When looking for your Free Credit Reports and Score, it is important to know just what the differences are between the two.
Free Credit Reports list the full detail on all your credit accounts. It tracks your past payments on all your loans and credit cards. Your credit report is different than your credit score. Credit score are a number that ranges from 300 to 850.
Your annual free credit report provides you with information that is in your credit file. It is maintained by the consumer reporting companies. Which could be given in a report about you to a lender.
A credit score is a number from the Fair Isaac Company or FICO, and is a mathematical model that evaluates many different types of information in a your credit file. Your FICO Score is used by a lender to help them determine whether you might qualify for a particular credit card, loan, or service. Most credit scores estimate the risk a company incurs by lending you money or providing them with a service. In other words, the likelihood that you would make your payments on time in the future. The higher your credit score, the less risk you represent to a lender.
The credit score you saw last year or even last week for that matter, was a snapshot of your credit file at that moment in time. Credit scores are fluid and can change anytime your credit report file is updated with new information.
Free Credit Reports and Score
You should always stay on top of your credit reports and credit score before you apply for any loans or credit card. Get your free credit report from any or all of the three major credit reporting agencies. You will also find excellent tools such as credit monitoring services. They can help you stay on top of your credit rating. We recommend you take action and get your free credit reports and score today.