Monday, December 30, 2013

Get your Free Credit Score

                            Free Credit Score
You are aware that you don't have to pay for your credit score, right???
It is true!!   Annually, you can get your free credit score from all three major credit bureaus.  The website, https://www.annualcreditreport.com will be mentioned probably a hundred times in the news or sent to your email in January.   
You should check your credit score!!  You want to ensure it is accurate.   Why be surprised when you are ready to buy a house, a car or furniture?   Did you know credit scores now can influence insurance rates and supposedly jobs(I know about the first and been told the second)???
I have included an article from Al Clark's HomeAction newsletter on the topic.   It provides other options for a free credit report.
Be warned:  Getting a free report and getting a free credit score are two different animals.   Don't be surprised that you always find the report free but find the need to pay to get your actual credit score.

   You have decide if the score is needed or just interesting.
   Frequently, the report is all one needs to know if there
   are any problems to resolve or if all is clear.

    The Credit Score will simply put a numerical value on
     the reported results.  

     If you have lots of corrections to make or simply lots of
     liens and judgments, no need to get a Credit Score as
     it will be low until these issues are resolved.

     If your report shows all bills paid on time and no major
     issues at all, you also may not need a credit score.
     Only if you want to confirm if your score is 770 or 810
     would it be worth spending the money.   But then again,
      what difference would either of those scores make
      in getting financing????





IT’S EASIER THAN EVER TO SEE YOUR CREDIT SCORE FOR FREE

Free Credit Scores Abound

A handful of credit card issuers are betting that you'd like to see your credit score every month. Discover, Barclaycard US and First Bankcard's have started offering their 35 million cardholders free access to their credit scores.

The score they're sharing ? called FICO ? is used by credit card issuers to decide whether to give you a charge account and what interest rate to charge you.

Discover is putting your credit score on your monthly statement. Barclaycard and First Bankcard customers will have to visit their credit card company's website to see their score.

You don't have to open a new credit card account to see your credit score. Credit.comCreditSesame.com and CreditKarma.com will give you a credit score (without making you pay for credit monitoring services as some other sites do).

The score you get on those sites can be different from your FICO score and from the credit scores used by mortgage companies, auto dealers and other types of lenders.

All credit scores are calculated using information from your credit report, but each type of credit score is based on a proprietary formula devised by the company that sells the score. While different scores have different number ranges they all predict how likely you are to repay.

So if you have good credit based on one scale, you should have good credit based on another credit score's scale, even though the two numbers might be different.
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