What Is a Credit Report?
A credit bureau compiles a document detailing your
credit history, credit inquiries and facts about your credit, debt and
payment history. Your credit file includes:
- Public record information such as bankruptcies, judgments, foreclosure
and tax liens
- Overdue debt information from collection agencies
- Credit inquiries made by lenders, insurance companies
and government agencies
You can request one free credit report
per year from each of the nationwide
credit rating bureaus; Equifax®, Experian and TransUnion®.
Experian - 1-888-397-3742
Equifax - 1-800-685-1111
TransUnion - 1-800-888-4213
Alert! Certain companies advertise that they offer free credit reports,
but if you dig a little deeper, you might find there are associated
What is a Credit Score?
A credit score is usually a three-digit number that lenders use to rate
your payment and credit history. A score is used to help determine whether
or not you get a loan, mortgage, car, credit card. etc., and what interest
rate you will pay on that loan. Credit scores range from approximately
300 to 850. Generally, the higher your credit score, the better.
What Determines My Credit Score?
The most well-known credit scoring system was developed
by Fair Isaac Corporation and is called the FICO® score.
The FICO®scoring system uses information from the three major credit
bureaus, taking the following five components into account:
(figures and chart taken from MyFico.com)
Length of credit history
Types of credit used
Content on this site is compiled from a range of sources including:
Consumer Credit Counseling Service of MD and DE, Federal Reserve, Federal Trade Commission, MyFico.com, MyMoney.gov (U.S. Government’s Web site for financial education), National Foundation for Credit Counseling, Saveandinvest.org A project of the FINRA Investor Education Foundation, Take Charge America.