1. "R" refers to a revolving account
   
2. "I" refers to an installment account
   
3. "M" refers to a mortgage account.
   
   
   These ratings are supplied by the creditor and describe you as a borrower. A rating of "1" is good, and a rating of "0" means that they don't have enough information or history to give you a rating. Any other rating ("2" through "9" ) is
   
   
   

Strictly speaking, a "credit rating" does not exist.

What does exist is your credit record, a summary of your bill paying behavior over a number of years. Potential lenders or creditors who subscribe to the service then look over this record and "score" you, according to their own systems, as to whether you will be an acceptable risk. Federal

Contact the CRAs listed in the Yellow Pages under "credit" or "credit rating and reporting." Because more than one CRA may have a file on you, call each until you have located all the agencies maintaining your file. The three major credit bureaus are:

Equifax
1- 800-685-1111 Experian
1-888-EXPERIAN
(397-3742) Trans Union
1-800-916-8800


In

Probably not. Credit history is just that – history. Once you find out what attributes of your credit history are affecting your credit score, you can work to improve your record. If your premiums are high because of your credit history and you take steps to improve your record, you should:

Ask your insurance company to re-evaluate

It is not difficult to stay away from bankruptcy and from credit problems if you understand certain points and then put those understandings into practice. Let's take a look at some of the understandings. First of all, consumer credit is not free and it is not money. Your creditors expect that you will pay back your debt, plus interest. Even

Sometimes. There's no charge if a company takes adverse action against you, such as denying your application for credit, insurance or employment, and you request your report within 60 days of receiving the notice of the action. The notice will give you the name, address, and phone number of the CRA. In addition, you're entitled to one free

It depends. If your credit information has improved, ask your insurer to re-evaluate your insurance score and adjust your insurance coverages or premiums accordingly. Illinois law does not require your insurer to re-evaluate your credit information, so if your insurer does not re-evaluate your improved credit to your advantage, you may wish to

In most cases, no. Many people believe that your credit history improves as you acquire more credit cards. In fact, too much outstanding credit can work against you when you apply for other loans

Have you ever tried to rent a car or reserve a hotel room without a credit card? If you have, you know how important good credit is. Those without good credit find it difficult to obtain financing for the car they want, they have trouble qualifying for a mortgage, and their days are often filled with worry over unpaid bills.

If you have

It is never too late to clean up your credit or start to build a credit history. Once your credit record is on track, you will have access to the financial safety net that good credit provides.

Depending on how serious your past and present credit problems are, it may take time and patience to establish good credit. If you've never had

Yes. It is never too late to clean up your credit or build a credit history. It won't happen overnight, but you can improve your credit by paying bills on time and not over-using or abusing credit. If you have a slightly damaged credit history, with only a few late payments, you may be able to bring your accounts up-to-date and improve your

There are numerous types of credit report problems that would cause a lender to reject your application for a loan.

Such problems include: missing a credit card payment, defaulting on a prior loan, filing for bankruptcy in the past seven years or not paying your taxes. Other black marks on a credit report include a judgment filed against you

Establishing credit and paying off your debt in a timely manner is just part of the routine for maintaining a good credit rating. Once in a while you should check your credit rating. There are three major firms in the nation which keep records on the credit rating of individuals. If a business has difficulty collecting a debt from someone, it

Your credit rating is drawn from your credit report, which outlines your borrowing, charging, and repayment activities. A good rating helps you reach financial goals; a poor rating limits your financial opportunities.

Since your credit report influences whether you are able to buy a home and get a job, it is extremely important to protect

A published ranking, based on detailed financial analysis by a credit bureau, of one's financial history, specifically as it relates to one's ability to meet debt obligations. The highest rating is usually AAA, and the lowest is D. Lenders use this information to decide whether to approve a loan.

Here are a few really good ways to establish good credit:

Credit bureaus collect and sell four basic types of information.

Identification and employment information
Your name, birth date, Social Security number, employer, and spouse's name are routinely noted. The CRA also may provide information about your employment history, home ownership, income, and previous address, if a creditor requests this

The FCRA is designed to promote accuracy and ensure the privacy of information used in consumer reports. Recent amendments to the Act expand your rights and place additional requirements on CRAs. Businesses that supply information about you to CRAs and those that use consumer reports also have new responsibilities under the law.

Yes, if you ask for it. The CRA must tell you everything in your report, including medical information, and in most cases, the sources of the information. The CRA also must give you a list of everyone who has requested your report within the past two years for employment related requests.

If you have fallen behind in your payments, the only alternative is to begin immediately to repair your credit record. Here's how:

Face up to the problem. Recognize that you are overextended, and contact your creditors to see if they will set up a new payment schedule that you can maintain. Contact creditors to try to work out a payment plan

Your credit rating is a measure of your credit-worthiness: your reputation for paying back money. The credit bureau handles information on people's use of credit. It provides your credit history, which is a list of facts about how you handle debt. This information is gathered from financial institutions, retailers and other lenders. Most of

If you are applying for a loan and you think you may want to pay it off before it has run its full term, you should be aware that lenders have several methods of calculating interest. The method they use affects the amount you will owe if you decide to pay off early, and since lenders are not required to disclose which method they use, you may