Getting a Free Credit Score Report
In today's economy, knowing your credit score can go a long way in terms of saving you a lot of money, specially when making big purchases such as a car, a house and getting different kinds of loans. Lending money to people you don't know much about is a risky business. That is why FICO scoring system was created.
FICO scoring system allows Lenders such as credit card companies and banks to lower the risk by providing a simple way to know how trustworthy the consumer is. FICO score is simply the most fair way to determine someone's eligibility to receive a loan, because it doesn't have anything to do with sex, race, ethnicity or religion. So, its a perfect tool for financial institutions to evaluate consumers who are seeking loans.
The basic formula for calculating credit scores is based mostly on a few items, such as payment history, credit utilization, length of credit history, types of credit used and recent search for credit. A FICO score runs from 300, all the way to 850. The higher the number is, the better your credit score is.
In 2003,United stats passed a law known as the Fair and Accurate Credit Transactions Act. According to This law, credit reporting bureaus are required to give you one free credit report per year, if you request it. That's why there are a lot of companies out there who offer credit score reports. Of course, your credit score will be the same, no matter what company you get it from. These companies can afford to give you free reports, because, they offer other services related to your credit, such as fraud protection, credit monitoring, credit repair and more. That's how they make their money. But, its not mandatory to subscribe to their services, in order to get your credit score. Getting your fico score is totally free.
Fico score impacts your life in a verity of ways. Knowing your credit score helps you evaluate yourself just like a bank or any other finical institutions would do, if you were trying to get a loan or what have you from them. It gives you an edge over the lender, when trying to get a loan, buy a car, buy a house or making any other big purchases. You can make sure you are always in good standing by knowing your score. If the number is low, you can work on it and improve your score. That's why it is important to know your FICO score.
Don't know your FICO score?…Get Your Free Credit Score Report. To get your Credit Score Report for free visit Free Online Things.
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