Sign up with Credit Karma and get your free credit reports from TransUnion and Equifax anytime. Get notified when there are important changes to your credit report and learn how to improve your credit score.
What is a credit report?
Credit reports are a record of your credit history, which includes your payment history, credit scores, and other information. A credit report can help you get approved for loans, insurance, and more.
How to get your free credit report
The easiest to get your credit reports for free are to sign up for Credit Karma using the link above. You can also get a free credit report from each of the three major credit reporting agencies each year: Equifax, Experian, and TransUnion. To request one, visit each agency’s website and complete the online form.
You can also call each agency directly to request a report. It’s usually hard to get a hold of an agent on the phone but if you prefer using the direct agency instead of a third-party service like Credit Karma this is the way to go.
What is a FICO credit score
A FICO score, also commonly known as your credit score, is a number that reflects your risk of default on all forms of credit like credit cards, loans and mortgages. It’s calculated by the three major credit reporting agencies using data from your credit applications, accounts, and payments.
What is a hard inquiry on my credit report
A hard inquiry is a request from a creditor to view your credit report. Hard inquiries are common when you apply for a new loan, get a new credit card, or want to buy a car. They’re not always bad and can sometimes be positive if you’re approved for the loan or credit card. However, if you have too many hard inquiries on your credit report, it could affect your borrowing rates and ability to get loans in the future.
Each time there’s a hard inquiry on your credit report your credit score will likely decrease. The specific amount is unknown but it can be as much as 100 point so it’s important not to have to many in a short period of time.
What is a soft inquiry?
A soft inquiry is a request from a creditor to view your credit report that doesn’t result in an immediate decision. It’s common when you’re trying to get a loan or credit card and your score is low. Soft inquiries don’t affect your credit score but they can still be counted if you apply for a loan or credit card in the future.
Wrapping up
Your credit history is important to getting approved for credit cards, loans and mortgages. Along with your credit score it is the most common way to help you increase your access to credit. Free reports are available from each credit bureau or from Credit Karma. Sign up and track your history.
