Free Annual Credit Report

Equifax, one of the three major credit bureaus, actually has a somewhat flexible range of possible credit scores, making it easier for you to get loans down the line.  If your score is below 620, you should know that your credit score is already in a very poor situation.  Having such a score on your Equifax credit report will cause you to pay significantly higher rates and fees to obtain loans.  Just remember, Equifax is required to offer you a free credit report every 12-month period.  Every CRA should follow these same rules as well.  Equifax is required to provide you the report within 15 days of requesting it.

One thing to remember is that inquiring about your credit score will never affect your credit score.  As long as it’s you who is inquiring about your own credit score, there shouldn’t be a problem.  35% of your payment history affects the score on your Equifax credit report, so making your payments on time is crucial for your Equifax credit score to be good.

If you are in the 800 range, you are given a reason code just like how consumers in the 500 range get reason codes.  They are used to describe to the consumer the reason for adverse action.  Equifax helps lenders determine your ability to pay your bills on time.  Lenders have studied the relationship between credit scores and mortgage delinquencies.  Those who have had to claim bankruptcy in the past are usually given a higher interest rate when asking for a loan from the bank.

Being able to maintain a good credit can lead to being offered Platinum credit cards with high spending limits.  Lenders understand that occasionally people will make late payments.  Their business runs off the idea that you will fail to make your payment, so that you will end up paying more in the long run.  Having multiple late payments on different credit cards can cause a problem for you.  Being aware of your payment dates and paying on time will help you overcome these obstacles.
Founded in 1899 as Retail Credit Company, Equifax quickly grew becoming one of the nation’s largest credit bureaus.  Equifax was alleged to have rewarded its employees for collecting negative information on its consumers.  This all changed when they began to electronically file all of their consumer’s information, setting a standard to which all of content of their consumers’ information was acquired.

Being aware of what lenders are seeing about you is important if you truly need a loan or need to apply for a credit card.  Requesting your free credit report from companies like Equifax will give you the ability to foresee whether or not you will get a loan, or low interest rates.

Transunion, one of the three main credit bureaus, sell their credit reports to lenders who are seeking to do business with you.  If your credit report with Transunion shows that you are bad at paying back lenders late, lenders who request your credit report will be cautious of whether or not they are going to lend money to you.  They fear you will never pay them back their money so they will increase your interest rates, giving you a higher punishment for not making your payments on time.

If your Transunion credit report is looking bad, there are a couple of ways to improve your Transunion rating.  One important way is to analyze your credit report and have any old negatives deleted or corrected on the statement.  The alternative way is to begin rebuilding a payment history with a creditor on a credit card account or something with revolving credit.

It’s important for you to really closely peruse your credit report for anything that needs to be deleted.  According to the Fair Credit Reporting Act, “expired” accounts can be deleted from your report.  It is your right to have these expired accounts deleted from your free annual credit report.  Transunion will not delete these accounts from your report unless you write to them about it.  Make it your responsibility to take care of any discrepancies on your free credit report.

To begin rebuilding a credit history can be a tough task.  The biggest hurdle is being able to qualify for a new credit card or loan in the first place.  In order to pass this hurdle, you need to get a hold of a secure credit card which does not go by your current bad credit rating.  Once the lenders see your poor credit rating, they will deny you a chance to redeem yourself.

Instead of asking for your credit score, the lender will ask for a deposit and will only lend you the amount you have already deposited.  It is only then will the lender approve for your new fresh credit card account.

Another loophole you can take into consideration is to ask a relative to allow you to be added to their revolving credit card accounts.  This relative must have the same last name as you when you are added.  Obviously you would want to attach your name to a relative’s credit card that has a good payment history to begin with.

Try to request creditors to report positive account information, as well as monthly payment history to Transunion, so that it can demonstrate stability in your credit file.  Taking out secured credit cards will also help you build a solid credit history.  Be careful though, having too many inquiries to your credit report may lower your score.
Depending on your current credit rating, it could take anywhere from three weeks to three months for you to even see a lift in your Transunion credit report.  Be sure to take advantage of the free credit report offered to you by Transunion every year so you can stay on top of how your credit score is doing.

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