Types of Free Credit Reports and How to Get Them

Free credit reports are essential to your credit score which is why they are so important. You overall credit score will affect whether or not you are approved for a loan as well as how favorable the loan terms will be. However, finding free credit reports isn’t as easy as you may think. Many of the advertisements you see for free credit reports will eventually charge you. If you want to find truly free credit reports then consider the following information.

When it comes to credit scores, not all of them are valuable. Before you use any offer that provides you with a free credit report you need to make sure you are aware of the information you are getting. The FICO score is the most important information today when it comes to free credit reports and is often the biggest deciding factor for lenders in loan decisions. This brings us to the free credit reports you can get from lenders.

When you apply for a loan the lender will likely get a credit report when making their lending decision. If you are curious about your credit score then ask the lender to tell you when they get the report. Both traditional and peer to peer lenders may provide you with this information if you just ask for it. However, this is only a good idea if you know you can get approved for the loan. If you aren’t sure what is in your credit report then it can be a good idea to get free credit reports before you apply for any loan so you can know what to expect.

If you have a Washington Mutual credit card then the process of getting free credit reports is easier than anything else. As a credit card member, Washington Mutual will provide you with free credit scores. You can even view your credit score online anytime you want for free. The scores you get through Washington Mutual are real FICO scores based on information that comes from TransUnion reports.

When you go on the internet you are constantly faced with sites promoting free credit reports. With most of these offers you get a free credit report by signing up for a trial offer and then you have to pay a subscription free. However, if you want to skip the payments you can often simply cancel the offer after getting your free credit reports. Just keep in mind that when choosing this option you will have to submit personal details to various websites which can increase your risk of identity theft. Also, using this option will place you name and contact information in databases and you will often receive a lot of advertisements for years to come. However, as a last resort or a quick solution these websites are good to get your free credit report.

Lastly there are various organizations which can give you a custom-made score. Most of these options won’t have the exact FICO algorithm used by federal organizations to calculate your score. However, this option can help you determine a rough category for your credit score so you know what to expect before applying for a loan.