Credit reports and FICO scores
Knowing your FICO score can help you save money on a car or home loan. The first step is to know what is in your credit report. You can obtain this information free by going to http://www.AnnualCreditReport.com
. You are entitled to a free credit report from each of the three national credit bureaus (Equifax, Experian and TransUnion) once every 12 months.
It is important to make sure that the information that is in your credit report is accurate. The “Frequently Asked Questions” section will answer many of your questions. After you get your free credit report from Equifax you have the option to purchase your FICO score for about $7.00. TransUnion and Experian sell their own non-FICO scores for around $5.00 each. It is better to purchase your FICO score from Equifax because that is the score that most lenders use to evaluate your loan application. FICO scores range between 300 and 850. The higher your FICO score the easier it is to negotiate a lower interest rate which can save you substantial amounts of money on a car or home loan.
is the only official site where you can obtain your free credit report, but you will have to pay a nominal fee if you want your FICO score. Don’t be duped by similar sites that will charge you a fee for your credit report. To learn more about credit scores and FICO go to Wikipedia and type in FICO. Empower yourself by knowing what the lender knows.
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