Score credit report Boston

It's a mistake that score credit report Boston millions make every month....and it severely impacts your credit report every time you do it. Last year, 10 million people were victims of identity theft. And most of them did not find out about the theft till they applied for credit, were turned down....and then decided to review their personal credit report. On average, victims ofIdentity TheftOfficial Social Security & FTC Identity Theft Info labor for 16 months, waste almost 200 hundred hours of their personal time and spend more than $1000 clearing their names. Other than Identify Theft, all of the examples listed above can be turned around - if you know how Credit Reports and Credit Scores work!

The actual credit scoring system and credit report was developed by a company called Fair-Isaac (a quasi-governmental-type group). Today, all that Data is now managed by Trans Union, Experian and Equifax. These three companies have complete control over what gets reported and how it impacts your credit scores and personal credit reports. And every Lending Institution in the Country relies on data from one of the three companies - each and every single time score credit report Boston they have to make a credit decision. year free credit report Here's an example - US Bank uses Equifax, Wells Fargo Bank uses Experian and Honda Finance uses Trans Union.

Each assigns a credit score, based on the history in your credit report, which determines if you'll get the credit you're wanting....and what interest rate you'll end up with. Credit Scores are generally broken down as follows - 700+ Score - you're considered Tier 1 - considered excellent by lenders and typically offered the best rates. 650 - 699 - you're considered Tier 2 - considered good by lenders and typically offered interest rates 1% - 4% higher than Tier 1 borrowers.

600 - 649 - you're considered Tier 3 - considered fair by lenders and typically offered rates between 8% and 12%.

550 - 599 - you're considered Tier 4 - considered poor by lender and score credit report Boston typically offered rates between 13% and 22%. legitimate free credit report 350 - 499 - you're score credit report Boston considered Tier 5 - considered very poor by lenders and typically offered interest rates score credit report Boston similar to what the Mafia lends at.

Recently, I've been seeing a lot of advertising on the Internet and TV offering to provide you a Free Personal Credit Report. Heck, there's probably 200,000 Web Sites that make that offer.

Ok - listen carefully - almost score credit report Boston 99% of those ad's are a crock. There are only two ways to get a FREE Credit Report. The second way is to wait for your once-a-year window to request your Free Credit Report. This is a newer program just recently put in place (2005) which was mandated by the Feds. The Web Site you need to visit to see if it's your time to get Free Credit Reports is Annual Credit Report.com. Whether you can get the Freebie Credit Report now or not, there is still one very, very important piece of data missing....

You get the Free Credit Report....without a Credit Score.

You get only half the information you need to score credit report Boston truly understand what's up with your Credit. That's like ordering a King Cut of Prime Rib and getting the Petite Cut. Whenever you apply for credit, the first thing the lender or creditor does is pull your Credit Report....and find your credit score. credit free report The lender then knows what the score is and score credit report Boston begins to make his or her decision score credit report Boston regarding your request and the terms that will be offered to you. Here's a real-life example of what happens in the U.S. Let's say you're looking to purchase a new car - it's a very popular sedan that currently offers Manufacturer Financing of 2.9% for 60 months. You go score credit report Boston through the entire buying process, finally agree to a price and are ready to finish your new car purchase You then give the Dealer all of your personal information and they run a credit report.