What credit score website/company to use

[chrissrv195]

Got another question for you guys. We're thinking about another car loan & after talking with the bank I found out our credit score, which I am very happy with, no problems there.

Now I'm sitting here thinking that I would like to see a credit score report to see if there's anything on it that needs any attention. I've never done this before & have seen a ton of comercials , like Free Credit Report.com & others that you can use to get your report for free or for a fee.

Does anybody have any suggestions on which site or company to use? I was looking at one site & the form needs your SSN # to continue, which I assume all of them are like that, but it made me worry about which site was the most secure.

Also, is it true that checking your credit score often actually hurts your score? I've heard this in the past & never knew if it was true or not.

As usual thanks in advance. I appreciate any info or opinions, bad or good!

 

[jason78]

www.annualcreditreport.com

Free report once a year with no strings attached.

You can buy the score for about 5 dollars when you run the report.

All the other "free sites" have strings attached.

 

[jason78]

Also, the before mentioned site will take you through all 3 bureaus.

Checking your own credit like this does not hurt your credit. When a lender checks, it does pull a few points off each time. You have to be careful when "shopping" for rates.

 

[ch435]

I dont know a good one off the top of my head, but i do know you need to watch out for the ones that sign you up for their "credit service" during the free credit check. One of them was actually in trouble for deceptive practices regarding that.

As far as checking your credit, multiple checks by lending companies over extended period of time is what really hurts. It can come across as someone who is constantly looking for more credit. Multiple checks over a week or so only counts as one check, and is only a slight mark against your score, as it is perceived as looking for the best deal for one loan, say a boat loan.

 

[Summer Fun II]

Here in NY you can get a free credit report once a year. :smt001

 

[Boatingfool]

When I did the credit thing, on large purchases I'd print my three reports (and scores) and have lenders have a look, and give me their anticipated rate. Worked well without having to have a dozen inquiries on your report.

 

[chrissrv195]

Thanks for the info guys. I went ahead & did the Annual Credit Report.com service. Got all 3 printed out, no problems.

It sounds stupid, but I was a little nervous doing this. As far as giving all your info & address it's really no different than shopping online. Maybe it's just the fact that you willingly give up your SSN that was weird for me.

Makes a guy stop & think about ID theft when you normally don't worry about that sort of thing.

As always I appreciate your input & help on this matter! :thumbsup:

 

[jason78]

Thanks for the info guys. I went ahead & did the Annual Credit Report.com service. Got all 3 printed out, no problems.

It sounds stupid, but I was a little nervous doing this. As far as giving all your info & address it's really no different than shopping online. Maybe it's just the fact that you willingly give up your SSN that was weird for me.

Makes a guy stop & think about ID theft when you normally don't worry about that sort of thing.

As always I appreciate your input & help on this matter! :thumbsup:

Annual Credit Report.com is the product of the major 3 bureaus created because of the Fair Credit Accurate Transactions or "FACT" Act of 2003. So it is a third party but tied in with the big 3 so it is safe. This is how you get your Free Annual credit report. You can go back every year. Credit Scores are not part of FACT but you can purchase them at a reduced rate when you run your free report. The Big 3 don't do a very good job advertising it because they sell these same reports to people.

Another poster had a good tip. Print this out and have the banks give you a rate based off this report. Once you pick one, they will still run it to verify but that will save you multiple pulls and points. If a human is looking at a report they can tell when you were shopping for a rate and take it in to consideration. The points systems just deduct based on a complicated formula they will not share with the public and they show no mercy. I had my perfect credit bashed up years back when I was younger and not well informed on credit. I filled out an application at a car dealer and they had everybody under the sun run my credit trying to get me the most financing they could to up-sell me on a vehicle. It takes 2 years for lender inquires to come off your report.

Jason

 

[tdschafer]

www.annualcreditreport.com

Free report once a year with no strings attached.

You can buy the score for about 5 dollars when you run the report.

All the other "free sites" have strings attached.

Jason,
Can you dispute any info you find through this site? I have never pulled my score myself but my brother did. He went to each agency directly and bought the report. He said all three had errant info that was not his and he was able to dispute it directly there. In a couple months the reports were cleaned up.

 

[jason78]

Jason,
Can you dispute any info you find through this site? I have never pulled my score myself but my brother did. He went to each agency directly and bought the report. He said all three had errant info that was not his and he was able to dispute it directly there. In a couple months the reports were cleaned up.

All this site really is, is a "jumping off" point to the Big 3's sites. So, technically, no, this site cannot do anything about disputes. You must handle disputes with each company seperately. None of them make it easy but, as I recall, Experian is the easiest where TransUnion and Equifax are more difficult. I have been working for banks for 10+ years so you tend to get impressions about how each company works. You have to follow the instructions on each site and they will give you their procedures to dispute. MAKE SURE you save your order number because they want that info always. Remember, if everyone had perfect credit these guys would be out of business and they are making money from your personal information so they are not easy at all to deal with at all, no matter what your score is.

Also, be careful what you dispute. The lender has a time period- (was 30 days) may still be- to respond. If they do not respond at all, the record will be wiped from your report and cannot come back.

