Saturday July 29, 2017

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Getting Your Free Credit Score
Posted by CreditLearningCenter.com

It is very important for you to check your credit score often, as your three-digit credit score is the number lenders look at before deciding whether to approve your credit application. Your credit score can also determine how much interest you will be charged. You have a credit score from each of the three credit bureaus: Experian, Equifax, and TransUnion. Each of these credit bureaus, or credit reporting agencies, uses a slightly different calculation to determine your credit score.

Your free credit score is available online in a matter of seconds, upon verification of your identity.

How Are Credit Scores Determined?

The information in your credit report is used to determine your credit report. Generally, here's how the info in your credit report is "weighted" to determine your credit score, with credit scores generally ranging from 450 to 850.

Your payment history makes up 35% of your credit score.
Your amounts owed accounts for 30% of your credit score
Your "length of credit history" accounts for 15% of your score.
Your "amount of new credit" accounts for 10% of your score.
The "type of credit used" accounts for 10% of your credit score.
Here are some quick tips to improving your credit score: Pay your bills on time; pay down your debts so you have a good debt to available credit ratio; don't over-apply for new credit ; maintain a healthy balance of credit accounts (installment, retail, mortgage, not too many credit cards)

No matter what your credit score is, remember it can improve fairly quickly with good responsible credit habits. Also, check your credit report. If you find information in one of your reports that you believe to be inaccurate, you can contact the credit bureaus online to file an online dispute item.

To contact the three major credit bureaus:

Equifax
P.O. Box 105873
Atlanta, GA 30348
http://www.equifax.com
(800) 685-1111

Trans Union
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
http://www.transunion.com
(800) 916-8800 or (800) 888-4213

Experian
P.O. Box 2104
Allen, TX 75013-2104
http://www.experian.com
(888) 397-3742

Are you in debt? Know what your available options are.

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