CREDIT REPORTS
- Consumers were entitled to one free credit report from each major credit bureau – Equifax, Experian and TransUnion every 12 months.
- A credit report includes information such as employer name, contact information, residence history, bill payment history, account types, the balance, and monthly payment of each account, the open date, and close date for each account, and the responsibility of each account.
- Consumers can ask for a copy a credit report within 60 days of being notified of the denial. Consumers can receive one free credit report a year due to unemployment and plan to look for a job within 60 days. Consumers who receive public assistance can receive one free credit report a year.
- Consumers who have been a victim of fraud or identity theft can receive one free credit report a year.
CREDIT SCORES
- Most major banks offer customers a free copy of their credit score (may or may not be a FICO score).
- A credit score determines the likelihood that a consumer will pay their bills on time.
- A credit score uses five factors calculate a consumers’ credit score: Payment History, Total Debt Owed, Length of Credit History, Type of Accounts, and New Accounts.
- A FICO credit score ranges from 300-850 with 850 being the highest number.
- Some websites provide a free credit score but it is not a FICO credit score which is used by 90% of companies to rate consumers for approval for credit.
- Credit scores provided by many free credit score websites offer an estimated credit score.
- Order a copy at annualcreditreport.com or call 877-322-8228.
FREE CREDIT REPORT WEBSITES
- Not all free credit report websites are the same.
- Many free websites display information that is confusing to consumers.
- Many of these companies sell, rent, or share consumers’ personal information that increases the risk of identity theft.
- Many of these companies have little or no security measures in place to protect consumers’ personal information and do not implement any until a data breach occurs.