InsightsFrenzy.com | Discover Insightful Content

All That You Need To Know About Credit Scores And Credit Score Agency

A credit score rates a person’s ability to pay back his debts. The scores range from 350-800. Higher the score, lower are his credit risk. A credit score and report is based on a scoring system with 35% weight to your payment history, 30% debt burden, 15% on the length of credit history,10% on types of credit cards used and remaining 10% on the inquiries and applications filled for other credits.

With the introduction of the FACT Act, every resident is entitled to a free credit report from the reporting agency once a year.

The need for credit bureaus rose from the era when people started extending credits to businesses. They had their own vetting process and as the cities and trade grew it became difficult to assess the creditworthiness. Vetting people became a huge challenge leading to people stepping up to solve the problem.

You can get free Credit Score is by visiting www.annualcreditreport.com , once every year. Today, three major companies dominate major market share in this industry; Equifax, Experian, and TransUnion. The above link will give you all 3 free credit reports once a year.

You can buy credit score and reports from Experian or Equifax at any point of the year. It is important to check for accuracy especially when your application is rejected. Experian Credit Tracker ™ & Equifax Complete™ are offerings from Experian & Equifax that includes Credit Score and report along with FICO score and daily credit monitoring system with mail alerts. The company also has fraud resolution support and hotline number. This is a monthly subscription service. TransUnion also offers the same service along with VantageScores.

TransUnion SmartMove® is a tenant screening service which offers landlords the opportunity to screen the creditworthiness of a tenant. Renters can use this service to keep their personal information private while the company only sends your credit score to the authorized landlord.

Any discrepancies in your credit score or misuse of your credit information, it recommended to get in contact with the credit rating agency and also informing relevant authorities.

Disclaimer:

The content provided on our blog site traverses numerous categories, offering readers valuable and practical information. Readers can use the editorial team’s research and data to gain more insights into their topics of interest. However, they are requested not to treat the articles as conclusive. The website team cannot be held responsible for differences in data or inaccuracies found across other platforms. Please also note that the site might also miss out on various schemes and offers available that the readers may find more beneficial than the ones we cover.

Popular Articles

4 tips to check credit score

Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies.

4 Simple Steps To Keep An Eye On Your Credit

Your credit score an indication of the health of your finances. Banks and credit agencies also keep a check on your credit score to ascertain whether you are judiciously paying your dues.

Tips to Get Loans Despite Poor Credits

Poor credit can affect your ability to borrow loans. Along with that, it also has a detrimental effect on other, more lasting aspects of life. If you have a poor credit loans history, the chances of landing a job and renting of an apartment are also seriously affected.

All you need to know about credit report scores

Credit reports and credit report scores are important to obtain loans, funding and it contains all your financial information like the history of your bill payment, loans, debt etc. It also contains the history of a criminal past like fraud, arrest, bankruptcy.

How to get a credit score

If you are wondering, “how to get my credit score?”, then don’t fret as you can get a free credit score report every twelve months from the credit agencies in the country.

Things to keep in mind while checking your credit report

Credit reports are statements that carry information about an individual’s credit score and history, spanning everything from current debts, history of bill payments, and other relevant financial details. Additionally, they can include information about a person’s place of work and residence.