Thanks to a new federal law put into place in September of 2005, everyone is entitled to one free credit report each year. This is so that you can verify that your report does not contain any false information, and so you can see how your credit rates.
We have partnered with a credit monitoring service that allows you to pull your reports for only $1. Yes, that’s right…ONLY $1
Once you have your free report, what in the world do all those abbreviations, numbers and codes mean?! The most widely used system for scoring is the FICO score, developed by The Fair Isaac Corporation, and the number determines the risk to extend credit to an individual. Credit reports are usually divided into sections; identifying information, public records, credit history, and inquiries to your credit report from creditors looking to extend your credit based on your credit score.
The identifying information includes your name, address, and social security number. Make sure they are all correct.
The public records section is the section you hope has no information. This is where bankruptcy or judgment would show up on your report, and it will harm your rating more than anything else on the report, and take longer to repair.
The credit history section is the most confusing. It will list every creditor you’ve ever had business with, including accounts that have been closed and those that remain open with no balances, and accounts that you are currently making payments on.
The section is called “inquiries”, and it includes a list of everyone who has ever looked at your report.
You can also get a copy of a credit report any time you’ve been denied credit. This is because there is always the possibility that there are errors in your report, which prevented you from obtaining the credit you applied for.
If you are looking to buy a home, car, or make a major purchase and need a Free consultation with a professional, click below to get a Free Credit Consultation. This way, you will have a heads-up on how close you are to the new purchase.
CLICK HERE: https://jennfinancialsolutions.com/credit-consultation-booking/
Jennifer Nguyen
CEO
JFS Team
