Companies like Experian, Equifax and TransUnion rate you on your financial past and present. By viewing a free credit report and score, you provide yourself the knowledge these companies have on you and what past actions you have done that affect your credit rating.
Experian
Equifax
TransUnion
If you are a person or company looking to receive a loan or mortgage, getting a free credit report and score will let you know in advance your chances for getting a loan. The credit rating, if a bad one, may lead you to believe your chances for approval are low but your time will have been wasted applying for the bank loan knowing your rating is subpar. Learning this credit score and getting a detailed report of how your past and present actions have affected this score can tremendously help you make wiser decisions for the future.
If your free credit report and score returns some information of how your actual score has fallen, you can adjust. If your missed payments for your past car loan, your missed cell phone payments affect your rating, then you know how much this affects your lives in the future. No one wants a bad credit rating, but its better to know where you stand with your credit score. Having a detailed report can help you find out what is affecting the rating, and then you can see the length of time it will take before your rating goes up and when you have a better chance to open up that business or purchase a new car.