[W]hen you apply for a new credit card, rental housing, utility service, and car insurance, a company representative will usually check your credit score. Every time someone checks your credit score, an “inquiry” is posted on your credit report. If too many companies are checking your credit report, then this can decrease your credit rating. Fair or not, most lenders believe that someone with a lot of inquiries is in financial trouble. Inquiries usually last for two years, though the credit rating damage usually fades after about six months.
The fear of racking up too many inquiries has led some people to fear checking their own credit scores. However, you can check your own credit score as much as you like without harming your credit rating. Generally, you have to pay a modest fee to see your credit rating. In many cases, you can get a free credit report but this will not show your credit score. Your credit score is a number between 300 and 850 and it assesses whether you are responsible enough to borrow money. If your score is below 650, you will have a hard time getting new credit cards or getting utility services without an upfront cash deposit.
The best way to view your credit score is directly from one of the major credit reporting agencies. While many companies not affiliated with the credit bureaus sell credit scores and reports, there are too many potential problems with some of the companies for us to recommend them. Some companies have been accused of selling outdated or incorrect information. Go directly to Equifax, Experian, or TransUnion to get your credit scores. If you can only afford one credit score, get it from Equifax or Experian. While TransUnion is used by some companies, Equifax and Experian are far more popular.
The easiest way to complete your mission of getting your credit score is online with a credit or debit card. You will need to verify your identity by answering some multiple choice questions, such as the names of your lenders or a past address. If you cannot complete payment or identity verification online, you will need to call or write the credit reporting agency to complete the transaction. In some cases, you will need to send a copy of your driver’s license to prove your identity and view your credit score.
[I]f you have a goal to improve your credit score for the new year, you need to set up steps to help you achieve this goal. For many, they read all kinds of information about how to get a good credit score, and it can be overwhelming. Sometimes, it can sound so easy but not […]
[T]here are three major credit reporting agencies: Experian, Equifax and TransUnion. All of them provide a credit report which lists your personal information and credit accounts. You can get one report for free each year or purchase extra reports through the agency sites. Many people just get one credit report, but you really should get […]
[A]s you get credit cards, you will notice they give you a credit limit. This is the maximum amount you can spend on the card without paying some of it off first. Credit card companies often increase your credit limit as you prove responsible handling the amount you have. You may wonder if more credit […]
[I]f you have bad credit, it can be difficult to qualify for a car loan. However, it’s not impossible. Before you go out and apply for money to purchase a vehicle, there are some things you should know. Check Your Credit Before you fill out any applications for car loans, you need to take a […]
[M]any people hear that they have bad credit, which means they haven’t always been responsible with their credit accounts. However, it is another situation entirely when a person is told they have no credit. You may wonder how that’s possible and what it really means for your future. No Credit Doesn’t Mean Never Any Credit […]
[T]ransUnion is one of the three credit bureaus which stores information about consumers and their credit history. It provides this information to creditors and to consumers. TransUnion was founded in 1968, and it now has more than 200 offices through the US and the world. How TransUnion is Different TransUnion is similar to the other […]
[E]quifax is one of the three major credit reporting agencies which provides information used on your credit report. It has a credit score which will impact your ability to get approved for new credit. All of these agencies aren’t the same, so here is some information you should know about Equifax. Equifax is headquartered out […]