Free Credit Report Is Actually Free?
Is A Free Credit Report Actually Free?
One of the most important profiles of a person’s life is their credit report. A credit report works as an aid in buying a home, the better the credit report, the better the chance of a home purchase. They also can work as a prohibitory in the person’s life, as many places will not hand out loans unless the person has a good credit score rating. A common occurrence in finding out your credit score and report is the need to pay for the service, as many companies won’t release your credit score for free. So a common question is, are free credit reports actually free?
What Is A Credit Report/ Score
Before the prices of a credit report are discussed, you should know the importance of a credit score. Credit scores are determined by “credit” a transaction, which is where you borrow money from the bank, pledging to pay the bank back latter within a set time. If you pay the money back within a short period of time, let’s say a month, your credit score will probably remain at a good level. If you wait more than a month, the worse case being 4 months, then you will usually have an unsatisfactory credit score. Credit scores are based on five categories when they are calculated.
The categories are previous credit performance, the current level of indebtedness, time credit has been in use, types of credit available, and the pursuit of new credit. Usually, your previous credit performance makes up for a large majority when your credit score is being calculated. Now, you may ask, why do I need a good credit score? Well, credit scores are actually used in many ways that not many people know of. Most think credit scores only apply to future borrowing from the bank, however, credit scores apply to many purchases of your life, both minor and major. A good credit report allows stores to cash checks, will help you apply for a mortgage, and will even be checked prior to a phone line is established in your home.
Is A Free Credit Report Really Free?
Credit scores usually have to be purchased to view them, however, there are some exceptions that exist. For one, if you are denied a loan or any other major purchase like a loan, your credit score will be presented to you. Some companies say they give credit score reports for free, but they usually give out fictitious and unrealistic scores.
They will also usually spam the email you have given them during signup, to compensate for the “free” credit report. For the most part, however, credit reports are usually free to find out. This is due to the minimal calculation that goes into them, as credit reports are just your history of paying bills and debts. Credit scores, which are represented by a numerical value, from 350 to 850; Are usually received through payment from your end. Credit scores aren’t always necessary to know if you have a good history through a credit report, however, they might be a nice added bonus when thinking of borrowing money from a bank, or applying for the mortgage.
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