The credit score is one a number desired by many but understood by few. It is a three-digit number determined by a variety of information, including past and present credit history. Many companies and institutions use the credit score as a way to quickly find out if a person has good credit. Although this isn’t the only barometer for deciding if a person has good credit, it is one o the major tools that a company can use.
Three businesses are main companies that provide this data to inquiring businesses and other companies. These credit companies are Equifax, Transunion, and Experian. They each of a slightly different way of mining the credit data for individuals and coming up with a credit score. This means that one company can have a credit score for an individual that might be radically different from another. The companies usually aren’t far off from one another but sometimes a huge difference does occur.
How does a person find his or her credit score and credit report?
There are a lot of commercials talking about how various websites can give free credit reports. These sites will give a person a free credit score and credit report but there is eventually money that needs to change hands. These sites often want to charge money so an individual can keep a track on his or her credit changes. This isn’t necessarily a bad business but it takes advantage of federal law.
Every individual can get a free credit report and credit report from all three companies once a year. These reports generally are just raw data that is mailed out to the individuals. It has the credit score up top and a list of the reasons why the credit report is such as a list below. The Federal Government even set up a website to help people get their free credit report every year.
That site is called Annual Credit Report and can be found here: https://www.annualcreditreport.com/index.action
This site also gives many of the tools needed to decipher the credit reports given by each company. There are links to explanations of the data and why each company works the way they work. This is the best place to get a free credit report and a free credit score. If there is no need to keep constant track of the credit score, this site is the only one that should be used.
Many people need to keep track of their credit report and score over the course of time. Most other free credit report sites offer this ability. However, the best one of these sites is called My Fico dot com. (www.myfico.com) This site doesn’t try to hide anything behind the promise of a free credit report. The site talks about what it can do to help a person get their finances together upfront and center. It is a site that anyone is interested in getting their credit up to par should consider when looking at the credit score and credit report.