Everything You Always Wanted to Know About Your Annual Credit Report
More and more people are becoming aware of their Annual Credit Report, and how it affects them in their daily lives. As they apply for a home loan, credit card, or line of credit, they realize that credit scores can make a huge difference in the amount of interest they will pay. If you are ready for an intelligent look into your credit situation, then you may want to take a long look at your own Annual Credit Report. When you have acquired a transcript of your credit report, it is plainly in your interest to understand how to interpret it.
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There are certain tricks you need to know to get your One Time Credit Report for free. In the United States, the Fair Credit Reporting Act guarantees that all consumers get direct access to their free One Time Credit Report. They also began to regulate how that sensitive information could or could not be used and what information a credit agency could gather. As a result, what the industry has grown into is not exactly the original intended “model”. The industry quickly turned into a multimillion dollar arena of falsehoods and ultimately frustration for many consumers.
Annual Credit Score is a number calculated from all of the available information within your credit report. The credit bureaus compile the length of time you’ve established credit, your credit utilization percentage, payments history, along with your credit inquires, disputes and derogatory notes to gauge your credit worthiness with a three digit number. The Annual Credit Score range goes from 300 up to 860. Most consumers should be aiming for a score over 750. That is the goal that most national lenders classify for preferred interest rates.
There are three nationwide consumer reporting bureau’s: Experian, Equifax and Transunion. All three of these credit rating agencies will provide you with a free annual one time credit report. You can contact them directly or use one of the clearance sites to access your report. The Yearly Credit Report is only available from the main three reporting agencies and it may take a while to arrive. It can take three to six weeks for a report to arrive, although each offers an option where you can pay a small fee to have the Yearly Credit Report expedited.
You can also go to any independent consumer reporting site and pay to get your Complimentary Credit Report immediately. It is a costly process but in some cases it is worth it. If you are needing your report in order to see if you can make an application, this is worth it. Every time someone else accesses your report it can bring it down a few points and you do not want other credit reviewers to see a recent history of Complimentary Credit Report applications – that just does not look good.
The more involved you are with your Free Annual Credit Report And Score on a yearly basis, the better your score will be. Not just because you are better protected, but because you will be more aware of how different things affect your score. The best way to be prepared is to stay on top of the reality of the information that is available about you. While not everyone can access your Free Annual Credit Report And Score at will, the people who can – bankers, landlords, and employers need to see the right information.
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