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Credit Ratings Score

In today’s credit-driven world, a consumer’s credit ratings score is an important part of their life. A good credit ratings score means a consumer can receive a larger line of credit at a lower interest rate, helping them save a great deal of money in buying or doing the things they want. A poor credit ratings score could cost an individual tens of thousands of dollars to rectify a mistake made years in the past.

Virtually every major transaction today can be affected by a consumer’s credit ratings score. It affects buying a house, buying a car, even what credit card offers a person gets. Keeping a good credit ratings score is important and tough to do, as virtually any mistake can affect it if it is reported to the credit agencies.

Thanks to federal legislation, consumers can find out their credit ratings score for each credit bureau by visiting a single Web site. All three major credit reporting agencies, Equifax, TransUnion and Experian, are now required by law to give consumers access to their credit reports for free once a year. By going to annualcreditreport.com, consumers can see what their credit report holds. All three reports can be different, so receiving all three is important to make sure your credit has not been adversely affected in any way by false information. Bad credit marks can take years to be removed from a credit record, so identifying and protesting false information on a report can be extremely important to an individual’s financial status.

There are a number of other sites or companies that offer other methods of getting your credit ratings score, many are not telling the complete story. Many companies that offer their service as a way to get your credit ratings score neglect to mention that they will only allow the consumer to receive one of the three credit reports for free, and access to the others will cost them a fee. Others allow access to all three credit reports only after the consumer signs up for a “credit monitoring” service, which can cost $80 or more a year.

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