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Understanding Your Credit Report

Understanding Your Credit Report

Understanding your credit rating and fixing any potential problems could translate into better credit terms and big savings for you. Below are several online options that you can access to learn more about your credit record. Surprisingly, with this credit score number having a huge impact whether you are able to purchase or lease the real estate property you want, very few people understand how the FICO score is calculated, what the score means, or what they can do to improve their scores.

Check out your credit reports

It’s smart to review your reports periodically to verify that the information is accurate, especially before you need to borrow for a large purchase, such as a vehicle or house. Also, it’s a good idea to check your credit reports annually for any accounts or transactions that were incorrectly attributed to your credit.

For further details on how to order your report, contact the three national credit reporting agencies:

Experian: 1-888-397-3742 – www.experian.com
Equifax: 1-800-997-2493 – www.equifax.com
Trans Union: 1-800-888-4213 – www.transunion.com

Know your score for Free

Along with your credit report, you can now obtain your credit risk score with a free trial offer, but if you don’t cancel before the trial is up, you will impair a small fee from myfico.com. Lenders use credit scores to quickly summarize your credit history and to help them objectively determine how likely you are to repay the debt.

A credit score is a number that reflects your credit risk to lenders, typically with a higher number indicating lower risk. Credit scores are calculated by using a mathematical formula that evaluates the information in your credit report and compares your information to the past patterns of millions of other consumer credit files.

Your score, which changes as the information in your report changes, is not part of your credit record; it’s calculated at the time a lender requests your credit report. Your score is based on the following criteria:

  • Your payment history
  • Your current debt levels
  • How long your accounts have been open
  • What type of credit you use
  • How much credit you use compared to the amount of credit you have available
  • How often and how recently you’ve applied for credit

Use These Buyer Resources and Tools To Assist When Buying Real Estate

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