Credit Reports, Credit Repair, Credit Scores and Your FICO Score 

What is my FICO Score, and How is my FICO Score calculated?

Lenders use credit scores such as the FICO to calculate interest rates and credit limits. FICO is a score based on mathematical formula developed by the Fair Isaac Corporation. It is the most widely used score in the U.S.

There are several important determinants of your FICO:

• 35% punctuality of payment in the past, especially mortgage and car payments
• 30% capacity used, i.e., ratio of current revolving debt (e.g. credit card balances) to total available revolving credit (e.g. credit limits)
• 15% length of credit history
• 10% types of credit used (installment, revolving)
• 10% amount of credit obtained and applications for credit in the recent past

The above percentages are approximate. Current income and employment history do not influence the FICO score. Generally, FICO scores range from 300 - 850. Scores at the higher end of the scale reflect a better credit rating.

Source: Wikipedia.com

Important FICO and Credit Score Information:

Fico Scores/Reports

Monitor Your FICO® Score & Equifax Credit Report

Higher FICO Scores = Lower Monthly Payments

Credit Education

Free FICO® Credit Score Estimator

FICO® Quarterly Monitoring

Credit Monitoring

Identity theft is a major problem that we all face. Monitoring your credit file can help alert you to fraudulent activities like when someone tries to get credit in your name - so you can act before serious damage is done.

How and Where to Get Credit Information

The following are just a few resources on the web where you can learn about your credit score, including how it is used and your legal options with your credit score:

Credit Repair: Self Help May Be Best
From the Federal Trade Commission (FTC)
• The Fair Credit Reporting Act (FCRA) - from the FTC
• FCRA Links and Information - from the FTC

Obtaining Your Annual Credit Report

Credit Reports

Under Federal Law, all U.S. citizens are entitled one Free Credit Report every 12 months, from all three nationwide credit reporting agencies: Equifax, Experian and TransUnion. To obtain that free report, you must go to AnnualCreditReport.com. This is the Only Official service authorized by the 3 agencies.  Note this does NOT include your FICO score.

Credit Reporting Agencies

These are the Big 3 in the credit scoring game...

• Equifax
• Experian
• TransUnion