You credit rating is given by your FICO credit score it depend on several factors like if you pay your bills and premiums on time, if you the whole credit bill or only the minimum amount required.

You can easily get your credit report from FICO, how do you decide your credit is bad:

•  if your credit score is between 500 to 580 then you have poor credit you can get a loan only if you put down a down payment of 5 to 20% on your loan amount.
•  if your credit score is between 580 to 620 its fair credit but you will have to some down payment the interest rates are average.
•  if your credit score is between 620 to 640 its average credit you should be able to take loans without down payment at reasonable interest rates.
•  if your credit score between 640 to 700 it good credit you will be able to get low interest rates on loan without down payment.
•  if your credit rating is 700+ its superb you can get a loan at cheap interest rate without down payment depending on your income and few other factors.

You no longer have to worry about not getting a loan just because you have a bad credit

Times have certainly changed with the introduction of bad credit loans people having bad credit rating that is below 620 who were considered a risk can now easily take loans.

You can take a bad credit auto loan, house loan or personnel loan depending on your needs, it can be short term or long term loan, short term loan have greater interest rate and shorter payment period. While the long term loans have lesser interest rates and about 10 to 25 years of repayment. You can go for secured loan where you have collateral against the money you borrow or a unsecured loan today even bad credit people can easily borrow money and by paying for loan in time can improve their credit rating.

Credit report for free

Well there are only a few things free in this world and your credit report is one of them, all you need to do is contact the three credit reporting agencies Equifax, Transunion’s, and Experian. From 2005 onwards all the states in US have the system of providing 1 free credit report every year. Thankfully the consumers don’t have to contact all three agencies separately you can get your credit report by contacting anyone.

You can easily apply for it online on www.annualcreditreport.com; or call on 877-322-8228; or complete the form and ask the credit reporting agency to mail it to you: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The form is also available online where you can print it out and mail it in: www.ftc.gov/credit.

If you require more than one copy per year then contact:

Equifax – 800-685-1111, www.equifax.com
Experian – 888-397-3742, www.experian.com
Trans Union – 800-916-8800, www.transunion.com.

But ordering for more than one copy will cost you some money; the copies will come every 4 months. If you do not trust the government agency you can also hire a private company to mail you your reports some fee will be there. Also as soon as you detect fraud report to the agencies.