Credit Scores, Credit Reports & Credit Check Services Market Outlook, Demand, Key Player and …

‘The primary purpose of the report is to highlight the many important global Credit Scores, Credit Reports & Credit Check Services market dynamics …

‘The primary purpose of the report is to highlight the many important global Credit Scores, Credit Reports & Credit Check Services market dynamics like important facets, drivers, trends, along with restraints which are influencing the industry.’ This Credit Scores, Credit Reports & Credit Check Services report has provided an indicator to the readers with the economy current status.

The analysis on the Credit Scores, Credit Reports & Credit Check Services Market provides complete data. Components, as an instance, the situation of the small organization enterprise, significant players size, SWOT analysis, and also patterns on the market are within the study. Along with that, the Credit Scores, Credit Reports & Credit Check Services report tables, numbers on growth, figures, and graphs offering a view of this market.

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Prominent Key Players Credit Scores, Credit Reports & Credit Check Services Insight Report:

Experian, Equifax, Trans Union, Identity Guard, IdentityForce, PrivacyGuard, Credit Sesame, MyFICO, Credit Karma

Segment by Type:

  • Credit Scores
  • Credit Reports
  • Credit Check

Segments by Application:

  • Private
  • Enterprise

Leading Geographical Regions in Credit Scores, Credit Reports & Credit Check Services Market:

North America, Asia-Pacific, UK, Europe, Central & South America, Middle East & Africa

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Key Questions Answered in this Report — Credit Scores, Credit Reports & Credit Check Services Industry, Status, and Forecast from Players, Types, and Applications

  1. Which all Credit Scores, Credit Reports & Credit Check Services organizations are profiled from the report?
  2. What all segmentations covered?
  3. Which would be global Credit Scores, Credit Reports & Credit Check Services market opportunities and restraints with producers in the industry?
  4. Which will be the Credit Scores, Credit Reports & Credit Check Services trending variables currently impacting the market shares?
  5. What will be the global Credit Scores, Credit Reports & Credit Check Services market size in 2025?
  6. Who will be the top vendors in Credit Scores, Credit Reports & Credit Check Services market?
  7. What’s going to be the growth speed?
  8. Which will be the significant Credit Scores, Credit Reports & Credit Check Services market trends?
  9. Which industry regions are currently affecting on Credit Scores, Credit Reports & Credit Check Services market’s development?
  10. Which will be the trending factors of Credit Scores, Credit Reports & Credit Check Services Market?

The analysis on the Credit Scores, Credit Reports & Credit Check Services market also provides a chronological fact-sheet concerning this mergers, acquirements, activities, along with partnerships widespread from the market. Great tips by pros on spending in Credit Scores, Credit Reports & Credit Check Services advanced work will help in usefulness in class contestants as well as also trusted associations for the predator that is improved at the building parts of their Credit Scores, Credit Reports & Credit Check Services market players may attain an apparent comprehension of the major competitions along with their prospective predictions.

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How to read a credit report to find out if you’re in good standing

You may also be able to access free copies of your credit reports if you’ve recently been turned down for financing, and both Credit Karma and Credit …

Your credit reports play an important role in your financial life. Whether you are applying for a loan, auto insurance coverage, or a new apartment, the condition of your credit could either make your life significantly easier or a lot more difficult.

Because your credit matters so much, it’s important to keep a close eye on your credit reports from all three major credit bureaus — Equifax, TransUnion, and Experian— and learn how to read a credit report.

You can claim a free copy of all three of your reports once every 12 months from AnnualCreditReport.com. You may also be able to access free copies of your credit reports if you’ve recently been turned down for financing, and both Credit Karma and Credit Sesame allow you to check your score for free at any time.

By checking your credit often, you’ll be better equipped with the knowledge you need to earn and keep a good credit rating. You’ll also be in a position to respond quickly if any fraud or mistakes appear on your reports. (Unfortunately, it happens.)

