RSSObtain Your Credit Report and Score
A credit report is a history of your creditors, credit accounts and your payment history. Your credit is monitored and reported from three major credit reporting agencies, Equifax, Experian, and Trans-Union. These agencies collect information from your creditors and monitor this information. Each provides reporting of your credit worthiness of your credit for a fee, to creditors you are seeking credit from, or that have reason to want your credit information.
Your credit history is summarized by a numerical score, used to dipict used to summarize how you as a consumer have used your credit. The higher the credit score the better risk you are considered to be. This of course enhances your chances of obtaining any credit you are attempting to secure. Each of the credit agencies has it’s scoring system and because one agency scores you highly does not mean the other will or should. It depends on what is in the report and the scoring system each of the reporting companies use.
To obtain a copy of your credit report and credit score, you will have to decide which particular credit agency that you are interested in, you could obtain your credit report and credit score by writing to the agency,over the phone or by requesting a copy via the internet. The credit report is usually free if you qualify but most agencies will expect you to pay for the score. You can also obtain the 3 in one report and score which will show you the reports from all three agencies and their scores. This 3 in one service is offered, at this time, by Equifax for $29.95 for the reports only, and $39.95 for both the reports and the credit score number. There are also internet accessable services that allow a free trial and provide the 3 in one service, as well as monitoring and email alert services.
A good credit history and FICO score will help with accessability to loans and credit cards, and also be a factor in the interest rates you are offered. FICO stands for Fair Isaac and Company, the company that invented the mathamatical formula to determine the FICO number. The scale goes from 300 to 850 with the median at 723.