How to get a free credit report copy or order a credit report.

Credit Advice: Reasons to Repair Bad Credit

* To get lower insurance rates on policies like life, auto and home.

* To avoid security deposits for utility services.

* To pay less security deposits for rent.

* To get lower credit card interest rates which saves money.

* To get higher credit limits instead of low credit limits for purchases on credit cards.

* To feel proud of having good scores when creditors check your credit reports.

* To get approved for a home loan with low interest rates.

* To eliminate debt collection calls, letters, harassment, and your time to try to stop these actions. 

* To have a better chance of getting approved for a rental application.

* To avoid having to pay cash for everything or making security deposits because of not having a credit card to use.

* To be able to get approved for a new or used auto and to get an auto loan with good terms.

* To be able to get a job or promotion. Some government and financial jobs like to know about your personal finances.

Review Disclaimer: Review information was obtained from the website, and is neither an endorsement by us nor an confirmation of content nor a warrnty of any promises made by the website. Use the review information at your sole discretion and sole liability.
 

MyFICO.com Review - Copyright ©2001-2011 Fair Isaac Corporation. All rights reserved. FICO® is a registered trademark of Fair Isaac Corporation. Equifax credit report™ is a trademark of Equifax, Inc. and its affiliated companies. Score Watch® is a registered trademark of Equifax, Inc. and its affiliated companies.

Your FICO® credit score is pivotal. And now it's free.
* The factor used to determine your mortgage rates, car loans and credit card terms.
* 90% of the largest banks use your FICO® credit score for credit decisions.
* A 100 point difference in your FICO® score could mean over $40,000 extra in interest payments over the life of a 30 year mortgage on a $300,000 home loan.

Discover your FICO score, the factors affecting it, plus access to your credit report.
Access your FICO score and credit report four times a year.
Monitors your Equifax credit report™. Sends an alert when your FICO score changes.
Craft your personal action plan with tool kit and 3 FICO scores and credit reports (Equifax & TransUnion).
Detect and stop identity theft before it happens. Includes 15 protection points.

From the interest rate and features you are offered on a credit card to your ability to qualify for a mortgage, your FICO® score plays a large part in the bank's decision making process. A good score can have banks competing for your business when you apply for a loan. A bad score may mean that you won't qualify for your auto, mortgage or credit card - or if you do, you may only be offered high rates which will cost you extra money each month.

Knowing your FICO score is the first step toward understanding your credit picture. Score Watch® is a great way to get your current FICO score and credit report and then continually track your score going forward so you'll understand the factors that are impacting your FICO score.

With Score Watch® you get: Receive Email alerts or text messages when there are changes to your FICO® score and credit report. Getting alerted of changes to your score and report will help keep you on top of your credit.

Both the positive and negative factors of your credit that are influencing your FICO® score. These factors can help you better understand your credit situation.

Notifications when your FICO® score has changed enough to qualify you for a better interest rate on a home loan or auto loan. You can receive an alert when your score hits a target number that you set.

About credit scores

When you apply for credit - whether for a credit card, a car loan, or a mortgage - lenders want to know what risk they'd take by loaning money to you. FICO® scores are the credit scores most lenders use to determine your credit risk. You have three FICO scores, one for each of the three credit bureaus: Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well. Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time. Taking steps to improve your FICO scores can help you qualify for better rates from lenders.

For your three FICO scores to be calculated, each of your three credit reports must contain at least one account which has been open for at least six months. In addition, each report must contain at least one account that has been updated in the past six months. This ensures that there is enough information - and enough recent information - in your report on which to base a FICO score on each report.

About FICO scores - Credit bureau scores are often called “FICO scores” because most credit bureau scores used in the U.S. are produced from software developed by Fair Isaac and Company. FICO scores are provided to lenders by the major credit reporting agencies.

FICO scores provide the best guide to future risk based solely on credit report data. The higher the credit score, the lower the risk. But no score says whether a specific individual will be a “good” or “bad” customer. And while many lenders use FICO scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable for a given credit product. There is no single “cutoff score” used by all lenders and there are many additional factors that lenders use to determine your actual interest rates. However you can now see what interest rates lenders typically offer consumers based on FICO score ranges.

Other Names for FICO Scores - FICO scores have different names at each of the credit reporting agencies. All of these scores, however, are developed using the same methods by Fair Isaac, and have been rigorously tested to ensure they provide the most accurate picture of credit risk possible using credit report data.

Equifax = BEACON® Score
Experian = Experian/Fair Isaac Risk Model
TransUnion = EMPIRICA®

In general, when people talk about "your score", they're talking about your current FICO score. However, there is no one credit score used to make decisions about you. This is true because:

* Credit bureau scores are not the only scores used. Many lenders use their own credit scores, which often will include the FICO score as well as other information about you.
* FICO scores are not the only credit bureau scores. There are other credit bureau scores, although FICO scores are by far the most commonly used. Other credit bureau scores may evaluate your credit report differently than FICO scores, and in some cases a higher score may mean more risk, not less risk as with FICO scores.
* Your credit score may be different at each of the main credit reporting agencies. The FICO score from each credit reporting agency considers only the data in your credit report at that agency. If your current scores from the credit reporting agencies are different, it's probably because the information those agencies have on you differs.
* Your FICO score changes over time. As your data changes at the credit reporting agency, so will any new credit score based on your credit report. So your FICO score from a month ago is probably not the same score a lender would get from the credit reporting agency today.

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Review Disclaimer: Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
 

FTC.gov Credit Repair Rights

Your Rights Regarding Credit Repair

No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Some people hire a company to investigate on their behalf, but anything a credit repair clinic can do legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA):

* You’re entitled to a free report if a company takes “adverse action” against you, like denying your application for credit, insurance, or employment. You have to ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
* Each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - is required to provide you with a free copy of your credit report once every 12 months, if you ask for it. The three companies have a central website, a toll-free telephone number, and a mailing address for consumers to order the free annual credit reports the government entitles them to. To order, click on annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

You can use the form in this brochure, or you can print it from ftc.gov/credit. You may order reports from each of the three consumer reporting companies at the same time, or you can stagger your requests, ordering one from each company throughout the year from the central address. Don’t contact the three nationwide consumer reporting companies individually or at another address because you may end up paying for a report that you’re entitled to get for free. In fact, each consumer reporting company may charge you up to $10.50 to purchase an additional copy of your report within a 12-month period.

* It doesn’t cost anything to dispute mistakes or outdated items on your credit report. Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under the FCRA, contact the consumer reporting company and the information provider.

The Credit Repair Organizations Act - Credit repair organizations must give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract. They also must give you a written contract that spells out your rights and obligations. Read these documents before you sign anything. And before signing, know that a credit repair company cannot:

* make false claims about their services
* charge you until they have completed the promised services
* perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the contract without paying any fees.

Before you sign a contract, be sure it specifies:

* the payment terms for services, including the total cost
* a detailed description of the services the company will perform
* how long it will take to achieve the result
* any guarantees the company offer
* the company’s name and business address