How to Check Your Credit Score

Your credit score is a number which describes your credit standing. It is described as a numerical expression of a person’s credit files and to determine his ability to pay for a loan. A person’s credit score is from a credit report made by three credit bureaus Equifax, Experian and Transunion. A credit score is used by banks and lending institutions to find out the potential risk of lending money to a customer.

Why check your credit score?

Credit scores are used by lending companies to find out if you qualify for a loan. It identifies the interest rates of a loan and credit limits. Lenders may also use credit scores to identify if a customer can bring in revenue. And aside from lending companies and banks, credit scores are also used by insurance companies, mobile phone companies, landlords and business owners.

How to check your credit score?

People who reside in the US use the services of three credit bureaus to get a credit report to find out their credit score. US residents are entitled to one free credit report every year from each of the three credit bureaus. But free credit scores are not available but is only an add on feature. Disputes on a consumer free credit report are subject to investigation for a period of 45 days.

Highlights of credit reports from the three credit bureaus:

 

Equifax

Equifax offers free credit report and score for the first 30 days plus members can get unlimited online access to their latest credit report and score. An Equifax credit report uses simple terms to help consumers understand their credit rating. Members will also be able to get regular alerts each time there are changes in their credit reports and alerts each time financial details are used by fraudsters. Application is easy, all you need are your addresses for the past six years, current account details, an active mobile phone number and credit or store cards information.

Experian

Experian offers free credit report and score for the first 30 days. Members are entitled to an unlimited access to his credit score report online and access to your own credit report, free alerts for unauthorized credit report access and more. You may cancel this free trial anytime.

TransUnion

TransUnion provides credit report and score for 7 days. Members will get free alerts from all three bureaus, a special TU Credit Lock feature that keeps thieves out of your credit report, unlimited access to your credit score and a variety of featured offers such as offers on credit cards, mortgages, auto insurance and more.

You must sign up on any of these credit bureaus to receive your free credit report. Under the Wall Street reform bill of 2010, a borrower may receive a free credit score if they have been denied of a loan or insurance as a result of their credit score.

A yearly evaluation of your credit score is necessary to check your credit worthiness and for any discrepancies on your report.

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