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Understanding Your Credit Report

    The most important subject that should be taught in high school is how money works, the lack of a true focus on this subject has left most Americans fending for themselves. Understanding credit, credit reporting and credit scores is the backbone to developing a solid financial foundation yet we find day after day the average American makes serious mistakes because of the lack of knowledge concerning credit.

How To Get Credit Report With Credit Scores

    FICO scores, developed by Fair Isaac Corp., are the predominant credit measure used by the mortgage industry. The scores run from 300 to 850 and are used to predict a borrower's likelihood of future nonpayment, with higher scores indicative of better creditworthiness.

    Other commercial scoring models, which also may accurately predict risk of nonpayment and gauge a consumer's credit health and behavior, are widely available on the Internet. But they are rarely used by mortgage lenders and therefore have limited relevance for a home mortgage application. Lenders use FICO scores to price mortgages.

    MyFico is one of the best websites to get information on everything you would want to know about credit reports. They also have great features included when purchasing from MyFico such as FICO scores from the three national credit bureaus, credit reports from the three national credit bureaus and FICO Score Simulator. 
 
    This simulator analyzes your personal credit information and answers questions. MyFico also has a very affordable monthly service that will e-mail you as soon as any changes occur on your credit report. This service is a must for someone who never whats to be kept in the dark about their credit report.

Tried of getting unsolicted mail for Credit Cards!

       You have the right to opt out! Most people don't know that all 3 credit reporting agencies sell your information to marketing companies so they can mail you those annoying pre-approved applications. The truth is you have not been pre-approved it is sales tactic used by a marketing firm that has the right to send you letters on behalf of a large bank.

     The marketing firm went to a credit reporting company and rented names of people in a certain area and with a credit score in a certain range. They never see your credit report nor do they see the list. The mailer goes out on behalf of the marketing company from the reporting agency. The marketer makes money after you have filled out the application and returned it back to the bank.

     The problem for most unsuspecting Americans is that they think they are approved already so they mail in the application only to be denied and lower they credit score every time they fill one out.

     Just call 1-888-567-8688 the consumer credit reporting industry opt-in and opt-out number to remove you from the list. You will also eliminate 90% of junk mail!  

Learn How To Get A Free Credit Report

    You do have a right to obtain a free credit report from each credit bureau once a year but these companies are not obligated to give you your credit scores with the report. The only way to get a report with the scores is to pay for it but be careful there are companies that have their scoring system that is not used by most lending institutions.

    Fight identity theft by monitoring and reviewing your credit report. You may request your free credit report online, by phone or through the mail once per year. Free credit reports requested online are viewable immediately upon authentication of identity. Free credit reports requested by phone or mail will be processed within 15 days of receiving your request.

Free Credit Report