Free Credit Report
Aw, c’mon! If it is free why do I have to give a credit card number and get billed each month for something I don’t want?
Because it really isn’t free. There are a lot of offers on the internet and even TV for free credit reports. But they come with two catches and virtually none of them are free.
Catch number one is that these are companies in business to make a profit. After all isn’t that what companies do? If they are going to make a profit, they need to charge you for something. That something is mostly along the lines of a credit report monitoring service or something of the like. Catch number two is that the scoring model is not usually the same one the lenders use. So it is essentially worthless.
What these sites don’t do is help you understand how to effectively manage your scores at all times to get and keep scores in the 700 range. This is where they need to be considering the current credit market.
First of all there is only one web site that is sanctioned by the Federal Trade Commission. Annual Credit Report dot com is the source to obtain your credit report none of the others are. This is a free site to obtain the body of your credit once a year from each of the three credit bureaus. They will however still try and sell you stuff including your credit score.
The first time you order your report DON’T BUY ANYTHING. Not even your score. You want to make certain that all of the information is yours and that it is correct. The credit score that they sell you is a different scoring model from the ones that the lenders use and is basically worthless. What you need is the body of your report and check it for accuracy.
If you have recently applied for credit, like a car loan or home loan, ask to get a copy of the report they pulled. This will have a score on it that the lenders do use.
Secondly seek out a professional in your community who understands the credit scoring system. They can analyze your report and give you tips on how to get and/or increase and keep a high score
In the following articles we’ll discuss how to read your report and what on it matters and what doesn’t affect your score.
Don Davis can be reached at 360-652-9994 or visit his web site at http://www.HTLNW.com for other contact information. Don specializes in residential and commercial lending mostly in and around Snohomish County, North King County, Skagit county and generally in the state of Washington. Don has spoken at numerous workshops and events regarding credit scoring and related topics and has helped many people substantially raise their individual credit rating. If you want to maintain a high credit score or wish to increase and maintain a high score, contact Don to schedule a meeting today.