Check Credit Score Free

Can You REALLY Get Your Credit Score For Free Online?

We have all seen the commercials and heard the jingles for those credit report companies (who shall remain nameless). As a consumer, you need to know your rights and responsibilities where credit is concerned. This raises the question of whether it really is possible to check your credit score at no charge.

First, you need to realize that credit is a personal responsibility and it is up to you to monitor it. The way you do this is to obtain a credit report from one of the credit reporting agencies. But just getting a copy of the report is not enough and there is more to it than that.

There are three credit reporting agencies that most creditors request information from. These are TransUnion, Equifax and Experian. Every time you request a loan, a credit card or any type of credit, these agencies will tell the business whether or not you are a good or bad risk. This is done through a calculation resulting in a number called your credit score.

As a consumer, you are entitled to one free report per year from each agency. You can request as many as you like, but only the first one is free of charge each year. After the first one, each report runs about $10 apiece. In order to effectively read and decipher the report, you need to know the reporting codes. You will also notice that the credit score will not be included in the report.

Any bad items on the report will detract from your overall score. Things like bankruptcy, unpaid loans, judgments and even late payments are some examples. These items remain on your credit history for a specified period of time according to the following criteria:

- Bankruptcy remains for as long as ten years.

- Lawsuits or judgments entered against you can appear for seven years or until such a time as the legal
   statute of limitations expires.

- Defaulted student loans can appear for 7 years after specific guarantor actions have taken place.

- Liens resulting from tax situations remain active for 7 tears from the date it was paid.

Recently, the use of online credit report companies has become popular. The misconception is that by getting a report from each of the three reporting agencies, you are actively managing your credit. The truth is that simply HAVING a report in your possession does nothing for your personal credit management.

In order to really manage your credit, you need to monitor your spending and expenses carefully. The information on the reports is past history and has already happened. That information can only be used for repair or be taken care of expediently. Managing credit means to control your expenses BEFORE they ever appear on your credit report, such as employing the use of a credit repair company or agency.

So using those 3-in-1 credit report companies can help provide your actual credit score and yes, you can get your credit report for free, but that is only half the battle. You also need to know the reporting codes and what your rights are as a consumer. Do a little homework and make the most of the report that you are entitled to by law.