Free Credit Score Reporting

Free3BureauCreditReport.com is a website that offers a “free 3-in-1 credit report” and “all 3 free credit scores” which contain consumer credit reporting information from the three nationwide consumer credit reporting agencies, Experian, TransUnion, and Equifax. The company’s website can be found at: http://www.free3bureaucreditreport.com/. 

The services mentioned above are available as part of the website’s “Credit Adapter” program. In addition to unlimited online access to your 3-in-1 credit report and your 3 credit scores, the “Credit Adapter” also provides “automatic alerts when changes to your credit are detected” at all three credit bureaus.  

After clicking the “get it now” button for more information, the site brings you to another webpage where you are advised that in addition to “Credit Adapter”  ”you’ll also receive 24 Protect automatically. Save 10% on gift cards purchased through 24Protect.”  Furthermore, if you do not call to cancel your membership within the initial seven day trial period, you will automatically be charged $29.95 per month to continue your “Credit Adapter” service.  

Additionally, by agreeing to sign up for the “Credit Adapter” you are also agreeing to pay $1.00 per month for the “24 Protect” service.

This website has a lot of disclosures and small print. While this may be a worthwhile offer if the services they offer meet your needs, I would definitely recommend checking other websites that offer similar services to see if there is a better deal out there for you.  Also be very careful to read all of the aforementioned disclosures and small print before you agree to provide your credit card or any other personal information to anyone.  

AnnualCreditReport.com is different from many other websites that offer the opportunity to access your credit report. Their website can be found at: www.annualcreditreport.com.  They advise that they are “the official site to help consumers to obtain their free credit report.”  The site itself was created by three nationwide consumer reporting agencies, Equifax, Experian, and TransUnion.   They created this website to ensure they are in compliance with the Fair and Accurate Credit Transactions Act (FACT act).  

AnnualCreditReport.com does not solicit to provide any additional services such as credit monitoring for a fee and there is no annual membership to purchase. They advise that each consumer is eligible to access a free copy of their credit report from each of the three mentioned agencies once every 12 months. The sole purpose of this website is to provide a secure easy means for people to request these reports.

The website does include an extensive section with frequently asked questions which provides information about what to do if you feel there is an error on a report or if you want to get additional information about your rights as a consumer.  

AnnualCreditReport.com does not provide credit score information for free, though, in their F.A.Q. section they do mention that credit scores can be purchased through the website or you can contact the credit reporting agencies directly.

This is a very useful website and everyone should take advantage of the offer to access their truly “free” credit report. In today’s day and age it is very important to monitor your credit to ensure it has not been illegally compromised.  

A borrower has a FICO score of 580 out of a possible 850. 

Melvyn Brooks has recently lost his job as a vehicle mechanic and has run into some financial problems.  His rented house in Newark is quite expensive to run and he has some outstanding debts.  His credit score is currently 580.

This score would be considered Poor on this scale, with Very Good being the highest rating. A number of variables affect the credit score, but with 580, the borrower would be considered a very high risk by lending institutions. The conclusion would be that Melvyn has had major debt issues in the past and has not always made his repayments on time. Lenders will not want to provide credit or loans to Melvyn until a more positive credit history has been established by him.

As a result of this credit score it would be difficult for the borrower to obtain any attractive offers from lenders, especially the credit card companies. Melvyn would have to pay enhanced fees and higher interest rates than many other customers. Larger down payments on installment loans and any mortgage would also be asked for by the companies. In addition he might not be able to obtain high credit limits or any loans at all.

The variables keeping this score in the lowest category are many late payments across a variety of accounts, including credit cards, mortgages and other installment loans. The fact that any late payments were very recent is extremely relevant. Charge-offs on accounts (in which the lender did not receive the entire owed balance) is a very negative consequence.  Finally, this borrower will have a public record and settlement showing on the credit report. This informs lenders that the borrower had been taken to court to collect on a debt.  

The borrower will need to re-establish some proven good spending behavior on existing accounts and allow time to eliminate some of the more negative entries beyond a period of as long as seven years.  

A borrower has a FICO score of 610 out of a possible 850. 

David McNish is a fisherman working out of Gloucester, Massachusetts.  His income can be very variable due to his line of work but he earns a reasonable living to support himself and his wife.  They do not have an ostentatious lifestyle but a comfortable standard of living. His credit score is at present 610.

This score would be considered as Fair in this scale, where Very Good is the highest rating. A number of variables will affect the credit score. With 635, this borrower would be considered a medium to high risk by lending institutions that might conclude the borrower has had some major issues in the past and has not always adopted the best behavior when repaying outstanding loans. David has had odd periods when his income has dipped considerably and his repayments weren’t always on time.  

As a result of this credit score it would be difficult for the borrower to obtain the most attractive offers from lenders; the credit card companies particularly. A customer with this score will always have to pay higher fees and David would be no exception. The interest rates would be a bit higher than normal and he might have to make larger down payments on mortgages and any smaller unsecured loans. In addition, he may not be able to obtain high credit limits on cards or the loan amounts that he might need.

The most relevant factors affecting the score from this borrower’s credit report is the payment history. David is already servicing a substantial amount of debt, on which payments will have been missed on multiple accounts. Any prospective lender is going to seriously consider any future dealings with this borrower, as the possible costs of collecting debts will be much higher than a customer with a higher score. The borrower might also have a bankruptcy entry on their credit report and this information will stay on record for 10 years. 

Finally, the average age of the accounts in this report is seven years, which is at the lower limit for establishing a credit history and will be driving the score down. On the positive side, the borrower is not averaging more than 70% debt versus credit limit, which means David is not spending beyond his means.

A borrower has a FICO score of 635 out of a possible 850. 

Pamela Bowes is a hairstylist living and working in Oregon. She has her own house which she inherited from her parents and enjoys her independence now that she is divorced.  Her credit score is 635.

A score of this level is considered Fair on this scale, where Very Good is the highest rating.  A number of variables affect the credit score, but with 635, Pamela would be considered to be a medium risk by the lending institutions. The conclusion would be that she has had some issues in the past and had not always adopted the expected behavior during the course of repaying loans (probably during the divorce). 

As a result of this credit score, it would be difficult for this borrower to obtain the best offers/rates from lenders, especially the credit card companies. Pamela would probably have to pay somewhat higher fees and interest rates and may have to make larger down payments on installment loans and mortgages. In addition, she may not be granted very high credit limits or allowed larger loan amounts.

The positive factors on this credit report could still indicate 100% on-time repayments, but some poor recent behavior. Missing a single payment on one account rather than many or on an account with a very low balance does not significantly lower the credit score. However, with consistent on time payments, lenders will believe you are responsible enough to repay your loans. Also, having several revolving accounts helps raise the score, since a history is then established.  

The negative factors driving the score down include having: at least one collection account or negative public record, older and more frequent missed payments on several accounts and having all accounts in the report established for a period of less than three years.