How To Find Out Your Credit Rating

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Do you live in the US? Want to know your credit rating? Go to annualcreditreport.com. It allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.

AnnualCreditReport.com is the official site to help consumers to obtain their free credit report. It takes your basic information and passes it on to the credit bureau web sites. One by one you are taken to each site, asked a few questions to confirm you are who you say you are. Then, provided there are no security flags attached to your account, you are shown your credit information. Print it for reference.

While on the site, you can see if there are any negative or untrue items listed. You can dispute them online. Be sure you can back up your claim as it will be investigated. If they cannot come up with proof of the validity, it will be removed in 30 days and up to 3 months.

Your credit rating is based on how many accounts you have open, the limits on these accounts, how much you have used of your credit limit, and how timely you pay your debt each month.

Pay your bills on time. A recent late or missed payment is likely to lower your score more than an isolated late payment years ago.

Reduce your credit card balances. Keep your balances at or below 25 percent of your credit card limit which helps improve the credit score.

Pay off debt instead of transferring the balance. Although this does is give you a higher debt to credit ratio. And tempting offers from credit card companies which urge you to do this often won't tell you upfront the interest rate will get higher in a few months.

Keep your good accounts open for as long as possible. Close accounts that are paid off which you will not use again. And do not open up too many new accounts when you are planning on a big loan such as a house or car note.

Where can you get your credit score? Equifax offers consumers their FICO score for $12.95. If you are denied credit, you're entitled to a free credit report from the bureau supplying the information that was the basis for denial. And every year you are entitled to a free copy of your report.