| There are several different types of credit | | | | there's nothing going on that you don't know |
| scores available. The three major credit bureaus in | | | | about. Some credit card companies have your |
| the U.S. use scores that are produced by Fair | | | | FICO score on their website. If you pay your bill |
| Isaac and Company, hence FICO. The three credit | | | | online, you can check on your score while you are |
| reporting agencies that provide these scores to | | | | there. That way you can keep a close eye on |
| lenders are: Experian, TransUnion, and Equifax. | | | | your score. Your credit score will vary some |
| Your FICO score can range from 300 to 850. | | | | month to month but, not much. It shouldn't vary |
| Lenders use these scores, along with other | | | | more than 5 or 6 points. If moves more than |
| factors, to determine your credit worthiness. The | | | | that find out why. |
| higher the score the better chance you have of | | | | You are entitled to a free copy of your credit |
| getting a loan. A higher score will also get you a | | | | report once a year. You can also get a free |
| better interest rate. | | | | report if: |
| There are several factors that will affect your | | | | 1. You have been denied credit because of |
| FICO score. Some are: | | | | information on your report. (You have to request |
| 1. Length of credit history | | | | a copy within 60 days.) |
| 2. Outstanding debt | | | | 2. You believe your report has errors stemming |
| 3. Payment History | | | | from fraud. |
| 4. The amount of credit used verses credit | | | | 3. You receive public assistance. |
| available | | | | 4. You are unemployed and looking for work. |
| 5. Frequency of derogatory information | | | | If you don't qualify for a free report, you can get |
| 6. Severity of derogatory information | | | | one from any of the credit bureaus for a small |
| 7. Number of inquires | | | | fee. Contact information for the three reporting |
| 8. Number of delinquencies | | | | agencies is: |
| FICO scores are updated once a month, generally | | | | Equifax |
| around the 21st through the 29th. | | | | P.O. Box 740241 |
| They are calculated on the previous month's | | | | Atlanta, GA 30374 |
| activity. They can vary from agency to agency, | | | | Phone # 800.684.1111 |
| depending on what that agency has on their file. | | | | TransUnion |
| Not all creditors report to all agencies. Some | | | | P.O. Box 1000 |
| creditors don't report to any of them. | | | | Chester, PA 19022 |
| Your FICO score will change as your credit history | | | | Phone # 800.888.4213 |
| changes. If your lender uses one agency to check | | | | Experian |
| your credit when you apply for a loan, then | | | | P.O. Box 2104 |
| checks it with another later, that will make your | | | | Allen, TX 75013 |
| score change. But, only within that lending | | | | Phone # 888.397.3742 |
| institution. | | | | When contacting the credit bureau, you will need |
| Each creditor decides what range to use in | | | | to provide them with the following information. |
| considering who will be a good risk. They use your | | | | * Your full name. (including generations if any) |
| FICO score along with some or all of the above | | | | * Your spouse's name (if applicable) |
| factors to determine your credit score to see: | | | | * Your current address |
| * If you are a good credit risk | | | | * Your addresses for the last 5 years. |
| * How much and what type of interest you will | | | | * Your birth date. |
| pay | | | | * Your social security number. |
| Check on your credit score often to make sure | | | | * Your phone number. |