Credit Score - What is it?

Credit Score - is a three digit number which is used by Credit Bureaus or Agencies to determine if you are worth of lending any money and if you are, on what terms.

Credit Score is the most important part of your credit report and the first thing lenders look at. This score indicates the level of your potential credit risk in a future. The higher the score, the lower the risk. Fees and interest rates are lower as well.

The credit scoring system using statistical analysis helps credit agencies to calculate your credit score. Credit score is based on real data and statistics, so supposedly it treats all applicants objectively.

Your credit score changes every time as new information added to or the old one removed from in each credit report. Score changes will reflect the updated information. We recommend checking your credit report and credit report score every 8-12 months to be aware of any changes. It is also important to watch for potential identity theft which has become very widespread.

To get copies of your report, contact the three major credit reporting agencies:

Equifax: (800) 685-1111

Experian: (888) 397-3742

Trans Union: (800) 916-8800

These agencies charge around $9.00 for credit report, plus another $4 and change to provide the actual credit score. But single agency report often doesn't have all the information. You should order a tri-merged or 3-in-1 report for $34.95. That could be the best $35 bucks you spent.

For more details, please see - FICO - credit score by other name

Start fixing your credit now -  How can I improve my credit score

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