Senate has just voted into a bill for a clear credit score. This bill proposes that credit scores be included in the annual free credit report that consumers can get. This credit score is what lenders and banks use to judge if you are approved or denied for a credit card, mortgage, car loan, or other important financial lien. Continue reading about clear credit score to know your rights as a consumer.

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Clear Credit Score
This new proposal aims to provide a clear credit score for people getting their annual credit report. It will require credit reports to include the numerical credit score that ranges from 300 to 850. Usually credit bureaus like Experian, Equifax, and TransUnion will charge $15.99 or more for just the credit score. The senate, upon passing this bill, will allow consumers to get a better picture and a clear credit score that is included with their credit report. If you have ever been denied for credit, a loan, or even refused a job because of a low credit score, you know how frustrating it can be to be considered less of a citizen just because of your credit score.

Checking your credit score will empower you and improve your financial literacy so that you can improve your situation. Having a bad credit score can result in being denied credit, requiring a higher interest on home loans and car loans, and also being denied for employment. Having the option to check your credit score whenever you want is helpful to being able to improve it.

Make sure you check your credit score for free today.

Credit bureaus provide information such as your clear credit score to lenders and banks in assisting them to calculate credit risk. To dig deeper into this on a different scale, there are only 3 real scores that are used in the real credit approval decision: TransUnion ’98, Equifax/Beacon 5, and Vantage. TransUnion ’98, or TU’98 is only used for mortgage loans. Equifax/Beacon 5 is mostly used for only mortgage loans. Vantage scores are a bigger slice of the pie in the market. Just a little deep dive into credit scoring that you may not have known.

You should review your credit report on a regular basis. You need to keep an eye out for names that are unrecognizable, addresses that don’t match, accounts that you don’t recognize, and past due negatives that are not yours. You can order a free credit score from all three of the major credit bureaus directly from this site, ReallyFreeCreditScore.com. It doesn’t take long to do so yourself and will take only mere minutes. If you do not check your credit report, you leave yourself open to identity thieves looking to steal your information from you.

If you have become a victim to identity theft, you must immediately get a freeze on your credit report. Freezing your credit report has fees involved and these can rack up. Some of these fees range $10 or more and it applies every time you freeze your credit report and every time you apply for new credit. This means that every time the freeze is removed or added on, it is $10 each time. Also the credit report freeze can take a few days to take off so you may not be able to use your credit during that time.

Get your credit score and protect yourself from identity theft.