We've all seen the ads online and on TV, advertising free credit reports and scores.
They all seem to be tripping over themselves to give you a look at your credit report and score for FREE.
Of course, the problem is that none of the sites that promise free reports can really deliver on that (at least not without a monthly subscription fee; for an actual free copy of your credit report, go to annualcreditreport.
com), so many of them have now turned to offering a free glimpse of your actual credit score (again, for a small fee).
The problem is, there's no free alternative to seeing your actual credit score.
If you want the most accurate look at your current score, the best place to check would be myFICO.
com, the method generally used for scoring credit reports.
Like all other sites though, myFICO charges you a fee to monitor your score, leaving you with no really free alternative to checking your score.
Just the FACS Enter the FACS (Free Access to Credit Scores) Act.
Introduced as an amendment to the Fair Credit Reporting Act by Colorado Democratic senator Mark Udall, the amendment would require the disclosure of a credit score along with a credit report if an adverse action was taken by a lender or insurance company.
So instead of only receiving a free copy of your credit report, you'll also get to peek at your score too.
The proposal is now one step closer to becoming an actual law when it was adopted by the Senate on May 18th.
The only problem now is which score is given.
3 reports, 3 scores To add to the confusion already surrounding the credit industry, most people are unaware that along with their 3 credit reports come 3 different scores as well.
What now needs to be decided is which score to send out to consumers who were turned down by potential lenders - the score the lender actually used to determine whether a loan would be granted at all, or an overall "educational" score that looks at your 3 scores as a whole.
The overall score will be included with your free yearly copy of your report.
Hopefully, this will pass and give consumers a better understanding of their overall credit profile so they'll have the necessary facts when making their financial plans.
They all seem to be tripping over themselves to give you a look at your credit report and score for FREE.
Of course, the problem is that none of the sites that promise free reports can really deliver on that (at least not without a monthly subscription fee; for an actual free copy of your credit report, go to annualcreditreport.
com), so many of them have now turned to offering a free glimpse of your actual credit score (again, for a small fee).
The problem is, there's no free alternative to seeing your actual credit score.
If you want the most accurate look at your current score, the best place to check would be myFICO.
com, the method generally used for scoring credit reports.
Like all other sites though, myFICO charges you a fee to monitor your score, leaving you with no really free alternative to checking your score.
Just the FACS Enter the FACS (Free Access to Credit Scores) Act.
Introduced as an amendment to the Fair Credit Reporting Act by Colorado Democratic senator Mark Udall, the amendment would require the disclosure of a credit score along with a credit report if an adverse action was taken by a lender or insurance company.
So instead of only receiving a free copy of your credit report, you'll also get to peek at your score too.
The proposal is now one step closer to becoming an actual law when it was adopted by the Senate on May 18th.
The only problem now is which score is given.
3 reports, 3 scores To add to the confusion already surrounding the credit industry, most people are unaware that along with their 3 credit reports come 3 different scores as well.
What now needs to be decided is which score to send out to consumers who were turned down by potential lenders - the score the lender actually used to determine whether a loan would be granted at all, or an overall "educational" score that looks at your 3 scores as a whole.
The overall score will be included with your free yearly copy of your report.
Hopefully, this will pass and give consumers a better understanding of their overall credit profile so they'll have the necessary facts when making their financial plans.
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