Will free credit report affect my score?

Free credit reports are important. They make it easy and free for you to review your credit reports and therefore improve your creditworthiness and behavior. However, getting a free credit report might be great and helpful but what are the consequences involved? Will free credit report after your credit score? These are some of the questions that run through the minds of most Americans when they go for a free credit report.

The Credit Inquiries

The kind of inquiry you make on your credit history determines the effect it will have on your credit score. There are basically two types of inquires: hard and soft inquiry.

A hard inquiry occurs when you apply for credit such as apply for loan, a credit card, mortgage or any other form of credit. During hard inquiry, the lender will pull your credit information and this has an effect on your credit score. It typically reduces your credit score.

On the other hand, a soft inquiry occurs when you request for your credit report. A free credit report is an example of a soft inquiry. As you can expect, a soft inquiry has no effect on your credit score. In other words, soft inquires do not increase or decrease your credit score.

Positive Effect on Your Credit Score

As a matter of fact, your credit score is unaffected by getting a free credit report. In fact, getting a free credit report indirectly improves your credit score.

Several studies have confirmed the effect of frequently checking credit reports on credit scores and credit behaviors. Studies conclude that people who check their credit reports often are likely to improve their credit behavior. A free credit report provides an opportunity for you to check your credit report as often as possible. This will help you to keep an eye on your credit report as easily as you can and therefore improve your credit score.

Checking your credit report frequently will make you more conscious of your credit behavior. If you are really serious with your credit behavior, you may be able to fork over some cash to check your credit report. However, with a free credit report, anybody can know his credit standing and you don’t need to pay a dime to review your credit reports.

Why Your Credit Score Matters

Your free credit report contains an overview of your credit history. It may or may not contain your credit score. In fact, free credit reports obtained from the government authorized site, annualcreditreport.com does not contain your credit score. You will have to pay some fees to get the credit score.

Thankfully, you can get a free credit report and score form third-party sites like credit.com. Improving your credit score is of paramount importance. This is because your credit report and score affects most things in your life from your apartment request and your mortgage rates to your job application and credit card approvals. You can get a free credit report not only from annualcreditreport.com but also from your bank, state and even free websites.

Are free credit reports safe?

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.

Are free credit report sites safe?

Every consumer now has access to a free credit report annually from one of the three major bureaus, thanks to the Fair and Accurate Credit Transactions Act (FACTA) issued in 2003. The best way to get the free credit report from the three major bureaus is through annualcreditreport.com. The website is considered to be safe.

However, you can also get your credit report from each of the bureaus. Sadly, the bureaus do not offer a free credit report themselves. If you click their free credit report option, you will be redirected to annualcreditreport.com. Since the federal law mandates each bureau to offer you a free credit report, you can get three free credit reports each from Equifax, Experian, and TransUnion.

Free Credit Report From Other Sources

Apart from getting a free credit report provided by the three major bureaus from annualcreditreport.com, you can also get the report from several other sources which include your bank, state, and free websites

Getting a free credit report from your bank is safe. However, not all banks offer free credit reports. Some popular banks that offer free credit report include Citibank, Chase Bank, Barclays, Discover Card, and so forth. You can find out if your bank is offering a free credit report by contacting them.

Several states offer at least one free credit report per year. States like Colorado and Georgia offer free credit report per year; however, Georgia offers up to two free credit reports per year.

As you can expect, free credit reports from your state and the bank are safe. Before looking for some other alternatives to get a free credit report, it is usually a good practice to check with your bank and state.

You can also obtain a free credit report from several other sources and websites. Some of the most popular sites to get a free credit report per year include Credit Karma, Credit Sesame, Quizzle, Wallet Hub, Credit.com and so forth. However, credit.com offers up to two free credit reports per year.

The aforementioned sites are generally safe and do not ask for subscription and/or credit card information before issuing your free credit report. The sites rely on advertisement and your information can be used to advertise some other products such as a mortgage.

However, there are oodles of some other sites for obtaining a free credit report. Some of these sites claim to offer free credit reports to consumers but in the actual sense, they do not. You should be wary of sites requesting for your credit card details and asking you to subscribe before issuing your free credit report.

It is usually better to opt for sites offering a free credit report without any obligation. Also, ensure that the platform is SSL encrypted in order to be on the safer side with your information.

