Add up your credit score

Diners Club introduced in 1949, the first credit card companies charge. According to pigeons with their credit card consulting, Americans more money - more than 2 trillion U.S. dollars a year - than they do with money. The credibility of the card user is a creditor and the consumer as an increasingly important issue.

Most people are aware of their credit report, credit will be sought, but few people understand the ratings work. FICO score developed by Fair Isaac is the evaluation ofThe possibility that consumers pay bills. 300 points (highest risk) score of 850 points (lowest risk). According to Equifax, the three countries in which the major credit bureaus in the United States is the FICO score the decisive factor, more than 75% of the loan applications. In 2003, nearly 50% of Americans access to 700 and 800

FICO score is determined on the basis of mathematics in five factors: previous credit performance, current debt, long-term loans (such as theHow long do you have a credit), credit type and the pursuit of new credit.

What is and report on why I should be concerned about?

An in-depth look at one of the Equifax report provides a credit from a major reporting agencies to obtain a summary of the information. One of the Equifax report is divided into seven sections.

The first part contains information such as current and previous addresses and other personal information, social security numbers and employment history. This is an important source of informationIdentity theft and protect them. Make sure it is correct, and thoroughly smash down before it.

The second section provides a summary of your credit history. It includes the number and type of accounts (including) to open and close, whether you have these accounts have a good reputation. It also contains the query in the past few years, your credit history.

This may be you have multiple accounts, a higher credit score will be shown, but in this case even moreDefinitely better. Many financial institutions offer credit and assume that all factors of production will make use of debt payments are demanding. You may have a dozen zero-balance card, there is no problem 2 yuan per month loans to 000 people, but if the banks pay factors, their ability to deal with cards, your credit reduction.

The third section provides detailed account information. It contains the name, type, quantity, opening hours, balanced andThe status of each account your records. Each account a sub-item under the payment record, last year's activities and contacts of credit issued in the latest information. If you think this message, view is that the market needs it. Under federal law, the authorities 30 days to respond. If you are a successful challenge against illegal information will be deleted from the report.

The fourth part deals with on your credit history inquiries. Requests are classified as "hard" or "soft." Hard questionsThat is generated when a permit to access your credit report. These are the acquisition, but most of them in one-year period, and for your FICO score negative. Soft inquiries are generated when the status of your current creditors, if your card issuer checks do not check the file and asked to verify if you went to your credit. The impact of these studies, rather than your credit report.

More than one fifth part of the loan accountInstitutions. The sixth section contains information on liens, wage attachment order or other decision for you at the federal, state or county court records.

The final section shows on your credit report disputes. Despite the late-night TV shopping program claims, there is nothing we can do in arrears accounts and other harmful information, but to wait. U.S. Federal Trade Commission said that the majority of these data are still in your report for seven years. Bankruptcy is stillDecade and processing information will remain until the decision on the application. You do not have this problem: the timing of payments and any credit problems resolved immediately.

This information can affect your results

Equifax to quote the late or missing payments, credit score and the Office of the credit limit on the size of the account balance period affect your FICO important factor. You can have a good income and pay for your credit card every month is adequate butPairs of large transport, you can affect your credit score or negative. In addition, if you do not have mortgages, car payments or other revolving debt, which is not likely to achieve your FICO score 850

Check your credit card

Credit reports available for less than 50 U.S. dollars immediately online when you make major acquisitions of assets or will be treated as a second home, to purchase at least 90 days before the run in the background checks. This gives you enough time toAddress inconsistencies appear on the report.

Three major consumer credit reporting in the United States Bureau is the Equifax, Experian and TransUnion. They work independently, to request from each a complete record of your credit report.

Conclusion

Despite its commitment to advertising, bad credit repair prevention is the best way to avoid problems. If this is true, nothing we can do the negative information was provided byTheir report, but have to wait 7-10 years. Harmful information in your credit report, first to improve and create future opportunities for the timely disbursement of funds, and all matters with the creditors.