Credit Report and Credit Score Online

Beginning July 21, if you are turned down for a loan or given a less-than-favorable rate, the credit agency you applied to must show you the credit score used to determine its decision. The new regulation seeks to help consumers understand where they stand in the often-convoluted world of credit scores.

Waiting until you receive a rejection letter to discover one of your credit scores isnt the brightest idea. Applying for new loans and credit cards, whether your application is accepted or not, can negatively impact your credit score, giving you an even higher chance of an unfavorable result.

When you sign up with , youll have instant access to all three of your scores from the major credit bureaus: TransUnion, Equifax and Experian.

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Credit plays a very important role in our lives and it has a huge impact on the US economy. Regulators, consumers, lenders are some of the entities who have a vested interest and wish to have a better understanding of the data that is provided by the credit bureaus.

There are a number of research projects and studies that have been conducted to address these issues regarding the accuracy of the reports provided by the credit bureaus, dispute resolution, and the impact it has on the consumers.

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Starting July 21, lenders will be required to provide your free credit score if you are denied a loan or credit application, or if you are charged a higher interest rate because of your credit score.

What does this mean for you and me?

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Personal Finance News

• Five Ways to Take the Bite out of Back to School Shopping. Last year, the National Retail Federation estimated that each family of school aged children would spend an average of $606.40 per family. MoneyNing
• Save More With a Little Help From Your Friends. We get by with a little help from our friends, and we should budget with a little help from our friends too. Savvy Sugar
• 9 Ways to Save Money! If I can save even $5 it would make my day a lot better. I have learned to shop for discounts, use my personal resources, compare prices, and ask for deals.

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Your credit report is the all-important document in your life and it is important to know if there are any errors in it. The accuracy of the credit report is of prime importance and you have to ascertain if the information is accurate.

Earlier estimates on credit reports have shown that those with grave errors vary to a large extent and may be anywhere between 3% and 25%. Consumer Data Industry Association had recently conducted a paid study. It is the trade group for credit bureaus which assemble and sell these credit reports. The errors are found to be much lower than expected according to the study.

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We are all too focused with paying our bills on time and avoiding bankruptcy and foreclosures. And we think we can salvage our scores by paying a delinquent bill and hoping it changes overnight. Unfortunately, this technique is not enough to make vital changes in our credit reports. If we want better reports and higher scores, we must know how a lender determines the score of a particular individual.

From a lender’s point of view, it is just as important to pay your bills on time as to maintain the needed 70% available credit, well, available to the individual. Debt ratios are important considerations of many lenders nowadays. W

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