Credit Score Facts
About Credit Score Facts
Why credit score facts are important to know? After all it is only three digit number. This three digit number is important in our life. It gets used everywhere in our day to day life. When we shop for auto insurance, life insurance, house loan or personal loan at each occurrence our credit score is checked. Our credit score is indicator to lenders how trustworthy we are and how much we carry credit risk.
Important to know what factors influence your credit score and credit history. Equally important to know what are credit score myths? All this information is important to know so that you don’t get confused and loose important information to improve credit score.
The most important factor which influences your credit history is payment history. It makes of 35 percent of your credit history. The information on payment history tells creditors how good you are paying bills to utility, banks and lenders. Your positive payment history record will add more credit points to your credit score.
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Any derogatory remark by service provide or from any lender on your credit report can bring your score down by few points to more. If it is small doctor bill which is unpaid, it may bring score down by few points. However if you are behind on mortgage and have defaulted it will do heavy damage on your credit score. If your available credit is high that also builds score in your favor. If you have consumed all credit or you are close to high limit that can bring down your credit score. Credit bureaus will consider you as risk if your available credit is low or nothing. Lot of people think damaged credit score can’t be fixed. That is not true. However credit score can be improved with corrective measures and it takes time. With time and updated information credit score will improve. However it is good practice to check once a year your credit report. These days each credit bureau by law is supposed to provide once a year free credit report. Check for reported entries, if you find any wrong remarks have them corrected by writing to each credit bureau. However this may take time but they will fix with correct information. Checking credit report is good, because information reported on this affects your credit score. |
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Identity theft has been on rise. These days your driver license, social security number, personal details are available with banks, business, service providers etc. Identity thieves prey on innocent victims by stealing their personal information. These people can make purchases against your name or take big loan against your name. Lot of people takes advantage of free credit report available from credit bureaus. Each quarter they take one report and check content of credit report. Any dubious statements or fraud can be checked quickly. Please remember victoms of identity theft have to go through grilling process to restore their credit history.
Your FICO score will not match with credit score from three major credit bureaus. Although each of these will use FICO score model but the information they have for a individual may slightly differ. Slight variation in data may result into different credit score at three major credit bureaus.
- About Credit Score
- About Credit Monitoring
- About Credit Reports
- About Credit Cards
- About Credit Bureaus
- About Credit Repair
- About Debit Cards
- About Credit Scorecards
- About Credit Risk
- About FICO Score
- Credit Reporting Agencies
- About NextGen Score
- About VantageScore
- About Score Facts
- Credit Score Makeup
- About Credit Utilization
- Annual Credit Reports
- Free Credit Reports
- About Credit History
- About FCRA
Credit Score Websites
1. Free Credit Report
2. CreditReport.com
3. Check Credit Score
4. Experian - Bureau
5. Equifax - Bureau
6. Transunion - Bureau
6. About Credit Score
Identity Theft Complaints
1. FTC - Govt.
2. SSA - Govt.
Credit Reporting Agencies
1. Experian
2. Equifax
3. Transunion