769 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

Your Credit Report
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 »

Credit.com News (blog)

Even God Has Credit Problems
Credit.com News (blog)
No, really. God Gazarov, New York resident, has been in the news lately because of a lawsuit over his credit history. Gazarov says credit reporting agency Equifax doesn't accept his first name as legitimate, and, as a result, it falsely reports that he ...
God denied credit because Equifax won't acknowledge him, Brooklyn man's ...The Post-Standard
Credit Rating Agency Says No To 'God'International Business Times AU
God Can't Get His Credit Report From EquifaxGizmodo Australia
CW39 NewsFix
all 65 news articles »

ABC News

Why a Perfect Credit Score Doesn't Matter
ABC News
If you really are absolutely intent on getting a boost, consider this strategy: credit card issuers report your monthly balance to the credit reporting agencies -- but they don't necessarily report it on the day your bill is due, they may do it earlier ...

WRTV Indianapolis

"God" sues credit reporting agency
CBS News
God apparently does walk among us, but he's reportedly having trouble with his credit score. A Brooklyn man named God Gazarov is suing credit-reporting agency Equifax, claiming that the company has falsely reported that he lacks a financial history ...
Man named God sues Equifax over credit reportWRTV Indianapolis
Man with first name 'God' runs into credit-rating issuesNew York Post
Man Named God Can't Get a LoanABC News
7Online.com -MainStreet
all 142 news articles »

Join us at noon today for our live chat about credit reports and scores: Plain ...
The Plain Dealer
Learn over lunch. Join our live chat on credit. Our panel of experts will answer your questions.Associated Press. Get your credit questions answered by the experts. Join us at noon today for a live chat about credit reports and scores. Just go to the ...

and more »

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 ...
New bill aims to protect against erroneous credit reportsColumbus Dispatch
Brown introducing bill to help consumers get errors off credit reports: Plain ...The Plain Dealer
Bill would ease fixes on credit reportsColumbus CEO
ConsumerReports.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 ...

What to Do When an Employer Wants to Pull Your Credit Report
Fox Business
Whether or not this is actually the case (and a few studies show that it generally isn't), running credit checks on job applicants is actually a fairly common practice. Here's what you need to know about them. There are credit reports that are designed ...

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