Throughout the span of an individual’s role as a financial bearer in one’s family or business, it is an established fact that days are not always sunny nor are the roses always in its brightest of shades. There always comes an up and down sequence as is the nature in which the course of the days proceed. If anyone could commit to having equally enthralling days financially or otherwise, that person would easily qualify as a demi God as it is virtually and logically impossible.
Under normal terms and conditions, it is an established fact that as a law abiding and responsible citizen each and every member of the population of a state or a country would give a small sum form their regular income towards tax which in turn is responsible for welfare and betterment of one’s life and the amenities they live around. Under normal and healthy situations, an individual is more than happy to do his or her bit for the society they live in. However, the scenario does really change when a person falls into one of those unforeseen gaps that life keeps as a bitter surprise.
Financial trouble is something one might or might not see before it comes knocking on one’s door. Such problems may arise owing to multiple factors depending on the kind of earning the individual has. Regardless of the reason behind declaring bankruptcy, it is crucial for all to understand what happens tax wise when one applies for legal bankruptcy measures.
The IRS or internal revenue service holds major ground when it comes to saving a person from immense financial struggle and hardship. It is crucial for any individual to legally seek help from the court in cases of such intensity as there is a lot that can be done when hope seems at its lowest point in terms of financial state of being.
The IRS is one of the foremost bodies in the government that is responsible to regulate financial circulation in terms of inflow and outflow of tax from commoners and back to the society in forms of amenities and other necessities.
In times of immense financial hardships, one might easily find themselves in a difficult spot wherein their earning is not enough to meet the tax payment bracket and barely enough to meet basic expenditures for the necessities in life. Here is where upon filing for bankruptcy, the IRS comes to help and ease out the pressure form an individual’s shoulders. The IRS can not definitely erase the taxes a person owes to the government; however, it sure can reduce the percentile owed and the increase time period facilitated to pay the amount. In times of desperate measures, this step can for sure ease up some of the stress in a person’s mind and help him or her to recuperate from the financial upheaval they find themselves in.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.