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

CFPB highlights alleged credit reporting errors relating to discharged student ...
JD Supra (press release)
In a new blog post, the CFPB provides credit reporting advice to service-disabled veterans who take advantage of federal student loan forgiveness available from the Department of Education for veterans who receive a 100 percent disability rating from ...

and more »

CreditLabs Launches Credit Report and Monitoring Tools, Plus More
PR Web (press release)
CreditLabs announced the official launch of its services?featuring innovative functions tailored specifically to provide users with the most reliable and thorough credit reporting and monitoring tools. CreditLabs introduces to users the clearest ...

and more »


CFPB Takes Actions Against Car Dealer Over Debt Collection and Credit ...
According to the CFPB, the dealer, DriveTime, harmed consumers by making harassing debt collection calls and providing inaccurate credit information to credit reporting agencies. DriveTime must pay $8,000,000 as a civil money penalty, end its unfair ...
CFPB Orders ?Buy-Here, Pay-Here? Auto Dealer to Pay $8 Million for Unfair Debt ...ACA International
CFPB Orders 'Buy-Here, Pay-Here' Auto Dealer DriveTime To Pay $8M Penalty ...The Consumerist
Phoenix auto-dealer chain censured for credit practicesazcentral.com
Huffington Post -STLtoday.com
all 9 news articles »

Palm Beach Post (blog)

Is your free credit report truly free?
WSB Radio
WSB Consumer Expert Clark Howard (clarkhoward.com) says this has been a problem for years with TV ads promising free credit reports and monitoring. He says, "You got to know when they say they are going to give it to you for free there's got to be a catch.
Credit monitoring firm agrees to $22 million in refundsChicago Tribune
Credit score company settles FTC charges for $22mBoston Globe
FTC, Madigan ban 'free' credit score scamThe Rock River Times
Palm Beach Post (blog)
all 93 news articles »

Credit report, credit score: Know how to get both
Your credit score is not determined by the credit reporting agencies but rather, by an independent company. The company that most in the financial world use to compute scores is the Fair Isaac Company (FICO). Your FICO score is a mathematical equation ...

Credit-report firm hiring staff at new Tempe office
Creditsafe claims to be the most-used supplier of company credit reports in the world, with a database of business credit information gathered from 129 countries. It has 3,000 U.S. customers. Most of the new positions in Tempe are sales-focused ...

and more »

Ask Asa: Never pay for a credit report again
There are companies that try to charge you for your credit report. Credit reports are FREE. Others use it as a gateway to paid services. For example, the reporting agencies will sometimes pitch you on a $20 credit score something different than a ...

and more »

New York Times

Debts Canceled by Bankruptcy Still Mar Consumer Credit Scores
New York Times
Paying no heed to the courts, the banks keep the debts alive on credit reports, essentially forcing borrowers to make payments on bills that they do not legally owe. The practice ? a subtle but powerful tactic that effectively holds the credit report ...

and more »

10 Steps to Fixing a Credit Report Error
Huffington Post
Did you spot a mistake on your credit report? Take action immediately. This isn't the sort of thing you should overlook. A single blemish on your credit report can negatively affect your ability to get a loan, apply for a job, and may even be a symptom ...

and more »

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 ...

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