What Is Credit Rating? - CREDIT RATING

CREDIT RATING: What is credit rating?

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 law forbids discrimination against applicants on the basis of sex, age, race or source of income, including public assistance.

There are 3 major national bureaus with many locations: TRW Information Services, Equifax Credit Information Services and Trans Union Credit Information Company, as well as hundreds of small local companies. To check your credit record, contact them at numbers listed in your local phone directory (located on our homepage).
Credit bureaus derive both income and information from business subscribers, most of whom are large companies. Federal law says you have the right to see a copy of your credit report, and in most states receive one--usually for under $10. If you have been denied credit in the past 30 days, there is no charge to receive a copy of your report.

If you want to get a copy of your credit report, you can either make an appointment or apply in writing. Send your check for the fee and the following information: your social security number, your name and any other names you have had, and your addresses for the past five years. Sometimes inaccurate information gets on your report so check it regularly. You have the right to challenge errors in your credit report. You can learn more about it by read "Correct errors on your credit report".