Wednesday, September 20, 2017
 

Credit Report vs Credit Score

Did you know that you DO NOT get to see your credit scores for free when you obtain your annual credit report?

But your scores are just as important. They basically summarize your credit ratings. Most banks, mortgage brokers, creditors, credit card issuers, loan officers, etc, all rely on your credit scores for determining your loan interest rates, loan approvals, etc. NOT your credit reports. Your reports only contain the raw data that are calculated to come up with your SCORES!

Normally you have to pay to see your scores from each of the 3 credit bureaus – TransUnion, Equifax, and Experian credit agencies. But here’s a way to see them for free.

Offer Name: Our Rating:
Free Credit Scores Received: Credit Bureaus Monitored: Trial Period: Benefits:

 

ALL 3 SCORES:
TransUnion
Equifax
Experian
TransUnion
Equifax
Experian
Free 7-day Trial 3 Bureau Credit Monitoring. All Free 3 Credit Scores.

 

Single Credit Score TransUnion
Equifax
Experian
Free 7-day Trial 3 Bureau Credit Monitoring.

 

Single Credit Score TransUnion
Equifax
Experian
Free 7-day Trial 3 Bureau Credit Monitoring.

THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV. You have the right to a free credit report from AnnualCreditReport.com or 8773228228, the ONLY authorized source under federal law.

How We Rate These Services

Key Factor #1. Number of Free Credit Scores You’ll Receive – Simply put, you ideally want to view your scores from all 3 major credit agencies. This gives you the most comprehensive view of your credit status. Also, you’ll find that your scores from one credit bureau is different from the others. Therefore any service or offer which helps you to see all 3 scores will rank high.

Key Factor #2. Number of Credit Bureau Files Monitored – This is also an important factor in seeing which service is good. You want the best and most comprehensive credit monitoring and identity theft protection service for maximum protection.

Key Factor #3. Customer Feedback & ETC – The top picks listed above all have great customer feedback. (Otherwise they wouldn’t pass the grade.). These services all include a handy toll-free hotline where you can receive immediate assistance and helpful advice. They even include assistance if you ever become a victim of credit fraud, etc.

About Credit Scores

Credit scores are used by different financial institutions, lenders, and creditors. Credit scores reflect your creditworthiness. It is used to determine if you will be approved for a loan request. It also determines your loan interest rates. If you have a bad credit score, the higher interest rate would usually mean that you’ll end up paying higher monthly payments for the same loan amount, compared to someone who has an excellent credit score. The data from your credit report is used to figure out your scores using particular algorithmic equations. Credit scores can be purchased directly thru the 3 credit bureaus. To our knowledge, free credit scores are provided only thru free trial memberships or offers we’ve mentioned above, and there is no convenient way to “check my credit score without credit card needed” so to speak. Also, as far we know, a ‘no membership credit score check’ doesn’t exist as well.

About Free Credit Reports

Credit reports on the other hand records loan payment obligations of your various credit or loan accounts. Accounts listed usually include mortgage loans, credit card balances, auto loan accounts, and personal loans, but they are not limited to these. Any loan obligations are usually reported by the creditors to one or all of the 3 credit bureaus – TransUnion, Equifax, and Experian. They do offer your credit report for free once an year. This is what’s often called ‘free annual credit report gov‘ from annual credit report. Each of these credit agencies will also provide you with a credit score but you’ll have to pay for them.

About Credit Monitoring Services

Does subscribing to credit monitoring services make sense? Well, consider these facts: Over 1 in 10 americans will become a victim of identity theft or credit fraud. Average losses incurred are said to be over $5000 per individual. This is when you rely solely on paper statements to monitor your credit. On the otherhand, studies have shown how those who utilize credit monitoring services only reach losses of around 1/10th of that amount ($500+) because they’re quickly alerted to any fraudulent credit activity. And since pretty much all of the rated best credit monitoring services have some sort of identity theft insurance in place (up to $1 million in some cases), any losses you’d incur from identity theft or credit fraud is quickly recovered.

 
 
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