592 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

How Long Does Negative Information Remain on My Credit Reports?
Huffington Post
Last month I wrote about the Fair Credit Reporting Improvement Act of 2014 and how it could possibly alter how long negative information remains on consumer credit reports. The article prompted several of you to reach out and ask me to clarify just how ...

Do You Need ID Theft Insurance or Credit Monitoring?
Huffington Post
Credit monitoring services track your credit reports and contact you whenever key changes occur -- things like new accounts opened in your name, address changes, credit inquiries and increased credit limits. They usually cost from $10 to $30 a month ...

and more »


Credit Reports: Rightfully Ours
Dr Kirit Somaiya, Member of Parliament (MP), who inaugurated Moneylife Foundation's Credit Helpline, narrated the story of how former Union minister Suresh Prabhu found himself marked a defaulter for no fault of his. Apparently, a telephone company had ...

How Can I Get Medical Bills In Collections Off My Credit Report?
If your credit report is accurate, there isn't a whole lot you can do to have the previous debts removed, unfortunately. Time is the only solution, and it takes seven years for collection accounts to fall off of your report. But recent changes in the ...

and more »

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? ...

Credit score vs. credit report: What's the diff?
Yahoo!7 News
Forty-seven percent of employers pull credit reports as part of their background checks on potential employees, largely to help prevent theft and embezzlement and to reduce legal liability for negligent hiring. Credit score: No, the credit bureaus don ...

and more »

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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