Let's talk about your credit score. It is a 3 digit number that came from your credit report; it is something that is compared to millions of other people. This numerical representation brings all of your credit history into one objective number. Statistically, it is the most frequently used financial score to predict the amount you can receive as a loan and the interest you will have to pay. It is one of the most important things in your entire financial life!
The range of the FICO score is from 300 to 850. It is computed based on the following factors: Payment History (35% of score) Amounts Owed (30% of score) Length of Credit History (15% of score) New Credit (10% of score) Types of Credit in Use (10% of score).
The Fact Act entitles everyone to receive a copy of their annual credit report, but unfortunately this does not include their FICO score. Equifax scores are the one used by lenders to determine the amount of money they will charge you and the interest they will put into it. It is recommended that you request and pay for this score. Once requested, the consumer reporting agencies will provide to you the information on as many as four key factors that are negatively affecting your FICO score. The information they will be giving will help you determine how to improve your financial standing.
At the end of the day, your credit score determines the amount of money you can have as a loan and the interest with it, of course the higher your FICO score, the better arrangements you will be able to make with different financial institutions.
How Do I Check My FICO Score and Credit Report?
Now that you are aware of how your FICO score impacts your finances, you may be wondering “How do I get my free online FICO score ?" Easy, To learn more about obtaining a free online credit report, visit http://freeonlinecreditcheck.googlepages.com/ , an excellent resource on credit reports and your credit score. There are dozens of websites that offer totally free credit reports. There are so many, in fact, that it can be a little bit overwhelming when trying to decide which company to choose. Some things to look for when choosing a credit reporting service are: ease of use, customer service and assistance, detail of reports, accuracy of reports, and whether they offer to assist in repairing your credit score.
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