The basic question we always ask is what is so important about credit score? Getting a loan, applying for mortgage or a credit card. Your credit report is the most important factor influencing the lender’s decision to accept or reject a borrower’s application. Of course, the higher the FICO score, the lower the interest rates you’ll get for any kind of loans.
So how do we get free credit report and FICO score? Go to annualcreditreport.com and either fill in the request online, or by requesting through phone (77-322-8228), or submit a hard copy form available from FTC and mail it to Annual Credit Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Everyone is entitled a free credit report each year from each credit bureau at annualcreditreport.com. After getting the report, check for any mistakes. The credit report will record every loan you take and all the payments you made – whether late or on time. If someone ever requested a copy of your credit report, their names will also be recorded. Other information such as bankruptcy, tax lien are also shown in the report.
You may wonder why the free credit report does not include FICO score? It is a truth fact that you have to pay for it to see your FICO score. However, there is an alternative to get free credit report and FICO score on line.
Go to myfico.com and register your name to get a free credit report. You will subscribe to their FICO score monitoring service for 30 days free trial. Your report will also include updated FICO score. You can cancel the subscription one week before the 30 days trial and you will not be charged. However, if the FICO score monitoring service is helping the borrowers to decide their loan strategies to obtain lower interest rates, then it is advisable to continue the service until the loan is obtained. That’s the main purpose of this service. Otherwise, cancellation is just a few clicks away. There are many other commercial report agencies which you can choose from, myfico.com is only one of them.
Getting free credit report and FICO score is only good for your reference. The most important thing to do is to improve your credit score at least up to 720 to be considered as good credit. Raising credit score is not rocket science, there are several effective methods that can help you raise credit score up to 249 points in 90 days.