Getting Your Credit Report

Your credit report and credit score are important measures of your financial well-being. By getting your credit report and score, you can view the same information lenders and credit companies have access to when deciding whether or not to give you a loan or a line of credit. This information can help you make better-informed decisions and track and improve your financial health.

A credit report is a document assessing your financial health and your habits as a borrower. They are intended to inform creditors of the trustworthiness and financial stability of a potential borrower. Credit reports are produced by many organizations, but the most common sources are the Equifax, Experian, and Transusion reports. These organizations generally acquire information directly from creditors, compile/analyze it, and then resell it to organizations that want access to it.

Credit scores are different from credit reports. Rather than a collection of information, credit scores are numerical indexes created by particular mathematical algorithms that take a number of factors into account. These basically assess the likelihood that a borrower will make payments on time, whether they live within their means, etc. The exact method for generating a score varies from place to place, and some banks have internal methods for generating that kind of information.

There are many websites that offer credit reports. You may have seen TV advertisements offering access to your credit score. There are many websites where you can view your credit information, and not all of them are created equal. Some charge for a credit report, some give it for free. Some require you to start a free “trial” of a credit-monitoring service that begins charging you after a period of time as brief as a week.

Contact Us

If you are having difficulty with your finances, requesting a credit report can help you make more informed decisions. If you have been considering filing for bankruptcy, the experienced Boca Raton bankruptcy lawyers can help you interpret your credit score and decide whether or not bankruptcy is right for you. For a free assessment and to speak to a knowledgeable lawyer, contact the law offices of Eric N. Klein & Associates, PA today at 561-353-2800.