If you have been dreaming about free credit reports, your dream has always been true. This is because free furnishing of credit report copies does exist in the American law. This is even enacted with the rule that it will be free for every citizen with credit and shall be given once a year. If you are a modernized citizen and are very well-versed with financing, this report thing is not a strange topic to you. Just a small introduction to people who have not heard of this term ever since, credit reports are documents that hold all of your processed transactions, authorized or unauthorized. That is why if there are any errors or unauthorized uses of the credit card, it will be detected and can be reported.
Moving on to another fairly strange topic is the credit score. This is a rating which you get based on the records that have been put on your account. This rating is usually given by a lot of companies for a certain fee. You may wonder why credit reports are free and credit ratings are not. This is because a credit rating evaluation needs calculation and expertise. The reports are not really calculated, rather just reported. The ratings are also different from one company to another because different equations have been devised and adopted. However these rating are done, it will all boil down with the same standard range. Usually, it would fall within 350 - 800.
Consumer Reports
You may not see its importance in your life right now but one of these days it will all make sense. Before getting yourself trapped in a whirlpool of financial problems, prevent it from happening. A few simple clicks on the internet won't consume an entire day. Get a copy of your credit report before it's all too late.
Credit - The Importance of Credit Reports and Credit Scores to a Consumer Consumer Reports