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


Creditors: Delete a discharged debt from a credit report or face possible ...
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Credit report - discharged debt A typical lender is often managing tens of thousands of accounts of all different types and in various states of financial health. So what happens when a lender, for whatever reason, fails to update credit reporting ...


Credit Karma Offers Free Weekly Credit Reports and Monitoring
Lifehacker
Free credit report services are often rife with scams, but Credit Karma is the real deal (I'm a user of the service, I don't pay a cent for it, and I'm happy.) The company previously offered credit reports on a monthly basis, and refreshed your ...


Techlicious (blog)

Credit Karma Expands to Offer Free Credit Reports
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As opposed to other credit reporting sites that attempt to sign you up for a premium credit monitoring service, Credit Karma makes its money by serving you advertisements instead. The ads are based on your credit profile and are typically for financial ...


Credit Karma's Latest Act: Making Access to Credit Reports Easier
American Banker (subscription)
Free credit reports, not just scores, mark the next phase of what financial advice upstarts like Credit Karma are providing. The more readily available information could help consumers become better borrowers before they need credit. Lenders, which ...


TechCrunch

Credit Karma Rolls Out Free Weekly Credit Reports (Yes Really)
TechCrunch
Online credit monitoring startup Credit Karma is rolling out free credit reports. And no, it's not a scam. Over the years, consumers have been burned by websites offering ?free? credit reports which had more than a few strings attached. After signing ...
A Free Credit Report With No Strings Attached. HonestBusinessweek
Credit Karma Now Has Free Weekly Credit Reports, Without A CatchForbes
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Yahoo Finance (blog) -Houston Chronicle -Wall Street Journal (blog)
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Credit Karma Adds Full Credit Report to Its Always Free Suite of Resources
Broadway World
SAN FRANCISCO, CA - Credit Karma, the consumer's financial advocate serving more than 25 million people, today announced that everyone now has free access to their full credit report which can be refreshed as often as once weekly. Giving people free ...


CNBC.com

A third of consumers with credit files had debts in collections last year
Washington Post (blog)
About 77 million Americans have a debt in collections, a new report finds. That amounts to 35 percent of consumers with credit files or data reported to a major credit bureau, according to the study released Tuesday by the Urban Institute and Encore ...
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Slate Magazine (blog) -Nashua Telegraph -Marketplace.org
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Free identity-theft protection, credit reports and credit scores are there for ...
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In 2012, hackers infiltrated the S.C. Department of Revenue's computers, stealing financial information from millions of taxpayers that included credit card and Social Security numbers, but concerns about identity theft seem to have since faded away ...

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Credit.com News (blog)

Can You Get a Debt Collection Account Off Your Credit Report?
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But for many of us, the longer struggle can be the patience needed to see our credit scores bounce back, or the time it takes for late pays and collections that occurred a couple years back to finally drop from our credit reports. Waiting for your ...

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How to Dispute Credit Report Errors
U.S. News & World Report (blog)
If you've never pulled your credit reports before, you may want to request all three to begin with and ensure that each one is error-free. Otherwise, pull a different report every four months so you can check up on your credit throughout the year. Keep ...

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