Where to Get Truly Free Credit Reports and Scores

The word free can be defined as "without cost or payment, without charge, free of charge, for nothing." However, many of the "free" credit scores and "free" credit reports offered to consumers are not exactly what the average person has in mind when she hears the word free. It is difficult to get something for nothing and often there is a catch of some sort involved whenever a free credit product is being offered.

Before you become too cynical, the truth is that there really are quite a few places where consumers actually can claim truly free credit reports and scores. Check out this comprehensive list of websites where you can currently access your credit reports and/or credit scores online without the necessity of handing over your credit card information to anyone.

Equifax Credit Report and/or Summary	Annualcreditreport.com Quizzle.com CreditKarma.com
Equifax Credit Scores	Quizzle.com (VantageScore) CreditKarma.com (VantageScore) Mint.com (Equifax Risk Score)
TransUnion Credit Report, and/or Summary	Annualcreditreport.com CreditKarma.com (Can Update Weekly) WisePiggy.com (Credit Report Summary)
TransUnion Credit Scores	CreditKarma.com (VantageScore) CreditKarma.com (TransRisk Score) WisePiggy.com
Experian Credit Report and/or Summary	Annualcreditreport.com CreditSesame.com (Credit Report Summary and Credit Monitoring) Credit.com (Credit Report Summary)
Experian Credit Scores	CreditSesame.com (Experian National Risk Score) Credit.com (VantageScore)

The Pros

All of the websites listed above will give consumers free access to their credit report and/or scores without the consumer having to pay a dime. Credit scores and reports wield an enormous amount of control over the life of every US consumer, whether the consumer wishes to acknowledge that fact or not. It is always in a consumer's best interest to keep a close eye on her credit which is why increasing free access to credit reports and scores is always positive for consumers.

The Cons

It is important to understand that, aside from Annualcreditreport.com which is the website that the 3 major credit reporting agencies use to provide free annual credit reports to consumers in compliance with the 2003 FACTA amendment to the Fair Credit Reporting Act, all of the websites listed above are for-profit businesses. They are not charities who are giving away free credit products to consumers out of a sense of altruism. Instead, these companies primarily make a profit by advertising financial services to their users. Whenever someone signs up for one of these advertised products the company will generally receive a commission. Still, being marketed to for products which could likely benefit the consumer financially anyway is arguably a pretty small price to pay for free access to credit reports and scores.

Perhaps the biggest downside to a consumer solely relying upon free credit products to monitor her credit reports and scores is the time which is involved in doing so. As you can see from the table above, there is no single website which offers a consumer free access to all 3 of her credit reports and all 3 of her credit scores. Therefore, in order to monitor all of her credit reports and scores thoroughly a consumer would need to take advantage of multiple offers from multiple websites - a very time consuming undertaking.

The Alternative

For consumers who want an easier, faster way to thoroughly monitor all of their credit reports and scores in one place it may be worth considering a fee-based credit monitoring service. There are several credit monitoring services which offer 3-bureau, 3-score access for a monthly fee. Depending upon the service, these fees generally range from $16.99 per month - $29.99 per month. Also, consumers should be aware that there are quite a few fee-based credit monitoring services that still only provide the capability of monitoring a single credit report and single credit score - something which a consumer can easily do for free at any of the free credit websites above. CLICK HERE for a list of several credit monitoring services currently available to compare fees and services before choosing the best fit for you.

The Moral of the Story

Mistakes on credit reports happen more often than most consumers realize. In fact, the FTC released a study in 2013 which proposes that as many as 1 in 5 consumers have errors on their credit reports. However you choose to do it, the fact of the matter is that you should be monitoring your credit reports and scores and you should be doing so frequently.

Credit Reports

Knowing exactly what is on your credit reports and where your credit scores fall currently is the first step for anyone looking to build healthy credit.

---

Credit Cards

Compare the credit card offers below to determine which cards are right for you.

---

Credit Repair Tool Kit

Get your copy for FREE today!

---

Fix Your Credit, Fix Your Life

Your first step towards the credit you deserve!

---

The Cost of Bad Credit

---

Free Resources

We’ve got you covered!

---

Michelle Black is an 13+ year credit expert with HOPE4USA, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, a contributor to the Wealth Section of Fort Mill Magazine, and  a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, budgeting, and identity theft. You can connect with Michelle on the HOPE Facebook page by clicking here. 

