How To Obtain The Best Credit Report For Your Needs

Everyone needs to have the best credit report possible to insure having credit extended to them. Presently, interest rates are low on most credit cards and loans, making it a great time to buy on credit. Also, with the rise in identity theft crimes, people need to check their credit report at least once a year. But which credit report is best for your needs? This can serve as a guide to obtaining the best credit report for you.

The best credit report for you if you have been a victim of identity theft or just want a quick review of your current credit standing, is a free credit report. The Fair and Accurate Credit Reporting Act will be phased in until December 2005, when everyone in the country can request a free credit report. Currently states in the West and the East can obtain this free credit report. Transunion, Experian, and Equifax are to send you a free copy of your credit reports within 15 days upon request.

If you are considering a major purchase such as a car or house, a 3 in 1 credit report would suit your needs best. This type of report lists your credit score with the three credit reporting agencies and provides more information than the free credit reports. These reports contain your FICO score, a major factor with loan companies in decide whether or not to extend credit.

Your credit report will explain your FICO score and show lenders your past payment histories as well. Your FICO score is a number between 350 and 900. The number is calculated on your past and current credit ratings by computer. Lenders use this figure to predict your creditworthiness. Some of the factors FICO considers are past history, current debt ranges, pursuit of new or unnecessary credit, and types of credit applied for.