| If you know your credit score, it not only avoids any | | | | 1. Check for frauds. |
| discomfort if your request has not been accepted for | | | | Identity theft is the crime when a person illegally uses |
| a loan, car lease or mortgage, but it also saves you a | | | | your information e.g. credit card number, Social |
| lot of money. So how can you check your score free | | | | Security number to commit frauds. Once you get your |
| of cost? Here's a solution! | | | | credit report, check if there has been any wrong |
| What is a Credit Report? | | | | activity such as identity theft. If there is any anomaly, |
| This report has the details of your credit history. It is | | | | inform your report agency to amend this information. |
| monitored by any of the three US credit reporting | | | | 2. Be informed about your score. |
| agencies namely Experian, Equifax and TransUnion. It | | | | How would you like to find out about a low credit |
| can be thought of as a credit report card that has all | | | | score? Through a bank when the dealer tells you that |
| the information regarding your financial activities. Your | | | | you're not eligible for the loan or by reading your online |
| application for loan is accepted after your lender has | | | | credit report in your home? If you know your credit |
| seen and approved your reports from one or more of | | | | beforehand, you can avoid any such embarrassment. It |
| these three companies. From the report, your 'credit | | | | also saves your valuable time. When you know your |
| score' is calculated which ranges from 300 and 850, | | | | credit score, you will be able to make better decisions |
| the higher the better. | | | | concerning your finances. |
| Why is it necessary to check your Credit Score? | | | | 3. Updating Information. |
| In early days, it took time and money to check your | | | | Reports show that almost one report out of four has |
| credit report but due to the advent of the internet, | | | | been wrongly written. Some of them even become |
| checking the credit score has become easier and free | | | | ineligible to apply for loans because of this. Although |
| of cost. The Federal Trade Commission has instructed | | | | credit reporting agencies take great care in maintaining |
| all credit reporting service providers to give a free | | | | your reports but error can occur at any time. If the |
| credit report once every year, if asked for. | | | | error in your report stays for long, your credit score will |
| Now that you're aware of the facts about getting your | | | | be affected badly. Before submitting an application for |
| free online report, have a look at these reasons why | | | | a loan or a credit card, get a free online credit report |
| you should go for it. | | | | to ensure that your information is current. |