---

---

How to Negotiate a "Pay for Delete" Settlement

Most consumers unfortunately do not realize the truth about collection accounts and how these accounts impact their credit scores. Collection accounts of any dollar amount (even $0) have the potential to cause severe credit score damage. The truth is that once a collection account worms its way onto a consumer's credit report then that account is probably going to have a negative impact upon the consumer's credit scores to at least some degree as long as the account is present. Furthermore, paying off a collection account usually will not have the impact of raising a consumer's credit scores.

Paid Collections Usually Remain on Credit Reports

When a consumer pays or settles a collection account the collection agency is responsible to notify the credit bureaus that the consumer's account balance should be updated to $0. (Note: collection agencies often drop the ball and do not update paid/settled collection accounts properly. When this occurs it is ultimately the consumer's responsibility to dispute the error with the credit bureaus. A consumer has the right to dispute inaccurate accounts on his own or with the help of a professional like HOPE4USA.)

If a collection agency and the credit bureaus are all following the Fair Credit Reporting Act properly (BIG if) then a $0 balance collection is actually allowed to remain on the consumer's credit reports. According to the Fair Credit Reporting Act, a collection account is legally allowed to remain on a credit report for 7 years from the date of default on the original account as long as the account is being reported accurately and it is verifiable. Paying or settling a collection account alone is not grounds to force it to be removed from a consumer's credit reports and, generally, paid collection accounts stay put.

Why Paid Collections Still Hurt Credit Scores

The FICO credit scoring models which are currently in use by the vast majority of lenders are built so that they do not care so much about the balance of a collection account as they care about the occurrence of a collection account in the first place. Therefore, paying or settling a collection account will generally do nothing to raise a consumer's credit scores (with the exception of paying/settling a credit card collection). FICO Score 9, announced in the summer of 2014, was built to ignore collection accounts with a $0 balance. However, lenders are not currently using FICO Score 9 and only time will tell whether or not the new scoring model will be adopted in the future. In the meantime, $0 balance collections will continue to have a negative impact upon a consumer's FICO credit scores.

The Pay for Delete Strategy

There is nothing in the Fair Credit Reporting Act which compels or requires a collection agency to report an account on a consumers credit reports. Credit reporting has always been a voluntary practice. As a result, it may be possible for a consumer to negotiate a "pay for delete" settlement with a collection agency.

A "pay for delete" settlement is essentially an agreement for a collection agency to remove an account from a consumer's credit reports once the account has been paid or settled as agreed. In order to properly negotiate a "pay for delete" agreement a consumer needs to be sure to take the following steps.

1. Call the collection agency.
   To begin a consumer should call the collection agency who has reported the account to his credit reports and offer to settle the account in question based upon the understanding that the account will be deleted from his credit reports once the settlement has been paid.
   
   
2. Get the offer in writing.
   The harsh truth is that collection agents are not always known for being the most honest people on the planet. If a collection agent promises to delete an account after payment is received and does not follow through then the consumer will need the offer in writing in order to have any type of recourse. "He said, she said" simply is not going to cut it if a collection agency tries to renege after the fact.
   
   
3. Check credit reports after the fact.
   The only way to truly know if a collection account has been deleted from a consumer's credit reports is for the consumer to check his credit reports after the collection agency has had time to update the account (i.e. around 30-60 days after payment). A consumer can also subscribe to a 3-bureau credit monitoring service, at least temporarily, so that he will be notified immediately when any changes take place on his credit reports. CLICK HERE to check out some great 3-bureau credit report and score monitoring services.

The Catch

While it is not illegal for a collection agency to delete a paid collection account (remember that credit reporting is completely voluntary), deleting paid collection accounts is something that the credit bureaus frown upon heavily. In fact, when a collection agency signs their service agreement with each of the credit bureaus - Equifax, Trans Union, and Experian - there is language in the agreements which warns collection agencies not to delete collection accounts simply because they have been paid. If a collection agency is caught violating the terms of their service agreements then they could lose their ability to report collection accounts to a consumer's credit reports - a crushing blow to any collection agency's bottom line and something that they want to avoid at all costs.

Negotiating a "pay for delete" settlement is a difficult, often downright impossible undertaking. However, that does not mean that consumers with collection accounts are without hope of improving their credit. CLICK HERE to download a free copy of the HOPE4USA Credit Repair Toolkit for help getting started on your journey toward better credit today! 

Credit Reports

Knowing exactly what is on your credit reports and where your credit scores fall currently is the first step for anyone looking to build healthy credit.

---

Credit Cards

Compare the credit card offers below to determine which cards are right for you.

---

Fix Your Credit, Fix Your Life

Your first step towards the credit you deserve!

