subject: The Credit Score [print this page] The Credit Score The Credit Score
The U.S. congress in 2003, made sure that consumers can get a once a year, free copy of their credit report, from the three major credit reporting bureaus.
What's in the credit report?
-The consumer's name, address, phone number, and Social Security number.
-Credit history
-Public records
-Inquiries in the consumer's credit
What is the credit report for?
For lenders - It is to help them know if the consumer is a "credit risk" or is likely to default on payments. They use it to gauge their prospective client's credit worthiness.
A good credit standing can take the consumers far in transactions. For those that are planning on taking out a loan, a good credit standing can mean a good deal on interest rates, as the case also, with credit cards. A good credit score would make life easier for apartment and job seekers, as well.
What do they look for in the credit report?
They look at the notes, as well as the FICO score.
What is considered good credit score?
700-720.
What if there's an error in the report?
Consumers can dispute the errors in the report and it's for free. Just make sure to leave a lot of paper trail. The bureaus are given 30 days to investigate the disputed items. If there was indeed an error in the report, they are to immediately remove it from your report. If they cannot verify the inaccuracy, they are obligated to remove it, and also notify the other bureaus.
Watch out for when the bureaus decide that what you are disputing is not that serious.
