A FICO score credit rating is made up of numbers based on an analysis of a person's credit files to represent that person's credit worthiness. Any lenders such as mortgage lenders, car lenders, credit card lenders and so on have the ability to check your credit to analyze whether you are a credit risk or not. The number in which they come up with is based on the files in your credit report from three credit reports that come from Experian, Equifax and TransUnion. They will check to see what exactly is in your credit report and determine whether you have good or bad credit.
Your FICO score credit rating is not limited to only banks. Wireless phone service will sometimes also check your credit as well as apartment companies and so on. There are now many organizations that base your ability to pay on your credit score. There are also companies or people checking into your credit history that you may not know about. It is important to know what is going on with your credit report and to monitor it regularly.
When your FICO score credit rating is checked, lenders are able to see the number that is given to you as a rating. This number represents your credit score and naturally the higher the better. You need to check your credit report on a regular basis to make sure there is no activity going on that is not yours. There are people out there who will steal your identity and with that, they steal your credit and your money. You will want to check your files at least once per year to protect yourself and your identity.
Be careful whom you give your personal information too. Protect your personal information and be sure you check your FICO score rating credit reports regularly. There are scams and hackers in the world today who will steal your personal information and run up charges and destroy your credit and in some cases your family and home life. If you suspect any illegal activity with your identity or your personal information, be sure to report it to the authorities and you credit companies immediately. Do not wait to see if it will go away. It will only give them more time to destroy what you have built for yourself and your family. If you are not sure what to do talk to the local police department in your area and they can help you and talk to a lawyer.
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