all of the credit lines one has along with details on what is available at some point in time. Some aspects can be listed in this section including things about:

  • Amounts of debt owed
  • How much credit can be spent
  • Late payments

This history can be worth at least a third of the value of a person’s credit score. Checking on this data to see if any errors are involved can be one of the best things to work with for a free credit report.

Public records

There are some of the most difficult things to deal with on a credit report. Public records are filings of different things that can go against a person. These include things like:

  • Bankruptcies
  • Foreclosures
  • Court judgments

Information on one’s types of credit

The types of credit that a person has can vary. It will help to watch for this because a credit score can end up being a little higher when the credit report features more types of credit. There are all sorts of types of credit that can be listed including:

  • Installment
  • Revolving
  • Mortgage

Inquiries

Inquiries can appear on a free credit report. These inquiries relate to cases when someone has worked to check on one’s credit report.  In most cases these inquiries can be ones that a person can allow another group to handle. It will still help to watch for this section in a free credit score report just to see if there are any unauthorized things in this section.

These are all good parts to take a look at when finding free credit reports. This data should be reviewed carefully in order to see if there are any errors on the report. This is so a person can work to correct the problem. If there are no errors then this data can be used to see what one can do when it comes to improving one’s credit over time.
Why Use a Service for Free Credit Reports?

There are a number of different reasons as to why a person should look into finding different things with regards to free credit reports. A free credit report service can get a person to look into one’s credit score so a person can help to feel more comfortable about the financial situation that one is in.

It is the same data lenders use

All lenders work with credit report information when it comes to figuring out what they can do with different people who want to work with credit services. These lenders are going to read these reports and ask for inquiries from the three main credit bureaus. When a person gets something from a free credit report service that person will see exactly what a lender sees.

It can be used to see what needs to be done

If a person has been declined for a loan it will help to contact an agency for a free credit score report. This can be used to get a person to see what problems are on a credit report. This can be used to get someone to understand what can be corrected in order to make it easier to get a good credit report later on.

Finding errors

The problem with many credit reports is that there can be errors on these reports. This is problematic because these errors can keep a person from getting the financial services and help that one needs. When a person get free credit reports that person will get all of the details that a lender can see. Information on how to correct these errors can also be handled in the event that any errors are found on one of these reports.

Monitoring for identity theft

Sometimes a person can become a victim of identity theft and not even know about it. However, a credit report can list all of the details on what can happen in the event of identity theft. This data can be reviewed by a person to see if it is accurate or if it is not correct for one’s needs. It is best to take a look at this feature because it can involve the credit one is dealing with.

It will help to see that these benefits can all be used to make it important for a person to handle a free credit report. Working with these factors in mind can make this one of the most essential services that anyone can get into.

Three Credit Report Agencies are Used for Reporting Credit Scores

When a person asks to get information on one’s credit score that person is going to find information from a variety of different sources. Three different credit report agencies are going to offer free credit reports to people.

Each of these three credit report agencies will offer free reports on an annual basis. A person can ask for each individual credit report separately or all at the same time. This can be a very convenient thing for all sorts of financial services.

It helps to take a look at all three of these agencies when getting one’s free credit score:

Equifax

Equifax has been working on reporting credit scores for over a century. The agency works to handle different types of reports and will gather information with a few limits. The most notable thing that Equifax does is that it can offer a credit lock service to paying clients. This is where inquiries are limited. This can be beneficial but it can also influence the way how one’s credit is seen when compared with other agencies.

The agency uses a FICO oriented score. This type of score works with a standard that is used by most creditors.

Experian

Experian is a unique credit report agency that works with different things in mind. The bureau works with its own unique reporting system in the PLUS Score. This works to list many things including:

  • How a credit score works
  • All of the main factors that will influence the credit score
  • What can be done to get a credit score changed in the event something needs to be done

TransUnion

TransUnion, like Equifax, works with FICO scores in mind. Full online checking services can work through TransUnion. There have been some concerns though about how the bureau works to correct errors.

So, if they are so similar to each other why do they all need to be checked?

All three credit reporting bureaus are going to work with different reporting and listing standards in mind. Each bureau will work differently and independently from each other. Taking a look at all of the standards that each bureau works with will be critical for anyone who needs help with finding details on one’s credit report.

Anyone who works with free credit reports for any needs should be doing so with all three of these credit reporting bureaus in mind. Working with all of them can help to make it easier for a person to see what one’s credit score is and how different bureaus report it.

3-in-1 Free Credit Reports are Smart to Use

The problem with dealing with three different credit reporting bureaus is that there is always the potential that one’s free credit score report might not always be accurate in all three cases. In many cases TransUnion might say one thing about a person’s credit score. In other cases Equifax might find a different result on that score.

This is why dealing with a 3-in-1 credit report for free is such a good thing to consider. 3-in-1 free credit reports are used to allow people to monitor all of their credit reports at the same time. There are many reasons as to why this is such a smart thing to handle.

It shows all of one’s data

Every single piece of data that relates to a person’s credit score will be listed in all three of these free credit reports. It includes details on such things as:

  • All loans and credit cards in one’s name
  • Payment history info
  • Accounts on any public notices
  • Data on all types of credit one has

This data can be used to ensure that a person will have an easier time with figuring out what is going on with one’s money.

Errors can be fixed

There are some cases where two of the reports are accurate and correct and the third is dealing with some kind of an error. It will be easy to compare all three reports together in order to see that one’s credit is correctly being handled and that the errors one is dealing with will be fixed.

Reporting any errors that one could deal with will be critical in the process. This is so one’s credit history can be made right and the rewards that one should be getting for it can be actually given out.

It ensures that a person will get different financial services

Sometimes a lender or other financial service provider might focus on only one of the three credit reports one gets. It will be best to use a 3-in-1 free credit report to see that all three reports are consistent so a proper financial service can be received even if a creditor only works with one of the reports.

These are all good reasons as to why it will help to take a look at 3-in-1 free credit reports. Using one of these free credit score reports can get anyone to see that all credit reports one is dealing with are safe and fine to use.

What to Do About Avoiding Scams for Free Credit Reports

There are a variety of different websites that offer free credit reports for people to use. These places can sound very good because they can offer free credit score services that anyone can work with. However, there are some sites out there that work as scams. It will help to watch for a few important signs when it comes to finding scams that pose as free credit report services.

Watch for solicitations

A good place that offer free credit reports is one that will allow people to work with these reports if they feel like it. There is no need to worry about any solicitations through a legitimate site. A scam, on the other hand, will work to where it can try to solicit invitations to people. A scam like this will more than likely collect one’s information without one’s permission.

Any financial data required?

When a good site says that it offers assistance with giving out free credit reports it means it when the site says that free services are offered. Some places can offer special services that involve monitoring one’s credit at a cost but this will be completely optional.

A scam site can end up trying to ask for someone’s financial data before getting credit scores. A site might say that it is not going to use this data in any way but in many cases it can be posing as a front for stealing credit card numbers and other things. This can end up being very difficult for anyone to deal with unless it is properly fixed.

Free trials?

Sometimes a site might offer a free trial to some kind of a subscription service. However, a good site should be one that is not going to ask for a person to sign up for any type of subscription service. It will be best to avoid any site that tries to ask for this service before trying to get one’s credit score. This is not only bothersome but it can be a good case where a person’s financial data might be asked for.

These are all good things to see when avoiding scams for free credit reports. These are all things that a person should do in order to ensure that one is going to actually get a free credit score. Free credit reports should be services that a person should be getting without having to fear that a scam might be underway in the process.

Originally posted 2016-06-03 22:15:42.

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