How to read a credit report

Most credit reports are broken down into sections that make your information easier to understand and digest. Different reports might display the following sections in different sequences, but as long as you know what to look for in each, you should be able to understand your report regardless of the order in which the sections appear.

Here’s a look at what you might expect to see if you access a standard copy of your own credit report online (aka a consumer disclosure).

1. Personal information

The first part of your credit report is usually the personal information section. It contains details like:

  • Name
  • Present and former addresses
  • Date of birth
  • Social Security number
  • Present and former employers

The information above won’t have an impact on your credit scores, but you still want to make sure it’s accurate. A wrong address, for example, might be a minor mistake. But it could also indicate a bigger problem, like identity theft or a mixed credit file.

2. Accounts

The second section of your credit report typically lists your accounts — both open and closed. This is actually one of the most important sections of your credit report. The information contained here can have a big impact on your credit scores in several ways.

In addition to listing your accounts themselves, this section of your report contains details about how you’ve managed those accounts over time. Those details may include:

  • The date an account was opened and (if applicable) closed
  • Your payment history each month (on-time, 30 days late, 60 days late, etc.)
  • Current balance
  • Credit limit
  • Original loan amount
  • Current status (current, past due, etc.)

Let’s say your report shows a credit card that’s five years old. You’ve never paid late and your balance-to-limit ratio (aka credit utilization rate) is low. That account is likely helping your credit scores. On the other hand, if your report shows a card with habitual late payments and a high balance-to-limit ratio, your scores are probably taking a hit as a result.

3. Collections and public records

Hopefully this section of the credit report will be empty. However, if you’ve had accounts that have been sold or turned over to a collection agency for non-payment, this is the section where they will appear on your report.

A collection account on a credit report should contain the following information:

  • The name of the collection agency
  • The original creditor’s name
  • The balance on the account

Currently the only public records included on credit reports are bankruptcies.

If you do have collection accounts or bankruptcies on your reports, they’re likely having a negative impact on your credit scores. Thankfully, as negative items grow older, any impact on scores lessens over time. Best of all, after seven to 10 years, federal law requires most negative information to be deleted from your credit reports entirely.

4. Inquiries

The final part of your credit report is the inquiry section. It contains a list of who has accessed your credit report in the last 24 months.

“Soft inquiries” occur when you check your own credit and will only appear on a report you pull yourself. They don’t show up on a lender’s credit report.

Hard inquiries,” like those that occur when a lender pulls your credit as part of an application, have the potential to damage your credit scores slightly. However, even though these inquiries may remain on your report for 24 months, they’re only factored into your credit score for 12 months.

Disputing incorrect information

Unfortunately, errors and fraud wind up on credit reports all the time. This is the primary reason why checking your reports frequently is so important. Remember, if you discover information on a credit report that isn’t correct, you have the right to dispute it.

Need help disputing items on your credit report and improving your score? CreditRepair.com can help »

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5 best ways to make sure your credit score hasn’t been affected

If you haven’t checked your credit score lately, start with a well-known company like Experian and Credit Karma (full list below). There are several that …
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Always keep tabs on your credit score.

James Martin/CNET

If you were one of the many people affected by the Capital One data breach or the Equifax data breach, you already know how important it is to check your credit report. Your credit score is an important part of your financial picture — especially when applying for credit cards or loans and making major purchases, like down payments on a new home or vehicle. Being involved in your credit is another way to verify that your identity hasn’t been stolen. Note that looking into your credit score will not affect your credit.

If you haven’t checked your credit score lately, start with a well-known company like Experian and Credit Karma (full list below). There are several that offer a range of services at different prices, including a free online check and free 30-day trial. Keep in mind that some companies require your credit card information, but they typically provide additional services, like insurance against identity theft and flagging suspicious use of your Social Security number.

