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

National Debt Relief Shares Common Causes of Errors in Credit Reports
Virtual-Strategy Magazine (press release)
National Debt Relief recently shared an article, published on October 18, 2014, with some tips on how to deal with an error in the credit report of consumers. The article explains some of the most common reasons on how mistakes gets into consumers ...

and more »

Sydney Morning Herald

Free credit record not always easy to find
Sydney Morning Herald
Consumers are complaining that they cannot easily access free copies of their credit reports. Queries rolled in after Money ran a story recently about the new regime that came into effect in March, where monthly payment histories on loans and credit ...

and more »


How Often Does Your Credit Score Change?
Huffington Post
First off, congratulations on all of your hard work to improve your credit reports. There's no doubt your hard work has paid off in a variety of ways, including a higher credit score. The answer to your question regarding how often your credit score ...
10 easy ways to boost your credit scoreDetroit Free Press
7 Credit Myths You Thought Could Hurt Your Score, but Don'tNASDAQ
free credit reports clark howardAthlete Newswire
all 383 news articles »

Infographic: How to Read Your Credit Report
U.S. News & World Report (blog)
The Federal Trade Commission released a study in 2013 that revealed 1 in 4 consumers found errors on their credit reports that could affect their credit scores, but the general public doesn't seemed concerned. In fact, a year later, the Consumer ...

and more »


FICO Prodigy, Credit Professional, and Identity Theft Expert says Annual ...
SubscriberWise, a leading provider of analytics-driven subscriber decision management technology and the nation's largest issuing consumer reporting agency for the communications industry, announced today that the company president is advocating for ...
How to Rebuild Your Credit After Bankruptcy -- FastHuffington Post
Watch out for these credit score hazardsChicago Tribune
Questions on FICO scores, donating sick leave, mortgagesSFGate

all 20 news articles »

Jackson Sun

Putting a freeze on your credit report
Jackson Sun
News about another data breach is becoming a regular occurrence. Home Depot confirmed that an estimated 56 million debit and credit cards were compromised in a breach of its system between April and September. It's the second largest retailer data ...
Put your financial identity on ice with a credit freezeLa Crosse Tribune

all 2 news articles »

Check your free credit report three times per year
Federal law gives everyone the right to a free credit report from each of the three major credit bureaus every 12 months. The UW-Extension makes it easy for consumers to review their reports through its ?Check Your Free Credit Report: 2/2, 6/6, 10/10? ...

Watchdog: Be careful when calling up free credit report site
Dallas Morning News
My lovely wife and I celebrated the 20th anniversary last week of the first time I wrote about her in a newspaper. I gave her a fine piece of jewelry. Then, with Karen in a happy jewelry haze, I shared the news that I planned to write another column ...

and more »

5 Things You Need to Know About Medical Bills on Your Credit Report
U.S. News & World Report
Credit-scoring giant FICO announced in August that it would soon roll out a nuanced way to report medical debt in collections. The new model, called FICO 9, decreases the impact of medical bills in comparison with other types of debt. FICO's ...

and more »

Yahoo News UK

Wells and Citi lose bid to toss suit over credit reports
Seeking Alpha (registration)
The suit - which is seeking class action status - claims Wells Fargo (NYSE:WFC) and Citigroup's (NYSE:C) CitiMortgage violated federal law by falsely notifying credit reporting agencies that thousands of homeowners went through bankruptcies or ...
CitiMortgage, Wells lose bid to end lawsuit over credit reportsWTAQ

all 12 news articles »
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