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How To Check Credit Score Upfront

Aamir G April 23, 2017

Since financial lenders often demand a clean credit score upfront before approving your loan, you are obliged to constantly check your credit score rating to ensure that you are within a permissible range.   In order to check your credit score, there are different steps you should take as outlined below.

Credit reports

The most common and reliable way of checking your credit score is to obtain a credit report at least once a year from each of the following credit agencies: Equifax, Experian, and TransUnion. The reports obtained from these agents contain a wide range of information about current loans from yahoo finance and debts, payment history of your bills as well as other information related to your financial activities. Prospective lenders use the information that is obtained from credit reports by different agents to check if you deserve a loan by critically analyzing your credit score.

Credit Score Upfront

Regularly checking your credit reports also helps you to ensure that you have a clean record with regard to your credit score. In some cases, there are some unscrupulous people who fraudulently open accounts using details belonging to other individuals without their knowledge. Therefore, if you regularly request your credit report, you are in a better position to identify any anomaly that can negatively impact on your credit rating. This also gives you the opportunity to report any suspicious transactions that may have been performed in your name but without your knowledge.

Checking your credit score

The rate of your credit risk at a particular period is known as the credit score and this is calculated by creditors using the information that has been obtained from your credit reports. However, your annual report does not contain details about your credit score since this can be obtained for a certain fee. A credit score is used by the lenders to determine if you deserve to get a loan before the retirement  as well as to decide the terms and conditions upon which your loan will be approved. You can have many credit scores as determined by different lenders and this is the main reason why you should make an effort to make your credit report as accurate as possible.

Filing a complaint about credit reports

In some cases, the borrowers can have issues with credit reporting agencies (CRA) and they can report these to the Consumer Financial Protection Bureau (CFPB). The affected individuals can raise complaints that pertain to the following issues:

  • The CRA is not responding to your dispute
  • Improper use of your credit report
  • Failure to get copy of your credit report
  • Problem with identity protection

It is your right to ensure that your privacy and personal information is protected. The credit rating agencies also need to be monitored so it is your right to ensure that your details are not compromised since this can negatively impact on you when you in future when you try to seek a loan from different lenders. The most important thing that you should take note of is to make sure that your credit history is up to date since this affects your credit score.

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