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So how does a credit score work? Everyone starts out with a FICO score, which is your creditworthiness number that can range from 300 to 850. The higher the number, the better. Some factors that affect your FICO score include “hard inquiries” like applying for credit (your credit is under review); “derogatory marks” like paying a bill late (these can keep your score down); and how much of your total credit you’re using (the less you use, the better). You get a FICO score from the three major US credit bureaus: Experian, TransUnion and Equifax. Here’s how these services break down.

Read: The best identity theft monitoring services for 2019

Experian

  • Free 30-day trial
  • Price: $20 per month
  • Offers tool to help boost your credit score
  • Includes identity theft monitoring
  • Says it will address fraud if your identity or personal information is stolen
  • Shows your FICO scores for all three bureaus (Experian, TransUnion, Equifax)
  • Monitors your credit
experianexperian

Experian credit score checker.

Screenshot by Katie Conner/CNET

Experian (or download the app for iOS or Android) is one of the major credit monitoring services that offers your FICO scores for the three bureaus. Experian can help you boost your FICO score by using utility bills that you’re already paying to apply to your credit. Your new credit scores will immediately take effect.

The company monitors identity theft and conducts daily scans of dark web pages to detect if your information has been stolen. If anything is detected, Experian says its support team will help.

TransUnion

  • $25 per month
  • Includes free identity protection
  • Unlimited score and report access
  • Credit Lock Plus
  • Up to $1,000,000 in ID theft insurance

Also among the top three major credit monitoring services is TransUnion (or download the app for iOS or Android). With TransUnion, you can check your credit score report as often as you’d like to see if your score has changed.

Identity protection is included through Javelin, an identity protection service provider. Your monthly fee includes credit monitoring, instant alerts if someone applies for credit in your name and up to $1,000,000 in ID theft insurance. TransUnion Credit Lock is a service that keeps your credit profile on lockdown until you unseal it. For example, if a criminal applies for credit in your name, the lock will prevent them from stealing your credit information.

transuniontransunion

TransUnion credit score checker.

Screenshot by Katie Conner/CNET

Equifax

  • $5 for a 30-day trial
  • $20 per month
  • Shows your three-bureau FICO scores
  • Includes identity protection
  • Sends alerts about suspicious activities
  • Monitors credit and Social Security number

The third main credit bureau in the US, Equifax (or download the app for iOS), suffered one of the worst data breaches in 2017 affecting more than half of all Americans. Equifax has a three-year plan to earn back your trust. If you were affected by the data breach, you can file a claim and get a free subscription to Equifax or receive a cash payment.

If you’re feeling forgiving, Equifax’s services are on par with competitors. It provides a copy of your Equifax credit report and monitors your credit and Social Security numbers by scanning websites where consumer information has been sold. Equifax also sends alerts about suspicious activities, like someone applying for credit in your name on the other side of the country.

equifaxequifax

Equifax monitors your credit and Social Security number.

Screenshot by Katie Conner/CNET

Read: How the Equifax hack happened, and what still needs to be done

Credit Karma

  • Free
  • Check credit score for free
  • Monitors credit
  • Shows credit factors and how they affect your score

Credit Karma (or download the app for iOS or Android) is a personal finance company. You can use it to check your credit scores as often as you’d like for free. You can also access your credit scores from TransUnion and Equifax, but not from Experian. Credit Karma monitors your credit and sends weekly updates and will notify you if there’s any change to your credit score.

The site also shows you your score and credit factors that affect your score, like if you’re using too much of your credit card limit, derogatory marks and hard inquiries.

credit-karmacredit-karma

Credit Karma shows your TransUnion and Equifax scores.

Screenshot by Katie Conner/CNET

Mint

  • Free
  • Check your credit score for free
  • All personal information is encrypted

Mint (or download the app for iOS or Android) is a free service for managing your personal finances. In addition to tracking your payments, you can use it to find out where your credit score is lacking, like not having a long credit history, and where it’s doing great, like paying bills on time. Mint shows you your on-time payments, credit usage (so you can see if you’re reaching your limit) and average age of credit on one screen.

