See "Understanding Your Credit Rating" at bottom of this page
Did you know you were entitled to one FREE credit report per year?
Federal law now requires each of the three main credit reporting bureaus (Experian, Equifax and Transunion) to give you a free copy of your credit history once a year.
To get yours, go to Annualcreditreport.com. At the time, buy a copy of your credit score from Equifax. The cost is under $10, which is still less than buying it through MyFico.com.
Equifax Understanding Credit ReportingConsumer credit reporting is used to determine credit scores, auto and homeowners insurance scores and help to identify potential identity theft. While lenders use consumer credit reporting to make a variety of decisions, they also use credit scores to determine your credit risk. In other words, they will determine your ability and likelihood to repay debt.
Experian Get the whole picture with your credit report and score. See why lenders use your score to qualify you for loans.
TransUnion You may request your free copy of your TransUnion Personal Credit report by calling 800-888-4213.
Fraud Victim Assistance Department Information Kit
TransUnion is proud to mark the 10 year milestone of its Fraud Victim Assistance Department (FVAD). It is the credit reporting industry's first dedicated consumer unit for helping prevent and resolve credit fraud and identity theft issues. In recognition of this milestone, TransUnion is offering an information kit that includes details on our joint efforts with law enforcement, summaries of our most interesting cases, statistics and prevention tips.
"Looking at one is a useless endeavor; you need to look at all three," says Howard Dvorkin, president of Consolidated Credit Counseling Services in Fort Lauderdale, Fla. "People tend to pull one and think everything is the same on all of them. That's not normally the case."
The reports will have different information because it's a voluntary system, and creditors subscribe to whichever agency they want -- if any at all.
Credit scoring uses data from any leading credit repository-Equifax, TransUnion, or Experian to measure the borrower's default risk. Scoring involves measuring hundreds of variables. A credit score, known as the FICO score, is generated using a computer program designed to analyze credit data and measure a borrower's default risk.
According to Fair, Isaac and Co. Inc. the FICO score reviews the following items in computing a score:
1. Payment patterns on various accounts, such as credit cards, retail accounts, installment loans, mortgage loans.
2. Number of existing credit cards.
3. Open or active accounts, their type, the length of time credit has been available, and credit levels.
4. Current indebtedness level and its relation to available credit.
5. Credit performance, including the number and severity of late payments.
TIP: Paying a bills a few days after they are due won't negatively impact your credit. Generally, payments have to be more than 30 days late before they are reported on a credit rating.
6. Number of recent inquires or attempts to get new credit.
Tips for Cleaner Credit
If you have any doubts about prospective buyers' potential borrowing ability, suggest they do the following before they start looking at homes.
1. Don't let stores run credit checks for new accounts. (Lenders who see several recent credit checks are often concerned that borrowers may take on additional debt soon after the mortgage is signed.)
2. Don't open new credit cards or increase credit limits.
3. Do pay all credit card bills on time.
4. Do review your credit report for errors.
5. Do close unused credit card accounts, but maintain one of your oldest cards to illustrate a lengthy credit history.
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Listing information is provided for consumer personal non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.
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