Free Credit Scores – Why Do You Need Them

Your credit SCORE is the key factor for loan officers, lenders, and your creditors in determining what loans you’ll be approved for and how much you can borrow. It’s also a key factor in deciding what your loan interest rates will be for auto loans, mortgage loans, and personal loans. Also, what types of credit cards you can obtain is based on your credit SCORE. Your free credit report gov is just the raw data that’s used to come up with your credit score. Currently your scores are NOT included in your annual credit reports and there’s a fee to see each one. But there’s a way to obtain them for free. Learn more at this free credit score gov site FreeScoreReportGov.com

THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV. You have the right to a free credit report from AnnualCreditReport.com or 8773228228, the ONLY authorized source under federal law. freecreditreport.gov

How To Rate Free Credit Score Offers

#1. Number of credit scores you get to see for free – This is one of the key factors in our review score and ratings. Ideally you want to see your scores from all 3 major credit bureaus to get a comprehensive view of your credit picture. Your scores also differ from each credit bureau. Naturally any offer that helps you to obtain all 3 scores will rank higher.

#2. Number of credit reports and files being monitored – This is also an important factor in seeing which service is good. You want the best and most comprehensive credit monitoring and identity theft protection service for maximum protection.

#3. Other Benefits & Features – All usually have decent customer service such as a toll-free hotline where you can ask questions and receive assitance, learning resources, advise and/or assistance if you ever become a victim of credit fraud, etc. Depending on who you ask, one service is better than the other. But you also have some offers with exceptional features others don’t have.

• Why Can I Receive Free Credit Scores?

Simply put, free credit score offers are set up so you can try out their credit monitoring or identity theft protection services. You can receive your credit reports for free once an year, but not your SCORES. Other benefits besides being able to see your credit scores for free include better protection from identity theft. After the free trial period, many will continue with a paid membership because they’ve enjoyed the benefits of the service. Others will simply cancel the service during the free trial period. But either way, you get to view your scores for free.

• What Affects My Credit Score?

Your credit score will come from the three major credit bureaus namely Experian, TransUnion, and Equifax. The score i based on the data that is contained in yur credit files. A unique algorithm is used to calculate your score. Some of the factors that affect your score included the amount of debt you have in relation to your available credit. The general rule of thumb is to keep your debt-to-credit level below 30%. Also, the number of credit accounts that you’ve openned can affect your credit rating or score. But more important is if you pay your bills on time.

• Benefits of monitoring your credit

The increase in identity theft is one big reason to monitor your credit. You may not be aware that you are already a victim of identity theft, only to find out that unknown bills were being charged to your accounts. By continuously monitoring your credit, you can immediately detect any discrepancy which enables you to fix the problem immediately to avoid further damage to your credit rating. In addition to identity thef protection, there may be serious errors on your credit files. Lenders may send erroneous data to the credit agencies. Identifying these errors helps you t fix them.

• Is the credit of my spouse affecting my credit?

Yes, Yes, if you share a joint account together. For instance, if a credit card account is owned by y and your spouse. But other than this, your credit score is only affected by your transactions and yours alone.

• What is the length of time before something pops out on my credit statement?

Usually, lenders update the agencies if there is a payment completed or is neglected within 30 days. But usually you’ll receive a notice from your creditors, reminding you to settle your payments before they report it to the agencies.

• How long does bad credit stay on my report?

Based on FCRA or the Fair Credit Reporting Act, it will take 7 years but depending on the situation. If you have tax loans, it will hang about for a decade and a half. If you have a bankruptcy, it will stay for a decade. It is important to consult a tax lawyer or representative for further details.

• Do I still need to pay this balance?

According to the Fair Credit Reporting Act or FCRA, bad credit data can stay on a borrower’s credit report up to seven years. But if you pay off or settle your debts with a creditor, you can often ask them to report this to have the negative marks removed from your credit files. If you have tax liens or delinquencies, this may linger on your credit files for up to 10 years. This is also the case for personal bankruptcies.

• How do I correct the inaccuracy on my credit report?

You can dispute any errors on your credit files by notifying the agencies. Usually by mail, but in this day and age you should be able to notify them online. Ask them to investigate the error. Be specific. It is their duty to investigate the errors and to correct or delete them.

• What discrepancies can I dispute?

Any activity you didn’t approve including those accounts opened using your name, any counterfeit or erroneous charges that were made, wrong personal information, can be contested.

• If I enroll with a company that offers credit monitoring, will this affect my credit score?

Regular inspection of your credit report will not affect your credit.

• In what situation will I receive a notification from a credit monitoring service or id theft protection service?

One of the main benefits of a credit monitoring service or identity theft protection service is immediate notification of any suspicious or unusual activity on your credit files. Depending on the service, you might receive immediate notification If a new account is opened under your name. These features vary from service to service, so it’s best to compare them beforehand.