Top 5 Ways to Check Credit Records

Credit reports are a very significant component of your finances. Through your credit report, the bank and other creditors can examine how you handle money. Therefore, you must keep track of your credit report at least once annually for any discrepancies that might affect your credit score.

Acquiring your credit report is no struggle. You can quickly get a free copy online from www.annulcreditreport.com. A free document from each of the main reporting bureaus, Experian, Equifax, and TransUnion, can only be issued once a year.

If you need another copy within one year, you can order directly from the credit bureaus subject to payment. To check your credit records, you need to have a clear image of what a credit report is.

Components of a Credit Report

A credit report displays the information your creditors have on you. It bears a record of the sum of money you were credited, your paying habits, and the loan balance. The report also contains a section on public and house renting records. A credit report is divided into four main parts.

Personal Information

This section contains the data used as your identity, which includes your name, current and previous addresses, date of birth, social security number, and the present and former employees. It’s wise to ensure this information is precise to avoid issues like identity theft. However, this information doesn’t affect your credit score.

Credit accounts

It’s a display of the list of your closed and open accounts. To add to this, it may contain details on how you have handled your account over time. Including your account’s opening date, the balance, your monthly payment records, your loan limit, the initial loan amount, and the account’s present status. The credit accounts part is a vital section of your credit report as it has a significant impact on your credit score.

Public records

This part doesn’t contain much apart from bankruptcies. Bankruptcies are damaging to your credit score. However, their impact lessens as time goes by.

Inquiries

This is the last section of the report. It shows everyone who viewed your credit report within the previous two years. They are usually in two forms. Hard inquiries are those that creditors request to include in your application. Soft inquiries appear on credit reports you ask yourself.

The information found on your credit report is what determines your credit score. With an excellent credit score, you’ll have no problem borrowing money from lenders with a favourable interest rate. Here are the three best ways to check your credit score.

5 Best Ways to Check Your Credit Score

1. Free Sites

Utilizing free websites to confirm your credit score is efficient. There are several free websites that you can sign up to before you are offered these services. They include CreditSesame.com, WalletHub.com, Quizzle.com, Credit.com, and CreditKarma.com. These are the most popular website where you can get a free copy. You are required to submit your email and come up with your password so that you may check your credit score in the future.

To get the free copy, you will first need to submit personal information like your full name, the birth date, mailing address, and the final four digits of your social security number. After that, you will select some questions to ascertain your identity. Then finally, you’ll receive your three-digit score ranging from 300 – 850.

2. Credit Card Provider

Credit card companies provide their customers with free credit score information. These companies include Barclaycard, Discover Card, First Bankcard, Walmart Credit Card, and Capital One Card. To get this information check your latest statement. You can also access the information on logging in to your online account.

3. Order From Credit Report Agencies

There three central Credit Reporting Agencies, namely Experian, Equifax, and TransUnion. All three agencies provide a credit score for sale. Sign in to their websites to purchase one.

4. Seek the Help of a Credit Counsellor

Credit counsellors can provide you with your credit score information free of charge. Credit counsellors will also assist you in coming up with a road map to an excellent credit score. They can provide professional help in coming with a suitable plan to improve your credit score.

5. Buy your FICO Credit Score

Most creditors use your FICO score to check if you are eligible for a loan. Sign to myfico.com to buy your credit score from all the major credit report agencies or rather one of them. The credit score you view here will be the exact one a creditor will use for your application.

As much as credit bureaus have an obligation by law to be precise in their reporting, you must check your records once a year. The credit bureaus can make a mistake since they deal with millions of consumers. Therefore, it’s your responsibility to make sure the information reported is accurate to avoid creditors’ complications.

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