In our Mastercard and Visa maxed out world where one of the most common phrases is, “Oh, I’ll just charge it,” the effects of the plastic rectangles that over power our wallets and maybe even our lives has always been a mysterious secret.
But now before you blow your credit limit with SUV and jaccuzi purchases, you can unveil your previously secret credit rating by the click of a mouse.
During the past few years, two different Web sites have been working toward making credit reports easily accessible and easily understood. Equifax.com and Myfico.com both provide the same credits reports that lenders have access to, with easy to understand explanations as well.
At Equifax.com, which is one of the three major credit rating agencies, you can choose from a few different services that range from receiving notifications of changes to your credit history as they happen to getting a heads up about what a lender will see when you apply for a loan. Prices for these services range from $12.95 for a one-time access of your credit rating to $39.95 for credit rating access multiple times a year.
At Myfico.com, which is run by the company who actually calculates your credit rating, you can get similar services, prices and just as many details that you can at Equifax.com. Both sites have sections dedicated to informing the consumers about how their number was calculated, what the number means, how your rating compares with the general public and ways to improve your credit ,if needed.
So, be credit proactive. Find out about your rating before your cards burn holes in your pocket.