Frequently Asked Questions
Understanding the elements of your credit rating is important for anyone. Having the knowledge of how to start building your credit if you’re just starting out or learning how to increase your score if you’ve run into debt or other credit issues in your past, is vital if you wish to buy homes, cars or have credit in the future. Below are some frequently asked questions regarding credit, credit scores, debt and more.
What is considered a “good” credit score?
The credit scoring system ranges from 300 to 850. Any score over 700 is considered “good” credit and would qualify for near prime rates for most loans . Scores over 800 are deemed “excellent” credit and would receive the lowest interest rates available in most cases.
Can I really get a free credit report?
Yes, you are entitled to one free credit report each year at AnnualCreditReport.com. However there are many other free credit services that will provide you with free credit reports, as well as give you have the option to sign up for additional services such as credit monitoring, usually at a monthly cost.
What’s the best way to improve my credit score fast?
There is no truly fast method of boosting your personal credit score, however by paying off debt, setting collection & charge off accounts that show on your credit report, and managing your spending are all ways that you will see improvements in your credit score over time.
What is the difference between a credit score and a credit report?
Simply put, your credit score is the numerical value the credit reporting agencies give your credit, which are dependent on many factors including credit history, credit card balances, frequency of debt payments and more. This score will range between 300 and 850. A credit report is the information that is contained as part of your credit history. All of the lines of credit you have, including mortgages, auto loans, credit cards, student loans etc. will be indicated on your credit report.
What if I believe my credit report is incorrect?
If you believe your credit report contains errors, we suggest you contact the three credit reporting bureaus. You can find more information on how to do this at AnnualCreditReport.com or you can review our tips on disputing credit reporting errors here.
Do I need a credit monitoring service, or should I track it on my own?
There are 2 schools of thought regarding credit monitoring & paid credit monitoring services. One view is that by pulling your annual credit reports and keeping track of your credit accounts, you can ensure there are no reporting errors or fraudulent activity occurring on your credit history. This would be a monthly event to properly keep up on any issues that could arise and potentially harm your credit. The other side argues that paying a small monthly fee in order to receive alerts when there are changes to your credit file is a small price to pay for the peace of mind that you will always be made aware of what’s going on with your credit report. There’s merits in both methods, but it’s up to the individual to decide which way they want to handle credit monitoring.
How long will it take for a bankruptcy to be removed from my credit report?
Bankrupcty’s will remain on your credit report for up to 10 years, however some credit agencies may discharge it after only 7 years.
Does Credit Flare share any of my information?
Credit Flare will never share any of your private information. In fact, you will never be asked for any information on our site, aside from your contact information should you need to reach us. Any information you provide will be direct to 3rd party services or offers, not directly related to Credit Flare.