-Credit Monitoring System
-Free Credit Report
-Age & Credit
Your Report Yearly
-Credit Report FAQ
-Who Looks at Your Credit?
-What is Credit Scoring?
Credit Type Are You?
-How Scores are Computed
-Understand Your Credit File
-Sample Dispute Letter
Sample Follow-up Dispute Letter
-Impact Of Inquiries
Credit Scoring Blunders
WHAT IS CREDIT SCORING?
Credit scoring gives creditors and lenders the
ability for quick, unbiased scrutiny of credit histories.
Generic credit scoring models were created in the 1980s
by the three major credit reporting agencies Equifax,
Experian and Transunion. These agencies worked with the
Fair, Isaac company, creating a
credit scoring system for
individuals based on their personal information.
How is a credit score calculated?
Credit scores are computed based on two main pieces
of data. The first being a computer generated score
produced based the information in your
credit report, i.e.
are you accounts up to date? do you pay your bills on
time? The other piece of data used to calculate your
credit score is the comparison of your performance to
people with similar credit profiles. Points are rewarded
for every factor that helps determine who is most likely
to pay their debts...ultimately producing your credit