685 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


Want to fix your credit? There's only one way
Daily Journal Online
There's only one way to fix your credit report. Pay your bills. That's the advice from Virgil Woolridge, family financial education specialist for University of Missouri Extension. Stay away from companies that promise to repair your credit for a fee ...

and more »

Credit.com News (blog)

What Your Credit Reports Won't Tell You
Credit.com News (blog)
A credit report is a pretty simple concept: It's a report on your past use of credit and loans. That part is generally pretty easy for people to grasp. It's some of the other stuff on the report ? and the stuff that's not on the report ? that ...
What's your IQ on credit scores?Standard-Examiner
5 ways to jump-start your credit scoreScoopSanDiego.com

all 7 news articles »

Find out how your credit report could save you money
Aol Money
Your credit report summarizes your credit history, so it's important to ensure that the data and information on it is accurate, up-to-date, and reflects your present circumstances. Even simple discrepancies on your credit report, such as different ways ...


Worried about the Target credit monitoring deadline? Don't be. But there's ...
The Plain Dealer
A freeze -- not to be confused with a credit alert -- locks up your credit report so lenders can't conduct a credit check. This simple feature makes a freeze more effective than credit monitoring in protecting you from new account fraud. You don't have ...

and more »

Ask an expert: Bad credit issues (Part 2 of 2)
USA TODAY
That is quite a remarkable statement, but, in actuality, maybe not surprising. Every month, creditors list more than one billion pieces of credit information to Americans' credit reports, and given that volume, mistakes are bound to happen. So you want ...


This Week In Credit Card News--Free Annual Credit Scores, Another Massive ...
Forbes
The Stop Errors in Credit Use and Reporting (SECURE) Act is attempting to reduce the problems consumers experience through errors in their scores. Currently, consumers can see their credit reports from all three credit bureaus for free once a year ...
SHERROD BROWN Protecting your future by stopping credit report errorsThe Clermont Sun
Bill Mandates Free Credit Scores for EveryoneHealth Care News
According to The National Foundation for Credit Counseling, 39% of consumers ...CBS Local

all 56 news articles »

Your Credit Report WBZ NewsRadio 1030
CBS Local
The three large reporting companies, TransUnion, Equifax and Experian, will provide you with an annual free copy of your credit report, but you must ask for it. And only about half of all consumers ever follow through with this. You can get your free ...
Protecting You From Credit Report Errors, Unreliable ScoresHuffington Post
Protecting your future: Stopping credit report errorsGeorgetown News Democrat
American Consumer Credit Counseling Highlights the Importance of Credit ...IT Business Net

all 5 news articles »

Here's Why You Need to Check Your Child's Credit Report
Fox Business
Therefore, a credit report in the name of a child who has never applied for or been granted credit is likely a sign that something is amiss. Parents who suspect a problem may want to contact the credit reporting agencies to find out if a report exists ...

and more »

New Legislation Aims To Ensure Accurate Credit Reports, Provide Free Credit ...
The Consumerist
Even a small inaccuracy on a consumer's credit report can have long-lasting negative affects. From the most simple computer error to mixing up individual's data, credit reporting agencies have been known to be hard to work with when trying to fix ...
Bill would ease fixes on credit reportsColumbus Dispatch
Brown introducing bill to help consumers get errors off credit reports: Plain ...The Plain Dealer
SECURE Act would help you clear up credit-reporting errorsConsumerReports.org
Insurance News Net (press release) -Honolulu Civil Beat (blog)
all 21 news articles »

ABC News

When Should You Check Your Child's Credit Reports?
ABC News
Parents have plenty of reasons to worry about how their kids will handle money and credit. How can you get them to save? Will they get a good job when they are on their own? Will they pay their bills on time? How much debt will they rack up if they go ...

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