Before embarking on borrowing, it is important to check your credit score. This is because it gives you an idea of what to expect from any financial lender. A potential creditor will refer to it, when considering your ability to pay back a loan.
Whether a loan is denied or given to you, depends on your credit score.
A good credit score will get you a loan at low interest rate, while a bad credit score may get you one at a high interest rate. Or even worse, make it hard to get any loan at all. You probably already know this fact, do you not?
In the United States of America, you are entitled to a credit report once a year. According to Federal Trade Commission- Consumer Advice, it is within your right under the Fair Credit Reporting Act to request one free credit report from national credit bureaus. These credit reporting bureaus are Equifax, TransUnion and Experian.
Here are three other times you can get free credit report from these companies, as protected under the Fair Credit Reporting Act:
- You can request for a free credit report after a long period of being unemployed.
- You can request it, when you are denied an application which needs your credit report. But, you have to do this within two months of the denial.
- Finally, you can ask for it when there is an inaccurate report or alleged credit fraud involved.
Now you know your consumer right, let us jump into where to go to find your most accurate credit score.
The Best Places To Look At Your Credit Score
The best way to check credit score is to use of the following below:
1. Credit Karma Free Credit Report
Credit Karma is the best place to get free credit report. In fact, it is known to be easiest out of all of the other credit reporting companies. Not only does it have an app which you easily download, but also it does a weekly credit report for you.
Credit Karma is a good way to check your credit score. This is because its reports come from the two national credit report bureaus- Equifax and TransUnion. While you would get one free credit report annually from these two credit reporting agencies, Credit Karma will give you access 24/7.
What is the catch, good reader?
There is none. I have used it to check my credit score. Also, it has let me dispute a credit report error before for free. Hence, why I recommend you using it to find out your credit score.
When you scroll down the website, it also has links to Apple or Google stores for downloading the app. Once you sign up, you can view your credit report. This will include debts or any derogatory remarks on missed payments
2. Annual Credit Report Official Website
This is one of the free credit score check sites. It is recommended by the United States Consumer Financial Protection Bureau. The annual credit report official website is spelled as www.AnnualCreditReport.com. Beware of scamming websites claiming to be it, because there are many of them.
In fact, I would recommend going to the website through the United States government website indicated on the blue hyperlink. It is safe.
What do you need to know about the Annual Credit Report Website?
Annual Credit Report gives you free credit reports from all three national credit bureaus. It is mandated by a Federal law. Go to the blue United States Consumer Financial Protection Bureau hyperlink, and use its direction to find your credit score.
3. TransUnion Free Credit Check
Do you remember the free annual credit report I mentioned earlier, my good reader?
TransUnion offers a free credit report. This is because the Fair Consumer Act tells it to allow you access to your credit report once a year. The best part of it, is TransUnion credit score is accurate.
In addition, you are allowed to order reports from other two national credit report agencies. By the other two national credit report agencies, I refer to Equifax and Experian. If you want to compare your TransUnion Credit Score with the other agencies, this is a good idea.
Besides this free credit check, TransUnion also offers credit monitoring services too. What this does, is to keep a watch out on any damage to your credit and credit score. This is important, since any sudden damage may take some time to rebuild your credit.
Here are other things the credit monitoring services can do for you:
- It updates you on any changes to your credit history. This includes new debt, credit cards or loans.
- It helps with identity theft.
- It alerts you on any late payment.
Basically, any negative event which could damage your credit score is reported to you. TransUnion Credit Monitoring services is better than the free annual credit report. This is because you can catch any error on time and correct it before it severely drops your credit score.
4. Housing Authority Free Credit Report
You can just walk into any housing authority and walk out with your credit score. Here is what I mean, good reader.
You can go to the housing authority to see whether you are qualified for a low-income apartment. They will ask you for some information and run your credit score to see your qualification. As soon as you run your credit score, you can ask them what it is.
They will likely tell you about it. This is a waste of other peoples’ time though. Hence, why I would recommend the other best places to look at your credit score.
5. Credit Card Company
If you have a credit card, your credit card company can show your credit score. This is especially, when the credit card has an app. Usually, they show you the FICO score.
A FICO score is a credit score which most financial creditors use. But, do not get a credit card because you want to see your credit score though. Use Credit Karma to see it, since it is free.
Now, I am going to talk about what a good credit score looks like. That way, you will know what your credit score means whenever you see one.
What Is A Good Credit Score
On my article, What You Need To Know About Credit and Credit Score, I discuss credit scores which could get you almost anything in the United States. You can read the article for a detailed explanation on credit and credit score.
So, what exactly constitutes a good credit score, my good reader?
A good credit score ranges from 670 to +800. Any score within this range could get you a loan with a low interest rate. Also, most creditors will not mind extending a line of credit to you too. This is as long as you have a steady income with this credit score range.
If your credit score falls below the range mentioned above, then you have to repair your credit score. Otherwise, you will risk high interest rates on loans or loan application rejections.
This is especially, when your credit score is damaged by non-payment of bills. You can try to repair the damaged credit yourself, or consult a credit repair company like Credit Saint. Credit Saint will help you with the good credit restoration process.
Does Checking Credit Score Lower It
No, the only negative effect on a credit score comes from payment history, size of debt and debt age among other factors. No matter the number of times you check your credit score, you will not hurt it. This is important, since I highly encourage you to check it every now and then.
Why?
You do not want a negative report on your credit, which can severely damage your credit score without your knowing about it. An early detection makes it easy to start repairing any credit damages on time. So, do not pay heed to anyone who tells you about losing credit point for checking your credit score regularly.
Finally, always deal with issues regarding damages or wrong reports on your credit history. You can dispute them with any of the three national credit reporting bureaus. It is a consumer right protected by a Federal law. Use it, or else any wrong report will affect your credit score negatively.
What You Need To Know About Credit and Credit Score