Your credit score and history can affect you in so many ways. It can affect your employment, income and even your day to day life and activities. No doubts, you should not joke with your credit scores and history. Thankfully, you can now easily get your credit reports free. With a free credit report, you will know your credit history without forking over some cash.
According to research, checking your credit history as often as possible has a good impact on your credit score. Of course, it does not on its own improve your credit score but it makes you more conscious of your credit history and therefore improves your credit score. A free credit report makes it possible for you to check your credit history as easily and as often as you want.
Precautions to note on free credit reports
The federal law requires the three major bureaus to give you access to a free credit report per year. This means that you can now access a free credit report from Equifax, Experian, and TransUnion. These free credit reports can be obtained from annualcreditreport.com.
Scammers are also aware that you can now get a free credit report and are offering their own features. Unfortunately, annualcreditreport.com does not offer credit score alongside the free credit report but some websites do.
When choosing a third-party website for your free credit report and credit score, you need to be sure that the website truly offers the service they claim to offer. Some websites that pose as free sites but request your credit card details may charge you some fees while not providing the required service.
However, sites like Credit Karma, Credit Sesame, Credit.com, Wallet Hub and so forth do not require any subscription or credit card details to offer a free credit report. You can even obtain your credit score from such a site without any downside.
Can Free Credit Report Reduce Your Credit Score?
One of the major reasons why most people do not get a free credit report is that they think it will affect their credit score negatively. But a free credit report does not affect your credit score in any way.
A free credit report is a kind of soft inquiry. Soft inquiries are said to occur when you request your credit information. Unlike soft inquiries, hard inquiries may have a negative effect on your credit score. Hard inquiries happen when you apply for a mortgage, loan or any other form of credit.
It is always important to get a free credit report from the right source and be sure that you know your financial status as often as possible. With various website and platforms offering free credit reports, it is easier now than ever to improve your credit scores and get a free credit report anytime you want. You can even get a free credit report from your state, your bank and many other sources. If you want to pay some cash for your credit score, you can think about getting it from FICO or the credit bureaus.