So, what’s your credit score?
Taking a step back, an even more important question is, ‘what constitutes the credit score’? If you want to know, read on -
The most commonly used credit score is the ‘FICO Score’, developed by the Fair Issac Corporation (FICO). The score can range from 300 to 850 and lenders purchase the scores from the three national credit bureaus: TransUnion, Equifax and Experian.
Your score is a compliation of 5 factors ( as stated by Fair Issac):
1. Your payment history is 35% of your FICO score.
2. How much you owe is 30% of your FICO score.
3. Length of credit history is 15% of your FICO score.
4. New credit is 10% of your FICO score.
5. Other factors: 10% of your FICO score (for example, the impact from maintaining multiple types of credit for a long period of time).
To obtain your one free annual credit report go to www.annualcreditreport.com (note, while the report is free, you will have to pay a fee to obtain the actual scores)
Also, listed below are the credit agencies and their contact information for your records:
TransUnion (800) 888-4213
Experian (866) 200-6020
Equifax (800) 685-1111
Take care - Daniel
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