What Makes a Good Credit Report Score?
The FICO standard scale ranges from 350 all the way to 850. So, you’re probably wondering- what exactly is considered a ‘good’ credit report score? In this article we will demystify credit ratings and discover what level you should aim for to increase your borrowing power.
Bad News! Why Credit Card Debt Hurts Credit Scores
Unfortunately, given the importance of credit scores, how they are calculated remains somewhat mysterious. The score produced by FICO-which is calculated from credit reports by the three major credit bureaus-is the standard, but insurance companies and mortgage lenders and some other business often make their own scores based on information they pull from individuals’ credit reports. There are some actions which are known to lower or raise most credit scores.
Need a Free Credit Report? Get Yours Now
Your credit report affects your life in many more ways than you may think. And you’re entitled to a free copy each year so you can look at it.
The Fair Credit Reporting Act and How it Relates to You
When getting a background check it’s important to know your rights. Knowing about the Fair Credit Reporting Act (FCRA) is important because a background check includes personal information, and the FCRA protects you and your information. The FCRA is a law that regulates over credit reporting agencies.