Archive for April, 2009
Credit Score Equifax Transunion Experian
April 27th, 2009
Question: What are the best web sites to check your Credit Score? What does TransUnion, Equifax and Experian mean?
I want to know why do you need to check all three credit breauers?
Answer: You are entitled by law to one copy of your Credit Report from each of the three credit reporting agencies every 12 months. To get them, go to: www.annualcreditreport.com
Not all banks, lenders, etc. report to all of the agencies when you have an account, and many of them only check one agency when you are applying for a loan. Checking all three just covers all of your bases. I do it once a year.
How to get your free personal Credit Report
Posted in Credit Bureaus | 
Tags: credit, credit score equifax transunion experian, experian, finance, free, money | 
No Comments »
Credit Scoring
April 26th, 2009
The US Credit Scoring system is based on many factors affecting a person's Credit Score. The current average U.S. Credit Score is 723. Credit scoring is based on all the information in your Credit Report and is a quick credit rating to sum up your overall credit health. The Credit Score is calculated by looking at:
-
your payment history,
-
amounts currently payable,
-
how long you have had a credit history,
-
the type of credit accounts you have,
-
how many open accounts you have,
-
how many inquiries there are on your account, and
-
how new your accounts are.
What is a Credit Score based on? How is my Credit Score calculated?
Your Credit Score or FICO Score is calculated based on the following factors.
| 35% | Payment history |
| 30% | Amount you owe |
| 15% | Length of your credit history |
| 10% | Types of credit used |
| 10% | New credit |
