The credit for free credit report delivered to American consumers goes to FCRA. FCRA stands for Fair Credit Reporting ACT. In 2003 FCRA was modified to provide free credit report from each of credit bureaus to American consumers. Under this law each credit bureau in America is obliged to provide annual free credit report to consumers residing in America.
Due to this law the three credit bureaus namely Equifax, Experian, and TransUnion made consolidate effort to create a new entity Annual Credit Report company with website annualcreditreport.com to facilitate service of free credit report to American consumers.
For more information on free credit report. Visit FTC webpage for all question and answers related to consumer report. Free Credit Report
One can also visit Annual credit report, which is window to these major credit bureaus for getting free credit report. Visit Â…. www.annualcreditreport.com
How Important is Credit Report
Your credit report is your Credit trustworthiness bio data for lenders. Lenders, business and credit card companies will judge you from your consumer history and ongoing credit accounts. Since your credit report is used as decision tool to make decision on your credit application be it for credit cards or house mortgage. It is important consumer understand what factors are important to raise credit score in credit report.
Credit score is three digit score derived from your credit history by applying a mathematical formula developed by Fair Isaac Corporation. This formula was developed in 1970 by Fair Isaac Corporation and after that all credit bureaus followed it for their use. Read more about it Â…Â… About Credit Score
Credit Score Range
The FICO scoring model has eight categories to classify an individualÂ’s credit health. The FICO based credit score is from 350 to 850.
350 – 499
500-549
600-649
650-699
700-749
750-799
800 – Above
More on credit report and other articles visit eFreeCreditReport.us
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