Free Credit Bureau Report

ez_0429 asked:


I’m aware of the free credit report everybody is entilted every year but I hear many people saying that you could get a free credit score as well. It appears that the scores are not free and in order to get my FICO score I would have to pay 15.95 from each credit bureau, is this true?
I have another question. Is about the Fico website there is something about a free 30 Day Trail and if you don’t cancel you will be charged for the annual subcription of 89.95. Anyone use this before? I read it but I’m not sure exactly how it works.

Sean

Stephanie B asked:


I just used a large sum of money to pay off every single negative debt I had. I am a longtime member of a credit union where all my loans are current. I just applied for a mortgage today and included a statement that I had all the receipts and letters to prove that I’ve paid my credit report down. Right now though, the credit bureaus are taking their time reporting it. Question is, do you think the receipts and letters are enough to show me as debt free? When speaking with the pre-qual lady she said “as long as there are no collections or judgments” Like I said, I’ve paid them all, just not showing that on my credit report. Thanks for your opinions.
Oh and also, I’m doing a VA loan. And all the debts I had are within the last 3 years. I actually just took the very report the bank was using for my decision and paid it off.

Joann

LunaRossa asked:


My friend and I have been considering getting a place together, but she just found out that her credit is pretty much shot. She’s 19, lives at home with her parents, attends college full time, and for the last year has been unemployed due to the crappy economy. She has only two things that could have affected her credit, a couple medical bills that she and her boyfriend are paying off this week. The rest was her parents doing. They signed up for Columbia House several times using what came in the mail to her, and never paid, so it counted against her. They messed up on eBay twice, so they now have an account under he name, using one of her old email addresses. What can she do without getting getting her parents arrested or in trouble for fraud? They’re already pretty difficult, and she doesn’t need anything to make it worse.

By the way, she found out that her credit wasn’t good when a cell phone company told her with her credit, she could only do prepaid. They didn’t give her a credit report, but referred her to the credit bureau where she can request a free copy.
Asking them to pay up wouldn’t change the credit damage, and I hear that lasts 7 years or so. I just asked her and she says that she hasn’t seen bills from Columbia or the similar places in years so they have already given up and long ago put it on her credit.

Marcia

MJ K asked:


not the big three bureaus but the national one that is free

Aaron

John Alton asked:




When a consumer is given the opportunity of receiving a free annual credit report, that chance can prove to pay them back time and time again. The rating associated with the consumer’s past bill payments, debt to income ratio and habits is what lenders use to determine the interest rate assigned to new loans and refinance loans. These ratings can also be used when establishing new cell phone, alarm system, phone, cable, electric, gas and auto insurance rates.

There are three main credit bureaus that keep constant track issued by lenders. These are Equifax, Experian and TransUnion. Each of these companies allows the consumer to run a free annual credit report every 12 months. That means the consumer can pull three free reports every year to keep track of their standing.

When the consumer pulls their own file, there is no negative impression on the score or rating, however, if the consumer allows a third party to run a check, this can negatively impact the consumer’s score. A free annual credit report can help the consumer watch out for changes on the report, incorrect reporting and track score in order to qualify for lower interest rates.

When a consumer understands their standing, they can choose when to apply for loans and when to wait for a better rating to assure approval and the lowest rates available. Saving just 1% on a home loan can account for thousands of dollars over the life of the loan. In some cases, incorrect information found on the credit file can be corrected which can greatly affect the interest rate on future loans. It takes time to correct these mistakes, so the application for the loan should wait until the new credit file shows the proper corrections and the credit score has been adjusted.

Discrepancies on the Yearly Report

If there are discrepancies or incorrect entries found, the consumer can simply contact the credit reporting agency and file a complaint. The complaint will be researched and the agency making the false claims contacted. The consumer will need to have supporting documents on hand to verify why the entry is incorrect.

The New Power of the Report

In recent years, the free annual credit report has offered more than just credit watching to the consumer. Employers are not using the report to gauge worthiness for jobs. If the applicant has severe infarctions on the report or a very low score, the employer may choose to pass over the applicant for another, less qualified individual, based simply on credit rating.

If a job offer is contingent upon the information reported by a credit reporting agency, the consumer needs to see what the employer will see, before they see it. A free annual credit report can be accessed immediately, in most cases. Some companies choose to include a free credit score along with the free report. Other companies may charge a small fee when the free report is delivered to include the score.

Jeanette