Credit Score Reports

Your credit score is a three digit number, ranging from 300 to 850

, which represents your financial history and current financial habits. Based on the information in your credit report, your FICO score is the most commonly used credit rating system in the United States. This score is used in Credit Score Reports to determine your financial trustworthiness and ability to repay debts, anytime you apply for a loan, apartment, credit card, or lease. Other than satisfying your curiosity, checking your credit report and FICO rating have many other benefits. For instance, if you check your Credit Score Reports and find any errors (which are very common) you can dispute them, which can result in a quick increase in your score. The Federal Trade Commission has reported that over 70% of disputed entries are resolved within 14 days, and that 95% of those who dispute an item are happy with the resulting outcome. You gotta like those numbers!

So what other factors can contribute to your FICO score in Credit Score Reports? There are generally 5 different categories: payment history, amount of debt to available credit ratio, length of credit history, types of credit accounts, and number of recent inquiries into your credit. Sounds a little bit complicated, I know, but its really quite simple once you spend some time with a copy of your own report. All Americans are entitled to a free copy of their FICO credit report, once per calender year. You can request a copy from one the dozens of websites offering this service. Many of these companies will also offer credit monitoring and identity theft protection, however you are not obligated to purchase any of these additional products.

How Do I Check My FICO Score and Credit Score Reports?

Now that you are aware of how your FICO score impacts your finances, you may be wondering How do I get my free FICO score? Easy, To learn more about obtaining a free online credit report, visit TrueCredit, an excellent resource on credit reports and your credit score.

by: carleen12

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