---

Credit Repair Tool Kit

Get your copy for FREE today!

---

Meet Your Team

Helping Our Clients Stand Up to “Credit Bullies” Every Day!

---

Michelle Black is an 13+ year credit expert with HOPE4USA, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, a contributor to the Wealth Section of Fort Mill Magazine, and  a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, budgeting, and recovering from identity theft. You can connect with Michelle on the HOPE Facebook page by clicking here. 

---

Foreclosure? Bankruptcy? You Might be Able to Purchase a Home Sooner Than You Think

Qualifying for a mortgage loan can be a daunting task, especially for consumers with certain types of credit problems such as bankruptcy, foreclosure, or short sales. Even if a consumer is able to rebuild his credit scores to a high enough level to satisfy a lender after one of these events (no small order), he may still be turned down for a loan until enough time has passed since the derogatory credit event before a lender will approve him for a new mortgage loan. The reason why consumers in these situations can be turned down for a mortgage even if their credit scores meet the minimum score criteria is due to the existence of mandatory waiting periods.

Not sure what your credit reports and scores look like? CLICK HERE.

Normal Waiting Periods

Fannie Mae, the government-sponsored enterprise (GSE) which is the leading source of residential mortgage credit in the United States, is slower to purchase the home loans made by lenders when certain types of credit issues appear on a borrowers' credit reports. These problematic credit issues include bankruptcies, foreclosures, and foreclosure alternatives such as short sales and deeds-in-lieu of foreclosure. When these specific credit issues occur Fannie Mae requires that a mandatory waiting period be instituted so that there is a cooling off period between the time when the major credit issue occurred and when the consumer will be eligible to qualify for a new mortgage loan in the future. Lenders have to abide by the guidelines set forth by Fannie Mae if they want the ability to sell the loans to Fannie Mae instead of being forced to hold the loans on their own personal balance sheets.

Mandatory waiting periods vary based upon both the derogatory credit event which occurred (i.e. bankruptcy, foreclosure, etc.) and the type of loan for which a consumer is applying (i.e. FHA, VA, USDA, or Conventional). If a consumer has a foreclosure on his credit reports, for example, then in many circumstances he could be required to wait up to 3 years before he is eligible to qualify for a new government-backed loan (i.e. FHA, VA, or USDA) and possibly up to 7 years prior to qualifying for a conventional mortgage.

Fannie Mae routinely adjusts mandatory waiting periods for loan programs so it is always best to check with an experienced loan officer to find out the specific wait period required for the mortgage loan program which interests you. Plus your loan officer will be able to help you determine if your situation qualifies for a reduced waiting period based upon certain "extenuating circumstances." (Don't have a loan officer? EMAIL US if you would like a referral to a loan officer we know and trust.)

FHA Back to Work Program - Extenuating Circumstances

HUD's announcement of the new FHA Back to Work Program in 2013 was very good news for consumers who experienced negative "economic events" which lead to a foreclosure, short sale, deed-in-lieu of foreclosure, or had filed for bankruptcy protection from their creditors. Thanks to the program, consumers who find themselves facing one of the situations above may be able to qualify for a new mortgage after a shortened waiting period. Qualified borrowers under the new program could be eligible to receive a new mortgage loan after as little as 1 year has passed since their derogatory credit event.

Who Qualifies?

In order to qualify for the Back to Work program consumers must be able to document the following.

1. Borrower must meet FHA loan requirements for "satisfactory credit."
2. Borrower can document the mortgage or credit problems resulted from a financial hardship.
3. Borrower has re-established a responsible credit history.
4. Borrower has completed HUD-approved housing counseling.

To qualify for the program a consumer must have credit reports and credit scores which meet the minimum requirements for approval set forth by both FHA and the lender. Next, he must be able to provide documented proof (i.e. tax returns) which demonstrates that he experienced an income reduction of 20% or more for a period of at least 6 months which lead to his derogatory credit event (i.e. bankruptcy or foreclosure). He will also need to demonstrate that he has recovered financially from the event as well. Additionally, the consumer will need to have at least a 12 month history of on-time rental payments and a 12 month credit history which is free from late payments as well.

Your Next Step

If you have taken the necessary steps to rebuild your credit after recently experiencing one of the derogatory credit events above, then you may be ready to meet with a loan officer to see if you qualify for a new FHA mortgage loan under the Back to Work Program. (Remember, if you are not already working with a loan officer you can EMAIL US if you would like a referral to a loan officer we know and trust.)