You need a free credit report to access your credit history and performance as often as possible. With a free credit report, you can easily improve your credit score and credit behavior.

Does free credit report lower your score?

Your credit score is important. It is the parameter or gauge used in measuring your creditworthiness or performance. Your credit history details your financial involvements as it relates to loans and credits. A bad credit score can affect you greatly; the good news is that you can improve your credit score by keeping tabs on your credit report. This is why you need to know how to get a free credit report.

In the past, you have to pay some cash in order to get your credit report but this is no longer necessary. You can get a free credit report without these hurdles. Free credit reports can be obtained from various sources. You can get a free credit report from the three main bureaus via annualcreditreport.com, you can also get if from your state or from some free websites.

Free Credit Reports Versus Credit Score

Your free credit report may or may not contain your credit score; this depends entirely on where and how you obtain it. If you obtain your free credit report from annualcreditreport.com, it will not contain your credit score. Annualcreditreport.com requires you to pay some fees to get your credit score but you can access a free credit report from the three major bureaus through the platform.

Your Credit Score

You can get a free credit report and score from several free website such as Quizzle, Credit Karma, Credit Sesame and so forth. If you obtain the free credit report from any of these platforms, your report will contain your score.

Getting free credit report does not lower your score. However, it is important to understand the inquiries that apply to getting a credit report. There are two major forms of inquiries that apply to credit scores, namely hard and soft inquiries.

When you apply for credit for the purpose of loan, mortgage and a credit card, the lender or bank will usually pull your credit information. This is known as hard inquiry. A hard inquiry generally reduces your credit score. However, the effect of hard inquiry on the credit score could wane in two years.

On the other hand, a soft inquiry occurs when you check the credit card on your own. This is the case involved when you get a free credit report and score. Since a free credit report and score involve soft inquiry, it does not reduce your credit score or have an effect on the credit score.

In other words, you can request for a free credit report and the credit score as often as possible and you don’t need to worry about any effect on your score. As a matter of fact, requesting free credit report will help you to keep tabs on your credit history. This is one process you should seriously consider if you want to improve your credit history as often as possible. You can take advantage of the free credit websites such as Quizzle and Credit Karma to check credit report and scores for free.

Is free credit report accurate?

No one wants to keep a bad credit report. Why? Because it affects virtually everything you do from your insurance and mortgage to your auto loans and student loans. Most employers even check the employees’ credit history before employing them. Knowing the importance of the credit report, you need to regularly monitor it and make sure you keep a straight credit report. But to keep a tab on your credit report, you need to easily access it, which is where a free credit report comes in.

Why You Need to Free Credit Report

You need a free credit report for several reasons especially because you should maintain creditworthiness. With a free credit report, you can access your credit history easily and without any cost. This makes it possible for you to keep an eye on your credit history.

However, there is usually a limit to the number of times you can access a free credit report. For instance, you can access a free credit report from each of the three major bureaus (Equifax, Experian, and TransUnion) from annualcreditreport.com per year. You can also choose to get the free credit report directly from each of the bureau’s website.

Getting an Accurate Free Credit Report

The information contained in the free credit report obtained from each of the three major bureaus may differ. This is basically because lenders who report to a credit bureau may not report to another. Thus, to get a comprehensive free credit report, you need to ensure you get from the three lenders.

As a matter of fact, a free credit report from a lender may not be considered accurate. In other words, it is very important to review the credit reports to make sure that they are accurate.

A similar case also applies to the free credit report you obtain from other sources. As a matter of fact, the most credible place to obtain your free credit report is either annualcreditreport.com or the directly from the credit bureaus. But you can also obtain a free credit report from some other platforms such as Credit Sesame, Quizzle, Credit Karma and so forth.

 No matter where you obtain your free credit report, it is usually important to make sure you have the credit reports from the three major bureaus, compare them and have a comprehensive overview of your credit information. This will give you a good idea of your credit history and inform you about your creditworthiness.

Of course, the number of free credit reports you can obtain from a platform in a year is limited. Platforms like Quizzle, Credit Karma and Credit Sesame only offer one free credit report per year. But you can obtain up to two free credit reports per year from credit.com. There are oodles of other platforms to obtain a free credit report. You can even obtain one from your bank. The bottom line is to adequately review the free credit report to be sure it is accurate and also make the most of it to improve your credit score.