After you verify your identity, Mint will send your credit report summary and credit monitoring alerts if your score goes up or down.

mintmint

Mint shows your credit information all on one screen.

Screenshot by Katie Conner/CNET

FreeCreditReport.com

  • Free
  • Check your Experian credit report
  • Report information updates every 30 days
  • Monitor credit usage, hard inquiries and late payments
freecreditreportfreecreditreport

FreeCreditReport.com shows your Experian credit report.

Screenshot by Katie Conner/CNET

FreeCreditReport.com is a pared-down service provided by Experian to access your credit report for free. The company provides you with an updated credit report every 30 days. You’ll have access to your account history, like real estate and credit accounts. FreeCreditReport.com shows you hard inquiries on your account, tracks your credit usage and shows any potential marks against you, like late payments.

Note that this only shows your credit report and not your credit score. In order to see your score, you’ll have to upgrade to Experian CreditWorks Plus. You can get a 7-day trial for $1.

Mixing and matching services may help cover more ground

When it comes to checking your credit, there are a lot of ways to go. You can select one service, or pair free services together to access your FICO score from all three major bureaus.

However, if you go that route, keep in mind that you won’t have the promised credit protection and monitoring that Experian, TransUnion and Equifax offer.

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Is it better to get $125 or free credit monitoring from Equifax?

Last week, Equifax agreed to pay nearly $700 million to settle federal and state investigations into how it handled a massive 2017 data breach that …

You might already be using a site that offers credit monitoring. It’s a popular service that many websites and apps offer alongside free credit scores. If you get alerts or emails about activity related to your credit cards or loans, then you probably have some kind of monitoring in place.

Here are some popular websites and apps that offer free credit monitoring:

Keep in mind that these free services may not be as comprehensive as the credit monitoring offered by the Equifax settlement. Mint, Credit Journey and MyCredit Guide, for example, only monitor your TransUnion credit report, rather than all three credit bureaus.

There are also a number of paid financial services that offer more in-depth credit monitoring. Here’s a look at some of the most popular paid services, all of which have a monitoring component.

If you want the most comprehensive coverage, it might make more financial sense to sign up for the free monitoring offered by the Equifax settlement, as opposed to the $125 payout. It’s a good value: A year of Mint’s paid Credit Monitor service, which includes surveillance on your report from all three bureaus, is over $200 out-of-pocket. Over 10 years, you would spend $2,000 on the service.

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5 Ways to Easily Check Your Credit Score for Free

With over 40-million registered users, Credit Karma is the largest private website offering you access to your credit score. Credit Karma allows you to …

Are you thinking about making a big-ticket purchase like a car or a house? Maybe you’re considering applying for a credit card facility?

When we want to obtain credit from a lender, they look at our credit score to determine our level of creditworthiness. Your credit score is a vital component of determining your risk profile for lenders.

If you have a weak credit score, then the lender may choose to deny your request for credit. If they do decide to take a chance on you, then you can expect the credit facility to come with a sky-high interest rate that ensures you don’t borrow more than you can afford.

Do you know your credit score?

Many people have no idea how to look up their FICO or VantageScore rating, and they have no clue of how the credit market views their financial position. Before you apply for credit, use one of these five methods to check your credit score for free.

Why Your Credit Score Matters

Before we get started showing you how to check your credit score for free, you may be asking why you would want to bother with this exercise in the first place? Your credit score defines your creditworthiness to lenders.

When you apply for credit with a lender, they don’t just look at your bank account and take your word for it that you will repay your debts.

Your credit score gives them an impartial and unbiased view of your current financial status.

If you have a low credit score, then the lender views you as a high-risk applicant, and they are less likely to lend you money.

This strategy not only protects them against default, but it also protects you from taking on debt you can’t afford to repay.

Being stuck in a financial situation of perpetual debt takes a significant toll on your mental health, as well as your finances.

Considering there is over $4-trillion worth of outstanding consumer debt in the United States, lenders need to assure markets that consumers will pay this money back to creditors.

