Free Credit Report With Credit Score

If you’ve ever been declined for a new credit card, car loan, etc you’ve most likely been offered a free credit report via snail mail to review and see why your credit was declined. Unfortunately, the numeric score that determines the approval process is nowhere to be found on these free credit reports, leaving consumers just as confused as to why they were declined in the first place. SO how does a free credit report via snail mail 10-14 days later with no numeric score actually help educate a consumer on why exactly they were declined? It doesn’t. You now have your 20-30 page credit report a week after the fact filled with verbiage that reads about as easy as mumbo jumbo.

These free credit reports contain the status and payment history of outstanding lines of credit and other financial obligations including credit cards, charge accounts, home mortgages, car notes, and delinquent medical and utility bills that have been sold or outsourced to collection agencies. This data is used by the credit bureaus to generate your credit worthiness on their 300 to 850 numeric credit score scale. Lenders primarily use the credit score itself to approve a loan process, so it’s important to know and understand what they’re seeing that coincides with the data on the credit report.

In an effort to help expand financial literacy in America and further educate the masses on credit, an amendment proposed by the Senate Monday could stand to change free credit reports and provide consumers with their numeric score to better understand where they’re at with their credit rating and where they need to be in order to get approved based on a lenders point of view. The credit score would be required to be provided in instances of credit denial, if required a higher interest rate on a loan, or if credit prevented one from establishing new employment.

The Senate verbally voted and approved a proposal by Mark Udall of Colorado to require credit reports to include the numeric credit score that gauges a consumer’s credibility (pun intended) on a scale from 300 to 850, 850 being the big winner of low interest rates on future lines of credit and loans. So what once could cost a consumer up to with their free credit report data, now may be available free of charge when obtaining a free credit report under the aforementioned circumstances.

Unfortunately, a person’s credit worthiness has become a huge factor in daily life as it now used with employers and apartment complexes to determine consumer credibility. Negative credit history = negative consumer these days. This unfair assessment of character has become norm in today’s society and it doesn’t seem like the unbalanced scale of justice will be tipping in favor of average Joe anytime soon. Reviewing your credit report once a year is encouraged to ensure you are not a victim of identity theft and are aware of what’s being reported on your behalf.

You don’t have to be denied credit for a free credit report. You can also obtain a free credit report from annual credit report .com from all three credit bureaus once a year instantly online. Instantly seeing what a lender could see before applying for credit could give consumers a better assessment as to what they would or would not be approved for based on their current data before applying for new lines of credit.

A certified credit counselor with a nonprofit consolidation agency can review your credit report for free and help explain the details of the report and how lenders use the data to determine credit eligibility. Commonly, credit counselors can find ways within your report to improve credit and possibly offer free counseling services to eliminate your unsecured debts faster than normal. Speak to a certified credit counselor today to review your credit report for free and learn how you can improve credit and be debt free with nonprofit counseling services. Call 800.905.1563 or visit our website freedomdm.org and LIVE CHAT with a counselor or complete our contact request form. You can be debt free, Freedom Debt Management, Inc. can help.