542 FICO Score

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What Is A Credit Score or FICO Score?

A credit score, also known as a FICO Score is a number that summarizes your credit risk, based on a snapshot of your credit report at a particular point in time. A credit score helps lenders evaluate your credit report and estimate your credit risk. The most widely used credit scores are FICO scores, the credit scores created by Fair Isaac Corporation.

What Makes Up a Credit Score?

Your FICO score is essentially made up of the following:

   * Payment History – 35%
   * Total Amounts Owed – 30%
   * Length of Credit History – 15%
   * New Credit – 10%
   * Type of Credit in Use – 10%

How can I Rank My Score?

Scores are assigned a numeric value of between 300 and 850. Here is the general scale and what the scores may mean:

700 and above: Excellent / Very Good Credit. You are considered a low credit risk by institutions and would generally qualify for the lowest interest rates and repayment terms.

680 -699: Good Credit. You will usually be approved for loans with favorable terms.

620-679: Reasonable Credit. You are a moderate credit risk, and while you won’t usually be refused credit, you will not be able to borrow at the best rates.

550-680: Poor credit. You may have to shop around to find a lender willing to approve an application for you, and your loans will be quite expensive.

below 550: Very bad credit. You are considered a high risk customer and will have difficulty finding lenders. You will have to look seriously at some strategy of ‘credit repair’.


AnnualCreditReport.com is a website sponsored by TransUnion, Experian and Equifax. Users can request a free credit report from each service once a year.


Credit Reporting, Repair and Protection


Credit Report News


The high-stakes debate over credit reporting
Worcester Telegram
Maxine Waters, D-Calif., would amend the federal Fair Credit Reporting Act to require the national credit bureaus to delete most negative information ? delinquencies on credit cards, mortgages, foreclosures and short sales among others ? within four ...


Top Websites For Checking Your Credit Scores
Investopedia
While you can check your credit reports from each of the major credit bureaus ? Experian, Equifax and TransUnion ? for free once every 12 months at www.AnnualCreditReport.com, the free reports don't contain your credit score. Lenders and creditors ...
Debunking credit mythsIT Business Net
What Sets Top Credit Scores Apart From the Rest?Huffington Post
If your credit score's great, don't toil to add a few pointsBoston Globe
Philly.com -The Dough Roller
all 12 news articles »

Legal Minute: Credit Reports
wwlp.com
SPRINGFIELD, Mass. (Mass Appeal) ? Credit Reports can have a wide ranging impact on your future, but accessing it can be difficult. Attorney John Davis from the The Law Offices of Cooley Shrair in Springfield shared more about personal bankruptcy and ...


How Long Does Negative Information Remain on My Credit Report?
Boston.com
In general, these types of entries can remain on your report for up to 10 years after their original entry. Although they may not harm your credit score as much after several years have passed, potential lenders who pull your credit report will still ...


Business Insider

The Newest Credit Reporting Act Doesn't Have A Chance
Business Insider
Maxine Waters (D-CA) has introduced a bill in the House called the Fair Credit Reporting Improvement Act of 2014. The bill proposes sweeping changes to almost all aspects of the credit reporting and credit scoring environments. It contains two or three ...
Troutman Sanders LLP | Congresswoman Proposes Fundamental Changes to ...Linex Legal (press release) (registration)

all 5 news articles »

DailyFinance

3 Reasons to Check Your Credit Report Today
DailyFinance
Most Americans don't realize how important their credit report has become. It obviously has a huge impact on your financial life, whether you're applying for a home loan or credit card or looking to rent an apartment. But increasingly, credit ...


International Business Times

Keep Medical Debt Off Credit Reports, Says Consumer Advocate Group
International Business Times
However, a new National Consumer Law Center report argues that medical debt is so widespread -- and such a lousy predictor of creditworthiness -- that regulators need to help prevent information about medical debt from landing on a consumer's credit ...

and more »

Wall Street Journal (blog)

Credit Reports Would Be Overhauled Under a New Bill
Wall Street Journal (blog)
A new bill in Congress seeks to overhaul the consumer credit-reporting system by lessening the period over which loan defaults and bankruptcies are included in credit reports. The bill's introduction comes a month after Fair Isaac Corp. announced it ...
Proposed Bill Would Make Drastic Changes to Credit Reports and Credit ScoresHuffington Post
Waters proposes sweeping credit reporting reformsHousing Wire
Credit score overhaul introduced in HouseThe Hill
Businessweek -Marshfield News-Herald -Credit.com News (blog)
all 25 news articles »

ABC News

How Do Credit Report Errors Happen?
ABC News
If you have seen wrong information on your credit report ? and plenty of people have ? you've probably wondered how it got there. After all, if the statements you get from your lenders are accurate, shouldn't your credit reports be? Credit reporting ...

and more »

How To Scrub Your Credit Report Clean Of Costly Errors
Forbes
Errors can land on your report when lenders, banks or credit bureaus get it wrong. Nevertheless, it's your responsibility to get them fixed. ?Credit reporting agencies don't have an obligation to correct anything on a credit report unless you tell them ...

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