Before You Get A Credit Report Know This

By: John Mcfadden

Getting your free credit report online is not easy straight forward you you might think, there are plenty of things you need to know - like being aware of the current scams in the targeting consumers, you need to get the 3 credit reports from all three major Credit Bureaus, you need to get your report every four months, you need to know about identity theft, and more.

A credit report is essential - you know that you need to have a good one - or a good credit score to be able to access credit, but do you know the key information that banks or lenders look at on your report when they are assessing gif they will lend you month or not?

The American company FiCO has a tool that helps credit bureaus determine your credit score - below is the matrix that is used:
Payment History 35%
Amount Owed 30%
Length of Credit History 15%
New Credit 10%
Types of Credit Used 10%

So you need to go though your report and look at these areas and concentrate on the ones at the top of the list. If they don't look that healthy then maybe leave applying for a loan for at least six months - in that time frame you can look at areas to improve your credit score.

Current Credit Report Scams
There are a few scams on the internet at the moment - they will advertise a free credit report and then slug you will a service fee. Be sure that when you apply for you credit report you are sure about the additional services that they are selling to you - make sure you read all there documentation and be sure not to sign up to anything you are not sure about. Also, watch out for this one where you can get caught by supplying personal inforamtion. It works by you providing information via an online form requesting to receive a credit report. What actually happens is that your personally identifiable information is captured by the Scammers who pose as a business.

Get your correct Credit Report Information
You need to get a report form all three credit report bureaus, why you asK? because your past loan and debt information may only be on one of the reports - by law lenders have to report you financial info but only to one bureau, so if you get your report form another bureau then you don't have access to all your financial history - so you will not be able to firstly correct wrong information but you wont get a clear assessment of where you stand, so when you apply for a loan you could be rejected. You need to get your report form all three bureaus and also make sure you keep getting the reports every 4 months - as different information will come in at different times, the best way to get your info is first apply for your report at all three bureaus and then get an addition one for each agency one-by-one every four months. This way, after a year you will be sure to have a full picture of where you are at.

I hope this information on getting your credit report was of value and you see the importance of your credit report and credit score.

Article Source: http://www.bigfreearticles.com

There are many scams on the internet regarding credit reports, and other essential information you need before applying for your report, here I've listed the key information:

About the Author:
Find online bad Credit Report at Credit-Reporter.net.

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