However, if you already know that you credit reports need some work before they will be clean enough to qualify for a mortgage then it is likely best for you to begin by scheduling a no obligation credit analysis with a HOPE4USA credit expert to learn what we can do together to help prepare you for your goal of homeownership.

Credit Reports

Knowing exactly what is on your credit reports and where your credit scores fall currently is the first step for anyone looking to build healthy credit.

---

Credit Cards

Compare the credit card offers below to determine which cards are right for you.

---

Credit Repair Tool Kit

Get your copy for FREE today!

---

Fix Your Credit, Fix Your Life

Your first step towards the credit you deserve!

---

The Cost of Bad Credit

---

Real Results

There’s no such thing as a HOPEless credit situation!

---

Michelle Black is an author and a credit expert with over a decade of experience, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, and  a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, credit reporting, correcting credit errors, budgeting, and recovering from identity theft. You can connect with Michelle on the HOPE4USA Facebook page by clicking here.

---

---

Kicking the Habit of Overspending

Does the arrival of your monthly credit card bill strike fear into your heart?  Have you ever discovered that your checking account is empty without knowing where your paycheck could have possible gone so quickly?  Do you have more new pairs of shoes in your closet than you can count?  If you answered yes to any of these questions then you may have a problem with overspending.

Overspending is one of the most common causes of poor credit scores and unbalanced budgets.  Of course, typically consumers do not set out to overspend; however, without a solid plan for spending it is easy to find yourself in the uncomfortable situation of having more bills than money over and over again.  When you find yourself short on cash that is when bills get paid late (or not at all) and credit scores begin to slip.

Keep in mind, over-spenders are not bad people!  Our team of credit experts at HOPE4USA has helped many, many people to overcome credit problems, a sizable percentage of whom arrived at those credit problems due to overspending. The good news is that if these clients were able to fix their overspending problems and turn their credit reports back around then it is possible for you to do the same.  Here are a few tips to get you started on kicking the habit of overspending:

1.) Write down every dollar you spend for the next 2 weeks.

Analyzing your spending habits is the first step to help you find out if you have an overspending problem and, if so, how severe the problem has become.  Wives and girlfriends, if you are asking your spouse or boyfriend to track their spending you may want to note that men are typically a little more resistant to doing so. My suggestion? Make it easy for them!  Give him a simple 3X5 card to keep in his wallet. Just ask him to jot down the amount spent and where he spent it if he does not want to save receipts. You will still get the basic information you need this way and he may be more likely to follow through with your request.

2.) Make a spending plan (in writing) and stick to it.

You may be wondering, “What exactly is a spending plan?”  A spending plan is a written list of your monthly income (paycheck, alimony, child support, etc.) and your monthly expenses (rent, utilities, car payment, etc.).  In other words – it is a budget.  You can even CLICK HERE to download a free copy of the HOPE4USA Basic Budgeting Worksheet - no strings attached. The key is to get started. (Note: if you are a current HOPE4USA client you can ask your case manager to review your completed budgeting worksheet offer advice and suggestions. Talk about a great membership perk!)

3.) Trim the fat from your spending plan.

Once you have reviewed your 2 week spending list and completed your budget worksheet, look for areas where spending can be cut.  Now, I’m not talking about sucking all the fun out of your life so be sure to resist the urge to respond negatively to this suggestion.  However, I am suggesting that you make a plan to get the things that you really want out of life (i.e. a new home, a new car, college education for children, family vacations, etc.) by figuring out what you can live without in the present. You may be able to find hundreds of extra dollars per month by reducing cable TV plans, cell phone plans, entertainment expenses, eating out expenses, or shopping.  Don’t be afraid to take an honest look at your spending habits and see if a change can and should be made.

---

Michelle Black is an author and a credit expert with over a decade of experience, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, a contributor to the Wealth Section of Fort Mill Magazine, and  a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, credit reporting, correcting credit errors, budgeting, and recovering from identity theft. You can connect with Michelle on the HOPE4USA Facebook page by clicking here. 

---

Credit Reports

Knowing exactly what is on your credit reports and where your credit scores fall currently is the first step for anyone looking to build healthy credit.

---

Credit Cards

Compare the credit card offers below to determine which cards are right for you.

---

Credit Repair Tool Kit

Get your copy for FREE today!

---

Fix Your Credit, Fix Your Life

Your first step towards the credit you deserve!

5 Steps to Prepare for a New Auto Loan

Having good credit is an important goal for every adult to set, but it is never more important for a consumer to have good credit than when he is preparing to make a major purchase - such as a home or a vehicle. If you are planning to apply for a new auto loan in the near future then check out these 5 steps to make sure your credit reports and credit scores are ready before you ever submit your first application.

