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


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 »

$10 limit for charging for credit reports
Scoop.co.nz (press release)
Privacy Commissioner John Edwards says there will now be an upper limit on the amount a credit reporter can charge a consumer for an immediate credit report. An amendment to the Credit Reporting Privacy Code will take effect on 1 September 2014.

and more »

Chase Can't Ditch Credit Reporting Suit Over Cancelled Debts
Law360 (subscription)
U.S. Bankruptcy Judge Robert Drain denied Chase's motion to dismiss a complaint alleging that the bank systematically breached the U.S. Bankruptcy Code by failing to clean up inaccurate credit reports labeling consumers' prepetition debts as ?charged ...


Five valuable credit report lessons
WNCT
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 »

Correcting Credit Report Errors Could Get Easier
Fox Business
The campaigners' main objection has been that these companies have signally failed to meet their obligations under the Fair Credit Reporting Act to maintain accurate information in the credit reports they compile. In particular, it is alleged that ...

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 ...

and more »

Money Matters: Credit Reports
News 12 Bronx (registration)
Upon request from a credit lender or bureau, credit reports are fed through a mathematical formula created by Fair Isaac Company to create your FICO credit score. The score is used by financial institutions across the world to make consumer credit ...

and more »

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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