When It's Time to Check out That Credit Report
Contributed by Roland Head
There's no time like right now to check out your credit report
If you haven't done so recently, you might want to check out your credit report. You're entitled to one free credit report from all three major credit bureaus once a year. However, for around $25 you can purchase a credit report as often as you fancy. Experts recommend taking a look, if only at your credit score, at least three times a year. You can get credit scores also know as FICO scores as many times as you want for free from one of the three credit bureaus.
Note: you may be requested to sign up as a member before getting your score but you can always immediately rescind your membership after getting your score.)
What does a credit report tell you?
A credit report is roughly your credit history. They're synonymous. Your creditors submit a report to the credit bureaus which is the history of your credit with them. It includes such wide ranging information as late utility payments, hospital bills, student loans, mortgages, and credit card payments.
Scores range from 300 to 850. Beth Givens, director of the Privacy Rights Clearinghouse, says, ideally you want your score to be well above 620. That's the dividing line between a good credit risk and a bad one for creditors.
Having a low score means it will be harder to get credit and that you pay have to pay more for it in terms of higher rates of interest. If your score is exceptionally low, you might not be able to get credit at all.
A low score can also affect you on your job applications or professional license applications.
