Free Annual Credit Report: Protect Yourself
If you are planning to buy any big-ticket item, like a house, making sure your credit reports are correct is a must. You are going to be asked to grant permission from your potential lender to pull a hard copy of these reports along with your credit scores, known as the FICO score. This hard pull is going to be held against the FICO score. It is not a major concern now. However, I see no reason, for you to allow them to do so if you are shopping for a lender. If you give a current free copy with your credit reports and give your scores, they can give some information as what they can offer you. Whenever you pull these reports, nothing is shown. These pulls are called a “soft pull”. Your scores are not affected. It does not show on your reports. When you decide to do business with a particular lender, grant them permission to pull your reports, hard pull.
Free Annual reports are getting a must to do in your life whether you buy a home or not. Make it a habit checking them at least once a year. The Federal Government allows you by law to ask for these reports from the three credit bureau annually for FREE ~!
You get these free credit reports from the three nationwide credit bureaus by pressing the box below:
Also, they can be requested by calling 1-877-322-8228.
You can also order your reports directly from
Equifax: (800) 685-1111: TransUnion: (800) 916-8800: Experian: (800) 682-7654You can pay a one time fee of 58.95 for all 3 reports and 3 FICO scores at MY FICO
Difference between Credit Report and Credit Scores*
The credit report gives a summary of any debt(credit cards) and loans a person takes out. It tells when the account was open, how much was granted and if there been any late payment (ouch), how long the payment been late, or if there are any defaults (ouch, ouch). Also tells you the amount granted and the current amount you have used of the granted amount. Every time a person full-out an application for anything that must the use of other people money, it shows that attempt, whether the person receives the loan(card) or not. So when a person says yes to having the lender, store check their credit report, doing a hard pull, and this is held against the person and credit score. The three credit reports should just about show the same information.
Your credit score is the real numerical value assigned to the information in your credit report. A credit-reporting bureau applies a complex (and proprietary) mathematical algorithm to the information in your credit file to generate your numerical credit score. These are the reason the three FICO scores are different.
The most important weighted items in your reports are: • Debt amounts (especially on revolving lines of credit): 30 percent; • Length of credit history: 15 percent: • Credit mix (having a blend of account types is good): 10 percent; New credit: 10 percent
Your Credit scores may cost you a fee, but it is needed. These reports plus your FICO score will decide:
– loan the lender will offer
– the terms
– the interest rate —- <this allows you to save thousands of dollars in your life time~!
They are important, for they help decide how much of a home you can comfortably afford.