781 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


Reuters

CitiMortgage, Wells lose bid to end lawsuit over credit reports
Reuters
In an order on Monday, U.S. District Judge Janis Sammartino said consumers had offered enough facts to support their claims that Wells and CitiMortgage Inc gave inaccurate information to a credit reporting agency, hurting consumers' ability to get new ...
Wells and Citi lose bid to toss suit over credit reportsSeeking Alpha (registration)

all 10 news articles »

Credit.com News

Can you buy a good credit score?
CBS News
Resolving a judgment is a good idea for many reasons, including the fact that paid judgments are removed from credit reports after seven years, while unpaid judgments can remain a lot longer. And there's the fact that with a judgment, a creditor may be ...
Are Free Credit Scores Really Free?U.S. News & World Report
Wells Fargo Offers Free Credit Scores to Customers Until Nov. 16Yahoo Finance UK

all 6 news articles »

USA TODAY

Six Credit Report Tips For Homebuyers
Valley News
Whether you plan to buy a home in six months or a year or two, you've probably been told to request your free credit report to check for errors and to see what a lender can learn about you from the report. ?We usually tell people to request one of ...
3 goals that could get sidelined by bad creditUSA TODAY

all 3 news articles »

The Problem With Not Knowing Your Credit Stats
CBS Local
BOSTON (CBS) ? You may think your credit report is perfect because you have never been late or missed any of your loan payments, but recent studies have shown that perhaps as many as 50% of all credit reports have errors in them, errors that could ...


Stevenspointjournal

Column: Check your free credit report 3 times per year
Stevenspointjournal
Federal law gives everyone the right to a free credit report from each of the three major credit bureaus every 12 months. The University of Wisconsin-Extension makes it easy for consumers to review their reports through its "Check Your Free Credit ...


Business Insider

The Newest Credit Reporting Act Doesn't Have A Chance
Business Insider
Maxine Waters (D-CA) has introduced a bill in the House called the Fair Credit Reporting Improvement Act of 2014. The bill proposes sweeping changes to almost all aspects of the credit reporting and credit scoring environments. It contains two or three ...

and more »

DailyFinance

3 Reasons to Check Your Credit Report Today
DailyFinance
Most Americans don't realize how important their credit report has become. It obviously has a huge impact on your financial life, whether you're applying for a home loan or credit card or looking to rent an apartment. But increasingly, credit ...


International Business Times

Keep Medical Debt Off Credit Reports, Says Consumer Advocate Group
International Business Times
However, a new National Consumer Law Center report argues that medical debt is so widespread -- and such a lousy predictor of creditworthiness -- that regulators need to help prevent information about medical debt from landing on a consumer's credit ...

and more »

Wall Street Journal (blog)

Proposed Bill Would Make Drastic Changes to Credit Reports and Credit Scores
Huffington Post
Today Rep. Maxine Waters (D-CA) will introduce the Fair Credit Reporting Improvement Act of 2014. If passed, the Act would result in the most aggressive overhaul of the Fair Credit Reporting Act since 2003 and change the landscape of over 650,000,000 ...
Credit Reports Would Be Overhauled Under a New BillWall Street Journal (blog)
Waters proposes sweeping credit reporting reformsHousing Wire
Credit score overhaul introduced in HouseThe Hill
Businessweek -Washington Post
all 25 news articles »

ABC News

How Do Credit Report Errors Happen?
ABC News
If you have seen wrong information on your credit report ? and plenty of people have ? you've probably wondered how it got there. After all, if the statements you get from your lenders are accurate, shouldn't your credit reports be? Credit reporting ...

and more »
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