If every consumer suddenly decided to default on their debt, it would crash the U.S. economy, and cause a global debt crisis, as the contagion spreads to other developed and emerging markets.

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If your Credit Score is below what’s needed, try a credit repair company like Lexington Law to improve it. Here’s our review of their service.

Credit Scores Explained

There are three primary credit bureaus in the United States, Equifax, Equestrian, and TransUnion. These bureaus collect data from credit reporting agencies to compile a credit score on every adult American.

These bureaus use five criteria to determine your credit score, including how much debt you have, how you use your credit, your credit mix, such as mortgages, personal loans, and credit cards, as well as your payment history.

The bureau then allocates you a FICO score between 300 and 850, depending on your credit history.

VantageScore is a credit rating system similar to FICO. However, it does not rely on lengthy credit history. This factor makes it a popular credit rating system for lenders that assess young adults that do not have many years of credit history behind them.

Most lenders rely on your FICO score when assessing an application for credit. If your FICO score is less than 580, then you’ll have a tough time trying to source any source of credit from any lender. Banks and financial institutions consider 680 as the tipping point between good and average credit scores.

According to data from FICO, the average credit score in America is 704, so you’ll need a score over 700 if you want to secure favorable terms on any credit facility.

Those Americans with scores over the 800 mark are considered the lowest risk clients for lenders, and they are willing to provide these individuals with any credit facility they like, with favorable terms.

It’s important to note that every time a lender checks your credit report to assess your creditworthiness, they are creating a “hard inquiry” on your credit profile. This hard inquiry costs you points on your credit score.

Therefore, avoid applying for any credit facilities where there is a risk you will not get approval. Also, avoid applying for multiple lines of credit at the same time, as this may significantly affect your credit score.

The Five Best Methods to Check Your Credit Score for Free

By now, you should have a decent understanding of why your credit score matters. Here are five methods you can use to check your credit score for free, without causing a hard inquiry on your credit report.

Using the Bureaus to Check Your Score – Experian

All three of the credit bureaus allow you to check your credit report once a year, free of charge. To access your report and credit score, log onto the freecreditscore.com website. Enter your details as requested, and the site pulls up your credit report.

The report allows you to view your credit score, as well as any collection notices and judgments against your name. Unfortunately, you only get one opportunity to do this check each year, and if you want further checks, you’ll need to pay for them.

Fortunately, some workarounds let you access your Experian credit score with other financial service providers.

Experian

If you have a primary credit card facility with American Express, then you can check your credit score on your monthly statement. However, if you’re only an authorized user, and you don’t have enough activity on your account to generate a monthly report, then you won’t be able to access this feature.

Those people that bank with Chase Slate will have access to their credit score through the Slate Credit Dashboard. The company recently merged into the Chase Credit Journey program, and you can log onto your account on their website to view your Experian credit score.

Many Americans have a Discover card, but few know that you can check your credit score using their platform. Discover lets its customers check their credit score once every 30-days for free, even if you have already used your free check on the Experian site.

Members of USAA can access their VantageScore 3.0 credit score through the Experian “CreditCheck” service, and the platform updates your score at the end of every month for accuracy.

Customers of Wells Fargo allows primary account holders enrolled in the Wells Fargo Online banking program, the opportunity to check their Experian FICO score. The planning and tools section of your online profile will give you the option to check your score, which updates once a month, typically on the 5th.

Using the Bureaus to Check Your Score – TransUnion

TransUnion also offers American consumers the opportunity to check their credit score once a year for free.

All you need to do to access your score, and credit report, is visit their website and register through a simple process that takes less than a minute.

As with Experian, there are workarounds that you can use with other financial institutions to check your credit score monthly.

American Express customers can view their VantageScore without any charge, once a week. Log onto the “mycreditguide” segment of their website and get on-demand access to your score, for no cost.

