How to Not Pay for YOUR Credit Report

Your credit report and credit score are measures of your financial health. A high credit score and a report with very few missed or overdue payments mean that you will have little difficulty getting a mortgage or a car loan as long as you qualify otherwise. In fact, a poor credit report can even take you out of the running for a job you want. Reviewing your credit report once a year should be part of your own personal financial drill, and by U.S. law, it's free.

Instructions

1

To get your free credit report, go to freecreditreport.com. You may also access the websites for the three major credit reporting agencies: Experian.com, TransUnion.com, and Equifax.com. Whichever way you choose, fill in the required information and click the button that lets you download your report. Make sure you obtain your reports from each of the three agencies. Store your e-copies in a special folder on your computer.

2

Record the date you downloaded your reports. To qualify again for your free reports, you must wait at least one year from your last download.

3

If you want your credit score, a number between 300 and 850 that reflects your overall creditworthiness, you have to pay for it. You can order your score online from each of the credit reporting agencies. If you believe your credit report is good to excellent, meaning very few late or missed payments, it is probably not necessary to order your score. You should order your score if you believe you have more than a few missed or late payments. Then you will be able to track improvements as you make them. Most banks and mortgage lenders require a score of 750 or better to qualify for the lowest interest rates.

4

Compare and contrast your credit reports from each of the three agencies. The three reports will probably not be the same because of different sources each uses to collect data about your credit history. Make sure you read through each report and challenge any errors you see.