Understand Credit Score - CREDIT SCORE

Free Credit Report Directory. Find free credit report providers, learn the importance of checking your free credit report annually
TODAY'S SAVING TIP  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 locate all the agencies maintaining your file. The three major national credit bureaus ... Read more
Credit Fact Center
Homepage

Bankruptcy
Credit Bureaus
Credit Cards
Credit Fraud
Credit Information
Credit Rating
Credit Repair
Credit Report
Credit Rights
Credit Score
Saving Tips

Compare credit report services
Click here
Did you recently check your credit score? Receive a FREE credit score when you check your free Credit Report!
Check your credit report today, and find out about your credit score.
Free Online Credit Report and score
You receive all this for free - no obligation  Free Credit Report - easy-to-read with color graphics
 Free Credit Score - with personalized tip for making your score higher
 Free Debt & Income Analysis - examines your borrowing power
 Plus a free 30-day trial of Credit Monitoring Services
Get your Free credit report! Click here

CREDIT SCORE: Understand credit score


Often, the terms "credit score" and "FICO score" are used generically to mean a score that is obtained from one of the three national consumer reporting agencies ("CRAs"). These are also often referred to as "bureau scores." Each of the three national CRAs has its own credit scoring model:
  • Trans Union's scoring model is known as Empirica;
  • Experian's as FICO;
  • and Equifax's as Beacon.

    All three models were developed by Fair, Isaac and Company and are based solely on the information contained in the CRAs' credit reports. Because the credit data reported to each may differ and each model is unique, the same consumer likely will have a different score from each of the three CRAs at any given time.

    Credit Bureaus track your personal credit history in a customer record. The customer record can then be used to generate a credit score. It is advantageous to have a higher score because there is greater chance of being qualified for additional credit or the loan that you need for that new house or car. It is important to note that when lenders consider a loan or credit application, additional information is usually required for making credit decisions. A creditor will usually ask for information like your monthly income, employment history, and your current outstanding debts to make an assessment as to whether or not you are capable of repaying your loan.

    ADDITIONAL CREDIT SCORE RELATED FACTS

    How Can I Improve My Credit Score?How Can I Improve My Credit Score?
    Top Factors That Make Your Score LowerTop Factors That Make Your Score Lower
    Three Credit Scores: Beacon Score, FICO Score, Empirica Score Three Credit Scores: Beacon Score, FICO Score, Empirica Score
    Mistake 2 That Can Lower Your Credit ScoreMistake 2 That Can Lower Your Credit Score
    My Application For Auto Financing Was Turned Down And The Company Told Me It Was Because My Credit Score Wasnմ Good Enough. What Is Credit Scoring?My Application For Auto Financing Was Turned Down And The Company Told Me It Was Because My Credit Score Wasnմ Good Enough. What Is Credit Scoring?
    Will My Fico Score Drop If I Apply For New Credit? Will My Fico Score Drop If I Apply For New Credit?
    Do Preapproved Offers Get Considered As New Credit And Affect A Credit Score?Do Preapproved Offers Get Considered As New Credit And Affect A Credit Score?
    		•
    Find Credit Facts

    FREE CREDIT REPORT
    First Name
    Last Name
    Email
    Street Address
    City
    State
    Zip Code
    Reason for Credit Report
    Click here to receive other money saving offers from Credit.com
    By clicking this button, you accept Credit.Com´s Privacy Policy.
    Home | Feedback
    Copyright 2005 - 2008 http://www.AskMrCredit.com. All rights reserved.