CREDIT BUREAU A credit bureau is a private company that gathers account information from various creditors and provides that information to consumer reporting.

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Presentation transcript:

CREDIT BUREAU A credit bureau is a private company that gathers account information from various creditors and provides that information to consumer reporting agency The three main Reporting Agencies in the U.S. are: Experian Trans Union Equifax Credit Score: Is a number based on a statistical analysis of a person’s credit files FICO Score – (Fair Isaac Corp) is the most commonly used score You do not receive a free Credit Score but must purchase it from each Reporting Agency You can get a good estimate of your Credit Score at: creditkarma.com

Credit Report Is a summary of your credit history (Loans, Bankruptcies, late payments, etc). You are entitled to one free Credit Report each year from each of the three major Consumer Reporting Agencies Online: www.annualcreditreport.com Phone: 1-877-322-8228 More Info: https://www.thebalance.com/how-to-get-a-free-credit-report-from-the-credit-bureaus-960454

Credit Score Is a number based on a statistical analysis of a person’s credit files FICO Score – (Fair Isaac Corp) is the most commonly used score You do not receive a free Credit Score but must purchase it from each Reporting Agency You can get a good estimate of your Credit Score at: www.creditkarma.com

What Influences Your Credit Score? 1. Payment History - 35% - never be late Set up automatic bill pay Set up a Line Credit on your checking account Counts about 35% of your score Level of Debt – 30% Overall Debt Credit Utilization - Credit card - debt to credit limit ratio Loan Balance to Original loan amount

What Influences Your Credit Score? Age of Credit – 15% Age of your oldest account Avg age of all accounts Opening new accounts – lowers your credit score Types of Credit – 10% Revolving Accounts - credit cards Installment Loans - car loan, mortgage 5. Credit Inquiries – 10% - only last 12 months