Transunion

Bank of America provides its clients that have credit card facilities with access to their FICO score. Log into your BOA account and select the “View your FICO score” button for instant access. BOA updates every month, assuring you that you are viewing your latest FICO score.

If you bank with Barclays and have a credit card facility, then it’s as easy as BOA to check your score. Log on to your online banking suite and click the button that says, “View my FICO score.” Barclays also update their information once a month for accuracy.

Capital One allows you to view your VantageScore through their CreditWise channel. Log onto CreditWise using your account details for an up-to-date score.

Chase Credit Journey permits its clients to access their VantageScore once a week through the portal. Log onto your online dashboard, scroll to the bottom left-hand corner, and select the “Your credit score” option.

U.S. Bank allows cardholders to see their TransUnion credit score through the CreditView dashboard.

Using the Bureaus to Check Your Score – Equifax

While Equifax offers you one free credit report annually, it’s challenging to find any other form of workaround to access your score from this bureau. The only workaround we found valid, was through Citibank.

Select Citi cardholders can access their FICO score through the website. It’s important to note that not all credit card facilities with Citi have this option, and in our research, we found that it was only the premium account holders that had access to this feature.

Equifax

Citi also states there is a 10-day delay between the scores posted on their platform and those held with Equifax. Citi claims this delay is to ensure the accuracy of information when checking your score, which makes little sense to us.

However, this may not be such a bad thing. Recently, Equifax fell victim to a hack by cybercriminals, exposing the data of over 150-million Americans personal information. The bureau is expected to pay up to $700-million in damages, as a result of the hack in July 2019.

Check Your Credit Score with External Providers – Credit Karma

With over 40-million registered users, Credit Karma is the largest private website offering you access to your credit score. Credit Karma allows you to check both your FICO and VantageScore, in an easy-to-view credit report that’s reasonably accurate.

All you need to access your free credit report is leave your details on the site – and we’ve already discussed the risk in completing this action. However, if you are in a bind, then it’s a viable means to check your credit score.

Check Your Credit Score with External Providers – Mint

Mint is a popular budgeting app available online. Mint recently announced the launch of its latest addition to its suite of services – a free credit reporting system.

Mint gives you a comprehensive report, including information on your card usage, credit age, payments history, hard credit inquiries, and collections or judgments in your name.

The site goes the extra mile, offering your financial advice to improve your score, as well as a breakdown of your score.

When accessing your score through Mint, it counts as a “soft inquiry,” and you don’t have to worry about it affecting your current credit score.

To get a copy of your credit score for free, log into your Mint account and visit the accounts section of your profile.

Under the financials tab, click the prompt to “Set Up Free Mint Credit Score.” Complete a few quick questions, and Mint will have your credit score ready in a few seconds.

Mint Review

Read: Our Review of Mint

The Final Thought – A Warning for Checking Your Credit Score with External Providers

The workarounds mentioned above should be more than adequate for any consumer that wants to check on their credit score. However, if you don’t have accounts with any of the merchants listed above, and you’ve already used your one-time free credit check with the bureaus, then there is another solution.

External companies offer you the opportunity to check your credit score for free. To check your score, you’ll need to log onto the suite and enter your personal information to obtain access to your score.

This stage is where we have a problem using these methods. We’ve already discussed how Experian fell victim to a cyber-attack, where hackers made off with the personal information of millions of Americans.

When you stop to consider the fact that Equifax is a huge company, with plenty of protection on its networks, leaving your personal information with an external site, might be a lot riskier.

There is no way that small sites have better cybersecurity than a credit bureau, and placing your personal information on the site exposes you to the risk of hackers stealing your information. You also have no idea what the companies will do with your information.

While their policy says that they don’t share your details with anyone, there is a chance they could be selling it to other institutions for a fee. After all, why would they offer you a free service in the first place?

The answer is in the advertising. Similar to Facebook, external sites make money by displaying ads to you while you view your report.

Therefore, our final two workarounds are not something that we recommend, but if you urgently need to check your score, then they may be worth the risk.

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