A credit report is a record of your credit history that assists the lenders in deciding your creditworthiness and is updated by the credit bureaus as and when new information is received. Thus it is advisable to review the credit report periodically to ensure that the details provided are correct and current. Here are some of the methods you can take to do a self-credit check to get your credit score as well as a credit report.
Free Annual Credit Reports
The Fair Credit Reporting Act (FCRA) provides you with the right to receive a free credit report from the three major credit reporting agencies Equifax, Experian, and TransUnion once a year. These reports can be obtained through the AnnualCreditReport. com website. This is because when you run all three reports you get a better view of your credit since you can compare the details.
When you apply online for the report, you are likely to be asked questions based on information in your credit file or your social security number. Every report must contain data on the credit history of the loans and accounts applied for by the borrower and information on the previous and present credit checks. You should also, when reviewing each report, look for any mistakes or signs of fraud.
Get Your Credit Reports From Credit Bureaus
You can also obtain a credit report from each of the three credit reporting agencies as well on your own. The reports from the credit bureaus will be like the ones you get from AnnualCreditReport. com but they can offer more information or options that are unique like your monthly credit score or credit tracker.
Equifax, Experian, and TransUnion provide you with a service of ordering your credit report through their websites, and the cost is a few dollars, usually between $10 and $15. Some of them include areas where you can include your credit score and choose credit monitoring that notifies you in case of any significant change. The primary benefit of ordering your reports from the bureaus directly is not only the access to useful features in addition to the reports, but also the limitation of said reports.
Obtain Credit Card Issuers’ Credit Scores
Some credit card companies and banks also provide cardholders with free credit scores which are based on their particular credit reporting models and are provided every month. For example, Discover Card offers free FICO credit scores from Transunion as part of the monthly statement. Likewise, credit cards from Citi Bank and Wells Fargo allow users to access their credit scores for free.
These are some of the scores you can obtain from the mentioned sources to get an idea of how lenders may perceive your creditworthiness. But remember that the scores you get free of charge from your card companies are the educational scores, not the scores that lenders use to assess your credit application. Yet they can help in understanding how your credit is either being kept or built up.
Use Credit Monitoring Services
It is also possible to get free and paid services that allow you to check your credit reports and keep an eye on any changes or fraud throughout the year. Some of the common ones include:
Credit Karma provides instant access to your TransUnion and Equifax credit reports and Vantage Score credit scores both updated weekly; free. They also offer free credit monitoring that can notify you by email if there is a new hard inquiry or new trade lines.
Identity Guard Offers daily credit reports and score monitoring from all three credit bureaus. Their platinum credit monitoring service informs you of changes and possible fraud and comes with identity theft insurance.
Credit Sesame Offers Free Credit Score Monthly Credit Reports Identity Protection and Analysis of Credit Data to assist you in credit management. It gives you your full credit reports and credit scores from all three credit bureaus.
Even though these monitoring services can help observe your credit they utilize different credit scoring systems so the scores are not going to be identical to the ones used by the majority of creditors. But they do provide some indication of the status and the changes.
You might want to consider getting your FICO score.
FICO score is the most common credit score that most lenders use in assessing the credit risk of the borrower on loans and credit cards, therefore checking your actual FICO score is advisable. However, it does require moving to a paid website or a paid service. Possibilities for getting to see your FICO scores are
MyFICO. com offers one or more FICO scores from all three bureaus for as low as $19. 95 per month. It also contains credit report monitoring and analysis tools Credit report monitoring and analysis tools.
Experian. com gives you the option to check your FICO Score 8 determined by credit data from Experian updated every 30 days for $24. 99 monthly. Some of the services may be offered as a free trial to the clients.
Wells Fargo banks existing customers engaging in online banking and mobile banking services can freely access their FICO credit score.
Your credit card issuer may also offer your actual FICO Score for a nominal fee Look at your credit card company’s website login.
Being able to obtain your actual FICO score provides a clearer picture of what loan decisions are made on just note there are many FICO score versions.
Common Reporting Elements You Need to Be Aware Of
Here are some of the things that you should look at when you are checking your credit report Credit report analysis checklist
The Personal Information Section part of the record should contain the correct name, current and prior addresses, a Social Security number, and employers. Report any errors immediately.
Account Information All opened and closed accounts including credit cards, loans, and mortgages should display accurate payment information such as status, date opened, credit limit, and more. Submit inaccurate payment information or unknown accounts.
Effects The credit score also reduces every time a company asks and gets access to your credit report this is referred to as an inquiry. Recent inquiries are for credit which means that the time and origin should match the credit application forms that you completed.
Public Records This section involves bankruptcy and its foreclosures or wage garnishments etc. Make sure the information in this section is accurate and up to date. Even if a matter has been resolved, if it still looks as though it can be disputed with the credit bureaus, then it is.
Collections Collections accounts are records of a debt that has not been paid to a collections agency. In case the debt is paid, until it is no more, consider it as disputed. If it is not paid but you disagree with it please file a dispute.
By reviewing all sections of the credit report, one can come across representations, issues that require a dispute, or even prime indicators of identity theft. If you notice any inaccuracies or fraud, report the information to the specific teams at Experian Equifax, and TransUnion through the dispute section. Provide any other documents that would support your case and always make sure to follow up.
Maintaining Responsible Credit Habits
In addition to this, experts advise that you should review your credit report frequently – at least every three to six months or once per year At the same time, the following credit habits are recommended: Make timely payments, maintain low credit utilization, do not close accounts, limit credit inquiries and applications, and periodically check for identity theft. It will also be useful to focus on the areas your reports claim as weak and what could be causing low scores.
The credit reports and related credit scores presented in this chapter demonstrate to credit lenders your management of credit and financial responsibility. The ability to check on your credit and observe changes by accessing credit reports is the way by which you can reclaim the situation correct mistakes and manage the credit score in the long run. Therefore, ensure you go through your credit with these various methods regularly.
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