Lending institutions rely on your credit score
to determine whether you will be approved for a loan, offered a service, and may determine how much you will pay in interest. Your credit score is a number that reflects your payment history, your credit history, your current debt, and many other factors. It can be customized to the company that requests it – for instance, your score at an auto dealer’s establishment may be somewhat different from the score you get at a mortgage broker’s.
The typical credit score ranges from 500 to 850. Generally, the higher the score, the more confidence the organization has that the new debt or payment will be made, and will be made on time. The score is a product of your history. You can control it in several ways, by how you pay your bills, and how you use your credit.
Check your credit report periodically, to check accuracy, and to guard against identity theft. You can get a free credit report every year, one from each of the major credit bureaus.
You can obtain a credit report by clicking on this link: www.annualcreditreport.com or you can request them by phone, call 1(877)322-8228. For more complete information about your score, click on this link to My Fico, a division of fairisaac. You’ll find booklets that you can view or print with thorough and easy to understand explanations of credit scoring, what it means to you, and how you can improve it.
