How to Check My Free Credit in 2 Min
One of the highest searches in Google about credit are “how to check my credit” or “how to check my credit” so we decided to write an article about it and call it as such, although in reality it says “how to check my credit”. If you have asked how to check my credit then Tom Ripley has a solution for you that is free and takes 2 minutes.
By reviewing your credit you will have a better understanding of your payment history, debts to your name and how much of your credit rating you are using.
Many people are afraid to check their credit because they think that by checking their credit they will damage their credit score. There are two types of credit checks: 1) “hard pulls” (strong check) and 2) “soft pulls” (soft check). The difference between the two types of reviews is that the “soft reviews” or “soft pulls” do not damage your credit, while the “strong reviews” or “hard pulls” do damage your credit.
When you check your own credit through a free system like CreditSesame you are doing a “soft review” since you are not applying for a new credit line. Instead, “strong reviews” are used by banks and credit cards when they want to determine whether to grant you a loan.
How to Check My Credit With Tom Ripley
To know “how to check my credit” through Tom Ripley you only need 2 minutes of your time and your personal information. The process is 100% free and extremely fast.
By understanding how to check my credit with Tom Ripley, you will not only receive your credit score for free but you will also receive a score on each of the 5 credit factors.
To check your credit for free with Tom Ripley, follow these steps:
- You must have your personal information at hand such as social security and home address.
- Use a free and secure credit review system like CreditSesame.
- Enter your information to the system to locate your credit report. This process takes 2 minutes.
- When you enter your information and verify your identity, they will present you with your free credit report. It’s that easy
How to Check My Credit Helps Improve My Credit Score
When reviewing your credit you will be presented with a report of the 5 factors that affect your credit, which are:
- Your payment history
- Credit level being used
- Age of your credit
- Types of accounts in your name
- Sometimes you have reviewed your credit.
Understanding your score in the 5 different factors will help you know that you have to improve your finances to improve your credit score.
Although many do not pay attention, having a good credit score will help you save on interest at the time of taking out a personal loan, car loans, mortgage, credit cards and other types of financing. Here is an explanation of the 5 factors that affect your credit and how to improve them:
- Payment history : Your payment history is the most important part since it counts for 35% of your credit score. For this reason the best idea is always to pay on time or ask for extensions from your creditors when you can not pay. If there are accounts in your name that are not yours or the amounts are incorrect, you can appeal them to the credit bureau.
- Credit reviews: This last factor is the one that least affects your credit but the same account (10% of your credit score) . As we explained at the beginning of this article, “strong reviews” or “hard pulls” damage your credit so whenever you apply for a credit, ask the company if that type of credit check will be used.
- Types of accounts in your name: The types of accounts and credits in your name (10% of your credit score) help creditors know if you can handle loans of high amounts or only short term. If you have mortgage loans or auto loans and pay on time this will help the lenders to trust you when it comes to higher amounts.
- Credit Age: The age of your credit is also an important factor (15% of your credit score) as it helps creditors to trust you since you have managed to manage your credit for a good period of time and not only for a few months . The ideal credit age is 2 years and up. For this reason it is a good idea not to close any credit card accounts or other accounts even if you do not use them because they help establish your credit age.
- Credit use: This is your second most important factor (30% of your credit score). It is determined by how many debts you have compared to your income level and credit limit. Ideally, never use more than 30% of your credit limit with your credit cards and other lines of credit to maintain a good credit score.
Types of Credit Checks and How They Affect Your Score
There are 2 types of credit checks possible at the time of “check my credit”. Understand what type of review the financial companies you work with will help you save losing unnecessary points.
Here we leave you more info about the types of reviews and some tips:
1) Soft Check: The soft reviews (“Soft Pulls” in English) are what you do personally when reviewing your own credit (as well as with CreditSesame). Since these reviews are not being used to get a new debt, they DO NOT lower your credit score when it comes to checking your credit. These reviews do not run the credit bureaus but alternate financial information, so they do not damage your score.
It damages your score: No.
Examples: Review your credit only with CreditSesame or by applying for personal loans through Tom Ripley.
2) Strong Review: The strong reviews (“Hard Pulls” in English) are the reviews made at the time of taking out a new debt (as well as those made by banks). Since these reviews if they are being used to get a debt IF your score goes down by some points at the time of reviewing your credit. These reviews if the 3 credit bureaus run so they will be reflected in your credit history, which will lower your score some points.
It damages your score: Yes.
Examples: When taking out a personal loan or credit card in a bank.
For this reason it is important to know how to answer the answer of how to check my credit.
Other Resources for Credit Checks:
For credit reviews, we recommend you always check with the CFPB (Consumer Financial Protection Bureau) and FCC (Federal Communications Commission). These government pages share information and personal finance news, which give you tips to avoid online fraud.