Your credit scores play a very important role every time you borrow money from the bank. That is why before making huge purchases that needs financing, one must know exactly how he or she stands in terms of credit. And knowing your credit scores can be valuable thing to do.
But wait! Do you know your own ratings?
At times when credit crunching is on the roll, lenders make borrowing money even more difficult for people. It is a tough world out there, especially in the lending business. In fact, a lot of people may have to put on hold their dreams of buying a home because they know they are not yet qualified to get a loan.
But it pays when you know your own credit scores. If it is low, you will get a chance to improve it before applying for the loan. Hence, it increases your chances of getting approved. Moreover, interest rates will be better.
So what's the next thing to do? Research your credit scores! However, doing this does not mean you have to get your own credit report, understand the FICO scoring system, punch in the numbers with their corresponding weights, add up the total and boom! You've got your score. That would be silly to do. Besides, most people do not have any idea on how it is calculated. Therefore, if you want a more accurate result, try out these services:
1. Annual Credit Report Service- The government has paved way for the public to learn more about their credit standing. The Fair and Accurate Credit Transactions Act (FACT Act) entitles every person to get a free annual credit report from this service. Each person will get one report from each of the major credit reporting agency like Equifax, Experian and Transunion.
Their services are actually centralized in this site: www.annualcreditreport.com. It is free once a year. However, other than that, the Federal Trade Commission will determine the cost of obtaining the credit reports and scores.
2. Your Lenders- So you got pretty excited and went directly to your mortgage lenders. You then got pre-qualified and then eventually pre-approved. Every time you do this, your lenders would have to look into your credit scores before making any decisions. The calculation of your scores is free and you can request a copy of it from your lenders.
3. Credit Reporting Agencies (CRAs)- Previously, it was mentioned that Equifax, Experian and Transunion are the major CRAs in the country. Each of them has a service that can provide you a copy of your credit scores anytime of the year. However, their services are different from www.annualcreditreport.com, because it would normally come with a certain fee. The fee for a one-time report is 14.95 dollars.
4. FICO- This stands for Fair Isaac Corporation. They are also one of the trusted services that can provide you with accurate credit reporting. Their services vary according to the frequency of reporting that you like. It can be done one time, quarterly or annually. You can simply go to their website to apply for the service.
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