Why is my credit report important?Businesses look at your credit report when you apply for: Show
If you apply for one of these, the business wants to know if you pay your bills. The business also wants to know if you owe money to someone else. The business uses the information in your credit report to decide whether to give you a loan, a credit card, a job, or insurance. What does “good credit” mean?Some people have good credit. Some people have bad credit. Some people do not have a credit history. Businesses see this in your credit report. Different things happen based on your credit history: That means:
That means:
That means:
All this information is in your credit report. Why should I get my credit report?An important reason to get your credit report is to find problems or mistakes and fix them:
You want to know what is in your report. The information in your report will help decide whether you get a loan, a credit card, a job or insurance. If the information is wrong, you can try to fix it. If the information is right – but not so good – you can try to improve your credit history. Where do I get my free credit report?You can get your free credit report from Annual Credit Report. That is the only free place to get your report. You can get it online: AnnualCreditReport.com, or by phone: 1-877-322-8228. You get one free report from each credit reporting company every year. That means you get three reports each year. What should I do when I get my credit report?Your credit report has a lot of information. Check to see if the information is correct. Is it your name and address? Do you recognize the accounts listed? If there is wrong information in your report, try to fix it. You can write to the credit reporting company. Ask them to change the information that is wrong. You might need to send proof that the information is wrong – for example, a copy of a bill that shows the correct information. The credit reporting company must check it out and write back to you. How do I improve my credit?Look at your free credit report. The report will tell you how to improve your credit history. Only you can improve your credit. No one else can fix information in your credit report that is not good, but is correct. It takes time to improve your credit history. Here are some ways to help rebuild your credit.
After six to nine months of this, check your credit report again. You can use one of your free reports from Annual Credit Report. How does a credit score work?Your credit score is a number related to your credit history. If your credit score is high, your credit is good. If your credit score is low, your credit is bad. There are different credit scores. Each credit reporting company creates a credit score. Other companies create scores, too. The range is different, but it usually goes from about 300 (low) to 850 (high). It costs money to look at your credit score. Sometimes a company might say the score is free. But usually there is a cost. What goes into a credit score?Each company has its own way to calculate your credit score. They look at:
They look at the information in your credit report and give it a number. That is your credit score. It is very important to know what is in your credit report. If your report is good, your score will be good. You can decide if it is worth paying money to see what number someone gives your credit history. Read more How do I check out my credit score?You can request a free copy of your credit report from each of three major credit reporting agencies – Equifax®, Experian®, and TransUnion® – once each year at AnnualCreditReport.com or call toll-free 1-877-322-8228.
How can I get my credit scores for free?How do you check your credit report? On AnnualCreditReport.com you are entitled to a free annual credit report from each of the three credit reporting agencies. These agencies include Equifax, Experian, and TransUnion. Due to the COVID-19 pandemic, many people are experiencing financial hardships.
How do you check your credit score for beginners?You can also get free copies of your credit reports from all three major credit bureaus—Equifax®, Experian® and TransUnion®. Call 877-322-8228 or visit AnnualCreditReport.com to learn more. Keep in mind that there may be a limit on how often you can get your reports. You can check the site for more details.
Can I check my credit score without hurting it?Good news: Credit scores aren't impacted by checking your own credit reports or credit scores. In fact, regularly checking your credit reports and credit scores is an important way to ensure your personal and account information is correct, and may help detect signs of potential identity theft.
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