Credit Report: Agencies.
  • The three major credit reporting agencies all offer fee-based plans to check your credit report online. Even though each agency uses a different format to display reports, they all contain the same basic details. (Don't be surprised if the actual details about your past and present history are different on each report.)
  • The three major credit reporting agencies are:
    Equifax
    Experian
    Trans Union
  • Other companies, such as MyFICO.com, are licensed to provide reports and scores based on the information collected by the three major credit reporting agencies.
Credit Report: Contents
Personal Information on Your Credit Report - These items are not used to evaluate your credit history. They are gathered from information you give to your creditors.
  • Full name and variations of it (such as maiden names)
  • Social security number
  • Birth date
  • Current and previous addresses
  • Current and past places of employment
  • Driver's license number and state where it was issued
Public Records and Collection Accounts - Data is collected from the court system and from debt collection agencies.
  • Liens and judgments, Bankruptcies, Foreclosures, Wage attachments, Accounts in collection.
Your Credit History & Current Obligations - Reported by your creditors.
  • Dates accounts were opened
  • Types of accounts (revolving, installment loan, mortgage)
  • Account balances and credit limits
  • Payment history for each account, including late payments
  • Unpaid child support and overdrawn checking accounts can also be listed
Credit Inquiries
  • Inquiries made when you are seeking new credit; too many inquiries in a short time are viewed negatively
  • Inquiries made for promotional mailings, by your current creditors, and by yourself for informational purposes; these inquiries are not viewed negatively
Credit Scores:
What is it?
  • A credit score is a number that lenders use to estimate risk.
  • Home buyers who are seeking a mortgage find out early on that their credit score plays an important part in the home buying process and in determining the interest rate that a lender offers.
Importance of Different Parts in Calculation of Credit Scores
35% - Your Payment History
30% - Amounts You Owe
15% - Length of Your Credit History
10% - Types of Credit Used
10% - New Credit
A Good Credit Score
  • Credit scores range from 340 to 850. The higher your score, the less risk a lender believes you will be. As your score climbs, the interest rate you are offered will probably decline.
    Credit scores among the US population in 2003:
    Up to 499: 1%
    500 - 549: 5%
    550 - 599: 7%
    600 - 649: 11%
    650 - 699: 16%
    700 - 749: 20%
    750 - 799: 29%
    Over 800: 11%
  • Multiple Credit Scores
    Your mortgage banker will pull credit reports and scores from all three major credit reporting agencies: Trans union, Equifax and Experian. Mortgage bankers usually use the middle score to work your loan application
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