THE IMPORTANCE OF REVIEWING AND UNDERSTANDING YOUR CREDIT REPORT.

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THE IMPORTANCE OF REVIEWING AND UNDERSTANDING YOUR CREDIT REPORT

 Credit Report – information compiled by a credit bureau from merchants, utility companies, banks, court records, and creditors about your payment history.

 The most well-known score is the FICO score developed by Fair Isaac Corporation.

The factors use in the FICO score system are shared openly by Fair Isaac Corporation on the company’s website:

WHY SHOULD YOU ALWAYS KEEP TRACK OF YOUR CREDIT REPORT ?  Fair Credit Reporting Act (FCRA) – requires that credit reports contain accurate, relevant, and recent information.

A GOOD CREDIT HISTORY  Allows lenders decide whether to approve your application for credit but also when you apply for a job, insurance, and rental property.

HOW TO OBTAIN YOUR CREDIT REPORT  Three national credit-reporting bureaus” - Experian - TransUnion - Equifax Go online Avoid other websites You can obtain a FREE report every FOUR months - For example: - January – Experian, May – TransUnion, September - Equifax

MY FICO SCORE  FICO® Score History As Score Watch® notices changes to your FICO® score, they are listed here.  3/8/ Score Watch® alert: Your score reached your target of 761.  Score Watch® alert: Your score reached your target of 761.  2/21/ Score Watch® alert: Your score has gone up. 749  Score Watch® alert: Your score has gone up.  2/17/ Score Watch® alert: Your score is unchanged. 747

References  Forgue, R. & Garman, E. (2010). Personal Finance. Pgs