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A credit report is a document that contains all the credit history of an individual that is used to determine their credit scores. A 3 in 1 credit report summarizes information from the three credit bureaus that is TransUnion, Experian and Equifax. It comprises of the credit bureau information collected on an individual or group to report their credit worthiness. Financial institutions use the information contained in the credit report to determine a person’s credit worthiness before any financial assistance is bestowed on them. The report is also used to determine the person’s limit and interest rate. It is important that one keeps it free from any wrong information.
The most common score used in the United States is the FICO score. FICO stands for the Fair Isaac Corporation, which is a company that designed the mathematical formula used to calculate the score. The three major reporting companies all use this scoring method although it is known by different names such as Emperica score and Beacon score.
A credit report from one of the companies is not enough as different companies go to different credit reporting companies and may fail to go to the other. Therefore, you need to get reports from the three reporting companies for your credit report to be reliable. Note that you will need to contact all the three major credit-reporting companies because they will not provide you with the information that you require if you do not contact them and request for a credit report.
You need to first to go to annualcreditreport.com, which is the only online legal source of credit report. You will also find other websites that claim to do the same thing but note that the information that they contain is rather inaccurate. You may access AnnualCreditReport also through their hotline (877) 322-8228. This number will, although, give you the same service as the online source. You will then get the Annual Credit Report request brochure and use it to request for a free print out of your report. Follow the instructions and you will see how easy it’s to request for a credit report.
Finally yet importantly, by a thoroughly researching and then comparing as much credit reporting services, consumers are able to identify the agency that meet your specific financial situation, plus you’ll get the cheapest interest rate available on the market. For example, see our latest credit reporting company review: Credit Report Review.
However, it is advisable going with a trusted and reputable debit counselor before a conclusion is made, this is the way you save time through specialized advise and money by obtaining better results in a shorter span of time.
Hector Milla is editor of the Get My Credit Report website – where you can see his top rated credit report and scores company recommendation.
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