Credit Reports

Your credit score is the key to your financial life. It is a number ranging from 300 to 850, and when the number is higher then banks and other lenders know you are more trustworthy.

When you have bad credit it can make it difficult to get a credit card, a loan, an apartment, and even a job. The more serious a credit problem, the longer and harder it can be to fix.

Your credit score is made up of a few things and are similar to a weighted grade. Different factors carry different weight.

• Your payment history (35%)
• The total amount of debt you owe (30%)
• How long you’ve had a credit history (15%)
• What types of credit you have (10%)
• Any new credit (10%)

There are three nationwide credit bureaus: Equifax, Experian, and TransUnion. The Fair Credit Reporting Act requires each one of them to provide you a separate, free copy of your credit report at your request once every 12 months. For more information go to www. annualcreditreport.com. It’s important to check your credit report for accuracy because bad information can hurt your score. Inaccurate information can also be a sign of stolen identity. You have a right
to dispute inaccurate information. When a credit bureau receives
a written dispute, they must investigate the information within
30 days, give you a written report of the results, and update any incorrect information.