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Your Credit Report
Getting a detailed credit report is a good idea atleast once a year, or if you are not sure about what your credit score may be. If you are planning on applying for a loan, putting a down payment on a house, or simply applying for a credit card, you are going to want to know what kind of credit you have beforehand, and a credit report is the only sure way of knowing. If you’ve been rejected from a loan or credit card, a credit report will help you figure out why. Lenders will not be able to quote interest rates uniquely to your financing needs without first accessing your financials and their copy of your credit report. This will help in determining your credit worthiness.
The good news is getting a credit report doesn’t have to be such a chore anymore. You don’t need to make any appointments, fill out any paper work, or even leave your house so long as you have an internet connection or a trusted helping hand. There are a number of different sites today that offer you a credit report upon signing up. Prior to applying for a new credit card years ago, I tried one of these sites out just for the heck of it. Right off the bat I noticed a number of sites that claimed that they will give a credit report for free, so I tried one of these to start.
The first site I tried was indeed free, however I still have yet to receive a credit report from them. They required a credit card number, which I gave them, and bunch of other personal information, and then said that I would receive my credit report in the mail. Well, its several years later and I haven’t gotten one. Fortunately, they did not charge my account for anything, but nevertheless I regret ever signing up with them.
Your best bet, I soon learned, in getting a credit report is to use one well known and respected credit services such as Experian, Equifax or Trans Union. They will charge you a small fee, usually around $30, or more if you want a more detailed report. Getting an accurate credit report is well worth this small fee, however. You can also call on your real estate professional to pull a "tri-merge" report and pay the $30 or so for a full report. This report will have the information from all three major credit bureaus which is what ever lending insitution uses to base your interest rate on the type of loan your applying for,ie.car,credit card,home loan.
Overall, my advice before getting a credit report is to spend a few minutes researching different credit report sites. Don’t be fooled by offers of free credit reports, because there are likely strings attached. Additionally, there is always the danger that the site you are signing up on is a complete fraud designed just for collecting peoples personal information for illegal use. Looking into it a little before signing up for a credit report may save you a lot of headaches later, on your road to better financial status.
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