551 Credit 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


High-stakes debate over credit reporting for home loans
The Seattle Times
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 ...
The Nation's Housing Column: Changing credit reporting rules could impact ...NewsOK.com

all 6 news articles »

The Nation's Housing: The high-stakes debate over credit reporting
TriCities.com
How about if your credit reports included information on your utility bills, rent, cable, mobile phone and other monthly payments? Wouldn't this give a nice jolt to your credit scores, assuming you've paid these bills on time? Shouldn't this be federal ...

and more »

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 ...
What Sets Top Credit Scores Apart From the Rest?Huffington Post

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
Chris has been in the mortgage business for over 12 years. During that time he has received multiple awards and is a respected industry speaker. Most recently, in 2011 and 2012, he was recognized by Mortgage Executive Magazine as being in the top 1% of ...


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)

Proposed Bill Would Make Drastic Changes to Credit Reports and Credit Scores
Huffington Post
Today Rep. Maxine Waters (D-CA) will introduce the Fair Credit Reporting Improvement Act of 2014. If passed, the Act would result in the most aggressive overhaul of the Fair Credit Reporting Act since 2003 and change the landscape of over 650,000,000 ...
Credit Reports Would Be Overhauled Under a New BillWall Street Journal (blog)
Waters proposes sweeping credit reporting reformsHousing Wire
Credit score overhaul introduced in HouseThe Hill
Washington Post -Credit.com News (blog) -Businessweek
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 »
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