Credit Reports and Scores

Did you know your credit score plays the main role in determining if you are eligible for a loan to purchase a home or car, will affect the interest rate you pay, and even play a role when you apply for a job!?  Your score is influenced by information contained in your credit report – all sorts of information that lenders use to judge your credit-worthiness.  Currently, there are three main credit report agencies – Experian, TransUnion, and Equifax, and each has its own credit report on you.  (Different lenders use different reporting agencies in making a credit decision.)  It’s important to understand how to read your report, and to periodically check all three to make sure that the information is entirely accurate.  When requesting your report, however, be wary of offers for “free” credit reports as usually the fine-print requires you to sign up for some time of service (for a fee) to view your report.  You can view a copy of your report from each agency for free once a year through www.annualcreditreport.com without a charge.

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