Understanding your credit report and credit score pdf

Understanding your credit report and credit score pdf

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A higher score makes it easier to qualify for a loan and lower interest rates Understand your credit report. In other words, it takes credit to build credit. A credit score helps lenders evaluate your credit report and estimate your credit risk. OVERVIEW Your Credit Score— A Vital Part of Your Credit Health. Once you have requested your free credit report, you can use the information below to see what it means and to make sure there are no errors. To understand your credit risk, most lenders will look at your credit score Information used to calculate your credit score can include: the number and type of accounts you have (credit cards, auto loans, mortgages, etc.); whether you pay your bills on time; Credit scoring is a tool lenders use to analyze the information in a credit report to help them make lending decisions. This guide can help you: • understand your credit report and score • improve your credit score • correct errors in your credit report • order your credit report and score. Plus, learn how the information on your report may impact your credit score Lenders may use credit scores in deciding whether to grant you credit, what terms you are ofered, or the rate you will pay on a loan. When you’re applying for credit—whether it’s a credit card, a car loan, a personal loan or a mortgage— lenders will want to know your credit risk level. Scoring models are computerized formulas developed by studying how millions of consumers actually repaid — or didn’t repay — debt over time Check Your Free Credit Report & FICO® ScoreExperian Once you have a history of payments on your credit report, you get a credit score. Banks, credit card companies and other businesses use credit scores to estimate how likely you are to pay back money you borrow. Most lenders report details about your account to one or more of the three big credit bureaus at least once every month, so having information included on your credit report doesn’t take any additional work You can also use your credit report to check for signs of identity theft. Understand your credit score. It is easier to review your credit report successfully when you know and understand all the parts, what they mean, and how they affect your credit situation A credit score is a number that summarizes credit risk, based on a snapshot of at a particular point in time. The most widely used credit scores are FICO® scores, the credit scores created by FICO Use this interactive tool to understand the sections of your credit report.