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Your credit report tells potential lenders how responsible you’ve been with credit in the past. Lenders can legally request this document to assess how risky it is to lend to you.
Your credit history lists the details of your past and current credit accounts. It also documents each time you or a lender requests your credit report, as well as instances where your accounts have been passed on to a collection agency. Financial issues that are part of the public record, such as judgments, liens, bankruptcies, and foreclosures, are included, too.
Your credit score is a number that represents your creditworthiness. Scores can also be referred to as credit ratings, and sometimes as FICO® scores, published by Fair Isaac Corporation, and typically range from 300 to 850.
A credit score is a numeric representation of your credit history. It is comprised of five components that have associated weights:
Lenders use your credit score to evaluate your credit risk – generally, the higher your credit score, the lower your risk may be to the lender.
You can request a free copy of your credit report from each of three major credit reporting agencies – Equifax®, Experian®, and TransUnion® – once each year at AnnualCreditReport.com or call toll-free 1-877-322-8228. You’re also entitled to see your credit report within 60 days of being denied credit, or if you are on welfare, unemployed, or your report is inaccurate.
It’s smart to request a credit report from each of the three credit reporting agencies and to review them carefully, as each one may contain inconsistent information or inaccuracies. If you spot an error, request a dispute form from the agency within 30 days of receiving your report.
Above all, it’s important to use credit responsibly. A good credit history and credit score can be the difference between being able to purchase a home, buy a car, or pay for college. Proactively managing your credit report is a great way to stay in control of your finances, and ultimately achieve your goals.
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Fair Isaac Corporation. “Credit Basics: Demystifying credit scoring and credit reports.” 2012.