Your credit score is calculated based on the information in your credit report. Credit scores allow lenders to quickly make on-the-spot credit decisions based on a 3-digit number that sums up your credit worthiness. There are many credit scoring models in use today; all are designed to rate your likelihood to repay your debts. When you order your credit score, you will also receive an analysis of the factors affecting your score.
Your credit report is a snapshot of your credit at a particular moment in time. However, in reality that information is flowing in and out of your credit report all the time. Credit applications, home and auto loans, payments, an address change or even an inquiry from a prospective creditor all show up on your credit report - and affect your credit score.
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Credit history is the main determining factor of credit nowadays, but there are potential problems that can work against consumers. Since some credit reports can contain inaccuracies serious enough to cause consumers to be denied credit, a loan or even a job, keeping abreast of changes to your credit file is vitally important.
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Free Credit Record Copyright 2009 - 2011
Free Credit Record
Free credit record To properly interpret your credit score, you first need to understand how the credit bureaus and the lenders determine your score. It's a two step process, the bureaus compile your recent credit history to create your credit report. Then the information in the credit report is used to arrive at your credit score. Free credit record If you are wondering, what is a good credit score, the answer can be as simple as a single number or more complicated. There are many credit scoring systems used in the United States. The Fair Isaac credit score scale or the FICO score is commonly used, but there are others. Free credit record Discover how credit rating agencies score you and what you can do to improve your score just by understanding a little about the science behind it. Credit expert Dan Ostler easily and painlessly walks you through the process of credit scoring enabling you to dramatically change your credit score immeadiately.