How to check your credit report and credit score for FREE
You found your dream home online and you had decided to move forward to next step of process of buying a home. Your Realtor ask you to get prequalification for mortgage, so that you know how much for sure that you really can afford. He/she ask you, how is your credit? If you know your credit, that’s good. If you don’t know, here are some websites that you can check your credit for free.
What is credit report?
A credit report is a summary of your financial reliability and serves as credit references. Credit report does not contain your credit score. Credit reports provide a detailed history of a person’s current and past credit accounts and debt, third-party collections, certain public records and requests by lenders for the credit reports. The reports include dates accounts were opened, loan amounts, current balances and payment history, including late payments or defaults. Reports sometimes have errors, so it’s important to examine them carefully and dispute any mistakes you find.
What is credit score?
A credit score is the numerical value calculated from information in your credit file that is used by lenders and landlords to assess your “credit risk” at that time. A total number of points “a credit score” help to predict how creditworthy you are, that is, how likely you are to repay a loan and make the payments on time. Most common credit score are FICO score and VantageScore.
In short, credit report is like your school report card that capture it with grades for each class. Credit score will be like grade point average, that measures your performance with one number.
“A credit report is like a school report card, a credit score is like grade point average”
When you are applying for mortgage, your lender will look at both at your credit report and credit score for any red flags. Lender will pull three credit scores based on credit reports from each credit bureau and use for qualification.
AnnualCreditReport
AnnualCreditReport.com is government-sponsored site where we all can get a copy of each of our three major credit reports every 12 months. The free annual credit report will not contain your credit score. By viewing your credit reports, you will be able to know what lenders will see when you apply for a loan. You can review the credit reports to help you catch signs of identity theft early and ensure that the information on all of your credit reports is correct and up to date.
Credit.com
From Credit.com, when you set up your free account, Credit.com will retrieve your credit information for you from Experian and create a personalized dashboard with all your data. There is no cost to you — no credit card required. Your score is updated every 14 days, and you can always check it for free.
Credit Karma
According to Credit Karma, you can get your free credit reports and credit scores from TransUnion and Equifax. Checking your own scores on Credit Karma doest’t impact your credit. In fact, checking in regularly can help you figure out key areas to work on to build your score.
Also read: How credit scores affect interest rates when buying a home?
Credit Scorecard
Credit Scorecard information is based on data from Experian and may differ from credit scores and credit information provided by other credit bureaus.
Credit Sesame
According to Credit Sesame, Credit Sesame will pull your credit information from TransUnion so reviewing your credit factors that influence your credit score is made easy and intuitive.
Nerdwallet
NerdWallet members can receive their TransUnion VantageScore 3.0 and TransUnion credit report for free.
WalletHub
According to WalletHub, you can check your credit score for free with free daily updates. Just quickly confirm your identity, and you will get access to your latest VantageScore 3.0 credit score, based on your TransUnion credit report.
Bottom line
We all know both credit report and credit score are very important in our daily life. Your credit report and credit score can impact if you’re approved for a loan or credit card. Whether you want to get a credit card, buy a home, buy a new car or get another type of loan, your score can be a key factor in the lender’s decision to approve you. Almost all of the credit site mentioned above are free, be careful they might sending you marketing materials, that’s how they make money. Also, the credit score most probably will not be as accurate and you think. They are only approximations and for references only.
Swee Ng, Realtor and Resident in Phoenix East Valley specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.If you are looking to buy or sell your home in Phoenix or surrounding area, I would the the opportunity to be interviewed for the job. Contact Us today for complimentary and no obligation consultation. I hope that you will put my experience, knowledge, service and professionalism to work for you.
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