The Federal Reserve has launched a new website that shouldbe bookmarked by everyone. Finally thereis a website that is a good resource for credit related information that doesnot try and sell you anything; nothing, no related services, no underlying adrevenues, purely informational and completely trustworthy.
The Consumer’sGuide to Credit Reports and Credit Scores is a well planned, easy to understand website that deserves high praisefor the government. As the site says:
Your credit history isimportant to a lot of people: mortgage lenders, banks, utility companies,prospective employers, and more. So it’s especially important that you understandyour credit report, credit score, and the companies that compile thatinformation, credit bureaus. This site–maintained by the Federal ReserveBoard–provides answers to some of the most common, and most important,questions about credit.
Here are what I believe to be some of the highlights of thewebsite:
• Getcopies of your creditreport— then make sure information is correct. The site tells you how.
•Understand how your credit score is determined. The new site tells you.
• Learnthe legal steps to take to improve your credit report. Again, the informationis online.
• Bewareof credit-repair scams. The web site keeps you up to date.
• Thewebsite offers step-by-step instructions to help you correct an error on yourcredit report — not an uncommon job for credit-active consumers.
The siteis new and fresh with the latest government regulations dovetailing into yourresponsibilities, indicating it’s not just up to the law to make sure creditorsdo the right thing.