How to fix your credit in Fairfield CT: Part 1 of a 4 part series

How to fix your credit in Fairfield CT: Part 1 of a 4 part series

First and foremost get a copy of your credit report! You can't fix something if you don't know what's wrong. Everyday I have people call me up to repair their credit because they "know it's bad" but don't know exactly what's there. Well step one is to pull your head up out of the sand and look around (insert chuckle here).

Now the next question to answer is do you want a "soft" or a "hard" pull. A soft pull is when you check your own credit report. A soft pull inquiry does not count against you. A hard pull is when your credit is checked by a lender, car finance company, credit card issuer, etc. Hard inquiries can have (not always) a small (read usually less than 5 points) effect on your credit score.

First, there is only 1 place to get a truly free credit report (despite what those tv commercials may try to tell you). The web address for your free yearly credit report is www.annualcreditreport.com. There you can check all three of the credit bureaus: Trans Union, Experian, and Equifax. Because you are checking your own credit it is considered a "soft" pull and will not affect your scores. You can not check your FICO scores though.

If you decide to let a loan officer or someone else check the credit for you, be aware it will be a hard inquiry. Ask them in advance if they are willing to give you a copy of the report. Also ask them if it will be from all three credit bureaus and will it have a FICO score from each bureau. Know what you are getting.

There are many other websites that allow consumers to check their credit which are "quasi" free. That means it is a free credit report if you join their credit monitoring program. Most of these say that if you cancel your membership within so many days you will not be charged which is how they get away with advertising it as a "free" credit report. The best of these is probably credit.com at this webaddress.

Be wary of FAKO scores. A FICO score is the score used by lenders nationwide for mortgage financing. A FICO score comes from FICO company (formerly called Fair Isaac). Many companies now offer FAKO scores which are more profitable for them to offer. The most common of these scores are a Vantage Score or a Plus Score. The bottom line is read the fine print - make sure what you are getting is a FICO score or don't bother.

Many people will tell you that you can no longer get your FICO scores as a consumer. In fact I use to think this was a case as well. Now I recommend www.cumic.org. They offer credit reports for consumers. They cost a little more à $20 per report, but they are in an easy format to read, have a FICO score from all three bureaus, and are a soft pull which will not count against you.

Stay tuned in two days for part 2 - what to do once you have your report!

:)
Matt

Toll Free: 888-NCFIXER (623-4937)
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East Hartford, CT 06108

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