Where can you get your credit scores from?
There are three main credit reporting bureaus in the U.S which are also responsible for providing credit scores to debtors, these bureaus are Equifax, Experian and TransUnion. These bureaus have to provide consumers with a free credit report every year as per the FCRA or the fair credit reporting act. This credit report can also be received at different times during the year. This way the consumer can get at least 3 credit reports, once in 4 months, from each of the bureaus. A request has to be made to the bureaus for getting your credit scores. There are times when credit scores are provided for free but they are generally charged for.
Quickest and easiest way to check your credit scoreOne of the quickest and easiest means to check your credit score is online. All three credit reporting bureaus have their websites. Apart from these there are other sites also which can help to get your credit scores. A request for getting your credit scores should be made online. Once this is done the period to process the credit scores can vary from one day to a week. The credit scores can then be checked online. There are usually free online offers where the credit scores are given for no cost or at very nominal prices.
Benefits of checking your credit scoresQuick checks on the credit scores are required when a loan or mortgage needs to be availed. Credit scores are essential to avail credit cards and in some cases employment also. Those who are planning to apply for jobs should check their credit scores because poor credit scores are often an agenda for rejection from a job. By checking the credit scores an estimate can be made on the rates of interest or the kind of loan that can be availed.
Who else can see your credit scores?Apart from the consumer, lenders also check credit scores of applicants. The lenders usually request the bureaus for credit scores of applicants or can ask the applicant to get the same. Lenders evaluate the financial potential of applicants through these credit scores. The kind of loan which is provided, interest rates for the same and even the installments per month are determined on the basis of these credit scores.
Hence it is vital that before applying for any loan or mortgage the credit scores should be checked, and improved if required.
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