Credit Reports & Credit Scores

Learn the Facts that Put You in Charge of Your Credit Score

There’s no getting around the fact that your credit score dictates certain aspects of your life. Whether you are buying a home, renting an apartment, purchasing a vehicle or shopping for an insurance policy, information in your credit report will impact the qualification process, interest rates and overall costs.

What is a Credit Report?

A credit report is a snapshot of your financial past and present. Identifying information, public records, judgments, collection items, credit accounts and credit inquiries are listed in your personal credit report.

Who Manages Credit Reports?

Three main credit reporting agencies are responsible for maintaining accurate information about your credit cards, mortgage payments, car loans and other types of credit accounts. Equifax, TransUnion and Experian are the three agencies that compile the reports and calculate credit scores based on the information in the report.

What Makes Up Your Credit Score?

Credit scores are indicators of your financial health at a given point in time based on the information listed in your credit report. Credit scores can change depending on your payment history, credit history, the amount of money that you owe, the types of credit accounts you are using and the amount of new credit inquiries. The following chart illustrates the percentage allocated to each of the five factors in credit score calculations.

How to Get Your Credit Report

Order a free copy of your credit report from all three reporting agencies by visiting AnnualCreditReport.com. The Federal Trade Commission mandates that each person is entitled to one free credit report each year. If you have been turned down for a loan or a job based on the information listed in your credit report, you can request a free report after each incidence.