Example- I once was trying to buy a second home and had been making large payments off my primary mortgage which had not been updated from my lender (who I happened to work for at the time). I did a dispute with the intention of having the record simply updated. The lender did not respond and the file was wiped from my credit. Even with inside pull between my employer and the Experian rep, they refused to add my mortgage account back on, therefore I lost all the good credit that came along with that account. General rule of thumb, as I have always heard, is to dispute any bad stuff and don't nit-pick on good stuff.

 

[tdschafer]

Thanks Jason. I will definitely keep that in mind. I think my score is good but, I do recall my wifes score being slightly higher back when we got our current mortgage. I am just curious as to why?:huh:

 

[jason78]

Thanks Jason. I will definitely keep that in mind. I think my score is good but, I do recall my wifes score being slightly higher back when we got our current mortgage. I am just curious as to why?:huh:

No problem, There is really no way to tell. The formulas are kept secret so no one really knows for sure. Best I have been able to tell is that credit saturation (used revolving vs. available revolving credit) and inquiries have the biggest hit unless you have 30days+ late payments which just kills a score all together. Also time accounts are open plays a role too. There are just so many variables. The one thing I have never understood about the scoring system is that it does not take income in to consideration. Even with no late payments ever, it is normal for a score to move around if you have several accounts, especially like credit cards if they change balances frequently. I think it is next to impossible to reach an 850 because you have to use credit to get credit and they ding you for using credit, even if you use it wisely.

A good (older, more educated) friend once taught me when I turned 18 to NEVER, NEVER, NEVER, NEVER have even one late payment, EVER and you will be OK. That has served me well so far.

 

[chrissrv195]

Jason you really know your stuff. Your info has made a huge difference on how I've felt about doing this!

 

[floriduramax1]

Jason, I fully understand "inquiries":smt021:smt021 I started my business in 07 and since have approx 40-45 net 30 accounts. I started with a credit score in the high 700's and dropped as low as 650:smt009 When we bought our boat a few months ago, I put down 50% and still found it cheaper to put the boat in the Admirals name with me as "co-borrower" :smt013:smt013 That really torques me as I'm the one doing all the hours here:huh: The score is back in the 7's but is coming up VERY slow and not one late payment!

 

[ch435]

There was an article in our local paper that said there are going to be even more variables in calculating your credit now. Things such as how often you change your phone number, jobs, etc. It's going to be impossible to figure out how they calculate it. (Which is probably their goal)

You want irony? In the ad banner on top of this thread after I posted was an ad to find out your credit score instantly!

 

[jason78]

Jason you really know your stuff. Your info has made a huge difference on how I've felt about doing this!

Glad I could help Chris, I have just made it a point to try and soak up as much information as I can from people smarter than me. Working at banks for 10 years hasn't hurt either. Still so much to learn though, always will be. I also had to fix my wife's credit when we met because her ex-husband had left her in a mess.

Everyone should know their credit like their right hand. Just think, when buying a home, if you have just a few problems on your credit, that can cause your rate to go up just a bit and potentially cost you tens of thousands or more in extra interest over the life of the loan. Many people only start digging in to credit if they get denied for something. That is not a good way to operate.

I have also become very pro-Credit Union. If you can, join a credit union. They usually have lower rates anyway. There are bad CUs too though so ask around and get in a good one.

 

[skolbe]

When we bought the boat - the MM finance person had suggested putting the financing in my wifes name - because everything else was in my name. While we have good credit - my wife had a slightly higher credit score by 20 points which shaved a 1/4 percentage point off the rate. Comes in handy when something needs fixing on "her" boat.

 

[Bucit]

Pulling multiple credit reports only hurts your score if it's for things like a credit card, Best Buy or Home Depot type accounts. Mortgages and auto loans can be pulled "X" amount of times in a 45 day period and your score will not be hurt. The bureaues understand that an auto and home are large purchases and people will shop around for rates and services.

 

[jason78]

Pulling multiple credit reports only hurts your score if it's for things like a credit card, Best Buy or Home Depot type accounts. Mortgages and auto loans can be pulled "X" amount of times in a 45 day period and your score will not be hurt. The bureaues understand that an auto and home are large purchases and people will shop around for rates and services.

I'm sorry but I have to respectfully disagree on this point. I have personally been a victim of being "slammed" by a car dealer having finance companies make multiple pulls and it pulled my scores down.

Not unless some new law has gone in to effect in the last few years I don't know about, of course. If there is, that would be great!

 

[roadkingh1]

www.annualcreditreport.com

Free report once a year with no strings attached.

You can buy the score for about 5 dollars when you run the report.

All the other "free sites" have strings attached.

I used it last night because of a letter that I recieved from one of my creditors who was decreasing my credit limit. Your creditors check your credit periodically to see if your credit status has changed. They saw something they didn't like. After researching the issue I found that Transunion(one of the three credit Bureaus)had someone else listed on my report. The other two(Experian,Equifax) did not. My daughter is going though some tough times and one of your creditors (Bank of America) decided to charge off her bad credit on my. The reason they gave me is that supposely my daughter listed me has a authorize user on her card, which I think is a load of crap. I think this was their last moment desperate attempt to retrieve some of their money. After several disputed calls were made, hopefully it will be resoved in the next couple of weeks.
The jest of it, check your credit annually and before big purchases.

Good luck

Ted