How Long Does It Take To Adjust To New Formula How to Get a Free Online Credit Score from FICO, Equifax, TransUnion, and Experian

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How to Get a Free Online Credit Score from FICO, Equifax, TransUnion, and Experian

Your credit score is the most important factor that banks and other lenders use when deciding whether to give you a loan, mortgage or credit card. Your credit score also directly affects your interest rates on this loan, which could end up costing or saving you thousands of dollars. Read on to learn more and find out how you can check your score online now.

Types of credit scores: FICO, Equifax, TransUnion, and Experian

As the demand for loans, credit cards, and mortgages continues to grow, lenders continue to rely heavily on credit bureaus to assist in the decision-making process. These bureaus use your past and current financial activities to determine your likelihood of repaying a new loan. This allows the lender to adjust interest rates to compensate for the risk associated with individual loans.

There are four major credit bureaus: FICO, Equifax, TransUnion, and Experian. Each company uses a slightly different formula to determine their scores, so it’s important to know your score for each agency. FICO is the bureau most commonly used by banks when it comes to mortgages. This score ranges from 300 to 850, with most Americans living somewhere between 600 and 750.

Danger: Watch out for fraud, errors and outdated information!

Nearly 80% of all credit reports contain errors, identity theft fraud, outdated records, or other factors that can negatively affect victims’ financial standing. That’s why it’s so important to check your report frequently and notify the responsible office so they can fix the problem quickly.

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