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


TechCrunch

A Free Credit Report With No Strings Attached. Honest
Businessweek
The word ?free? appears in super-sized letters a couple of times at the top of TransUnion's website. Consumers, the company says, can get their credit score free with just a couple of clicks and also get a credit report for the low, low price of $1. To ...
Credit Karma Rolls Out Free Weekly Credit Reports (Yes Really)TechCrunch
Google Capital-backed Credit Karma now offers full credit reports for freeVentureBeat
This site has designed a free credit report you might actually understandYahoo Finance (blog)
American Banker (subscription) -Lifehacker -Wall Street Journal (blog)
all 17 news articles »

Houston Chronicle

Weekly credit reports aim to help consumers keep track
Houston Chronicle
He said people are judged more harshly on credit reports and scores than in the past. And traditionally, consumers receive credit reports from three providers - TransUnion, Experian and Equifax - each of which offers one free report a year. With ...


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 ...
A common credit report surprise that will cost youCNBC.com
One In Three Americans Is Late On A BillForbes
One-third of Americans are delinquent on their debtYahoo Finance (blog)
USA TODAY -Slate Magazine (blog) -NBCNews.com
all 404 news articles »

The Difference Between Hard and Soft Credit Inquiries
U.S. News & World Report (blog)
Like most things in life, credit scores can be frustrating if you don't understand how they work. Did you know there could be errors on your credit report that are damaging your score? Or that not using your credit cards could backfire against you? And ...

and more »

Yes, Credit Score And Credit Report Are Two Different Things
TheStreet.com
Many people use the terms credit score and credit report interchangeably. Everyone from journalists to consumers often refer to a credit score when they mean credit report and vice versa. Credit reports and credit scores contain different information ...
Everyone Should Know the 5 Parts of a Credit Score; Do You?Wall St. Cheat Sheet

all 3 news articles »

Five valuable credit report lessons
KFVS
Your credit report is a record of many your finance-related activities, including activity with credit card accounts and loans. It offers information about the balances you carry, how regularly you make payments (or miss them), if you pay on time, and ...

and more »

Free identity-theft protection, credit reports and credit scores are there for ...
Charleston Post Courier
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 ...

and more »

Credit.com News (blog)

Can You Get a Debt Collection Account Off Your Credit Report?
Credit.com News (blog)
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 ...
Small Debts Can Lead to Big Credit Score ProblemsFox Business

all 4 news articles »

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 ...

and more »

This is What Happens If You Never Check Your Credit Report
Fox Business
Pulling your credit report may not be the most exciting thing on your to-do list, but it's easy and it's free. Not to mention that if you never take the time to review it, you could be setting yourself up for a lot of annoying, time-consuming hiccups ...

and more »
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