Step One: Don't Allow Impulse to Drive You.

Give yourself enough time to bring about actionable changes on your credit reports. Buying a car is often very impulsive, certainly more impulsive than purchasing a home. However, deciding to purchase a new vehicle on impulse may be a financial mistake. Trying to purchase a vehicle without making sure your credit is in tip top shape first can result in higher interest rates, less favorable terms, higher monthly payments, and even an outright denial for a loan.

Step Two: Check Your Credit Reports.

Checking credit reports several times a year is an important habit for every consumer to develop. The importance of checking your credit is only compounded further when you are preparing to apply for a loan. Thanks to the Fair and Accurate Credit Transactions Act (FACTA) everyone has the right to a free credit report from each of the 3 credit bureaus every year via www.annualcreditreport.com. Surprisingly, even though the right to access these free reports has been available since 2003, only 4% of the available free reports are claimed annually.

Unfortunately there is currently no law which grants consumers free access to their 3 credit scores. Still, there are several websites online which offer a free or $1 view of all 3 of a consumer's credit scores as part of a trial offer for their credit monitoring services. Greatcredit101.com offers a comparison between several of the most popular credit score offers.

Step Three: Correct Errors.

If you think that credit reporting errors are rare, think again. In fact the Federal Trade Commission conducted a study on credit reporting accuracy in 2013 which concluded that over 40 million mistakes could be found on the credit reports of American consumers. Errors happen, but thankfully you have the right to dispute errors when they occur. Consumers can dispute credit report errors on their own or with the help of a reputable credit repair professional. (CLICK HERE to schedule a no-obligation credit analysis with a HOPE4USA Credit Expert.)

It is worth noting that auto lenders will not be checking all 3 of your credit reports and scores like a mortgage lender would do. However, that does not mean that you should try to take a shortcut and focus on correcting the errors on only 1 of your 3 credit reports. Different auto lenders will use different credit reports in their application processes. In other words, if you apply for a loan with ABC Bank they may pull an Equifax report but if you apply with XYZ Bank they might pull a report from Experian instead. Take a tip from the Boy Scouts and "Be prepared!" so that regardless of which credit report is pulled you will not have to worry about any unpleasant surprises.

Step Four: Take a Long, Hard Look at Your Credit Card Balances.

Arguably the most actionable way for a consumer to see a credit score improvement within a relatively short period of time is to pay down his credit card balances. Credit card balances almost always have a negative credit score impact even when the monthly payments for the accounts are made on time. Believe it or not, a whopping 30% of a consumer's FICO credit scores are based in large part upon the amount of credit card debt he carries. The lower a consumer's credit card balances the better the impact will be upon his credit scores. (CLICK HERE to read The Ideal Credit Card Balance to Optimize Credit Scores.)

Step Five: Choose the Right Lender for Your Credit.

The last step to preparing for your auto loan is picking the right lender for your credit. Consumers with great credit are often best served by applying for financing with a "captive" lender. A captive lender is simply the financing option available through the manufacturer of the vehicle (i.e. Chrysler Financial). Captive lenders often offer financing at very low rates, sometimes even 0%, as an enticement for consumers with pristine credit to purchase their vehicle over a vehicle made by another auto manufacturer.

Consumers with good, but less than perfect credit should consider checking out the financing options available through their local bank or credit union. Finally, remember that it is smart to ask questions and to rate shop before settling on a lender as well. Purchasing a vehicle is one of the most expensive purchases that an average consumer makes. It pays to take the time to prepare for your best possible outcome ahead of time.

---

Michelle Black is an author and a credit expert with over a decade of experience, the credit blogger at HOPE4USA.com, a recognized credit expert on talk shows and podcasts nationwide, a contributor to the Wealth Section of Fort Mill Magazine, and  a regularly featured speaker at seminars up and down the East Coast. She is an expert on improving credit scores, credit reporting, correcting credit errors, budgeting, and recovering from identity theft. You can connect with Michelle on the HOPE4USA Facebook page by clicking here. 

---

Credit Repair Tool Kit

Get your copy for FREE today!

---

Credit Reports

Knowing exactly what is on your credit reports and where your credit scores fall currently is the first step for anyone looking to build healthy credit.

---

Credit Cards

Compare the credit card offers below to determine which cards are right for you.

---

Real Results

There’s no such thing as a HOPEless credit situation!

---