Here’s how it works: Your personal credit rating, largely, determines what loans you will qualify for and the interest you’ll pay. Credit ratings are not based on mathematical formulas. Instead, credit rating agencies use their judgment and experience in determining likelihood of default.
Check these sites to help you find out where your credit score stands, how to fix credit problems or improve your score and tips for your credit future. Click the Blue Links to visit each tip.
• Fair Isaac Corp. (FICO)— calculates credit scores determined by consumer-reporting agencies Equifax, TransUnion, and Experian. This site contains information on fixing or improving your credit rating and has several links and tips on how to maintain your credit score. The site also features a link very important link for guidance for disputing errors in your credit history. The site warns that out of all of the ways to improve a credit score, quick-fix efforts are the most likely to backfire, so beware of any advice that claims to improve your credit score fast.
• FREE Credit Report — You’re allowed, by law under the Fair Credit Reporting Act a free copy of your credit report every year from each of the big nationwide reporting agencies noted above. AnnualCreditReport.com is the official site to help consumers to obtain their free credit report. Beware of other offers, and remember that getting a free credit report does not include your credit score. You probably will have to pay to get that – and each agency produces its own report for a few bucks apiece.
• Identity Theft — You need to call the police if someone has gotten hold of your credit-card number, or has made you the victim of any sort of identity theft. Beyond that, the Federal Trade Commission has a program called Consumer Sentinel for channeling reports into a national database of telemarketing and identity-theft complaints. Here’s a guide to protect and report identity theft.
• Your Credit Future — If you will be considering to buy a home, a car or open a new credit card account you should then take charge of your Credit Future. The higher risk you are the higher the interest rate the lender will offer you and/or require a larger down payment. Now is the time to take charge. In doing so this site will provide you with the steps to Better your Credit Future. Here’s the best advice to manage your credit responsibilities.
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