FAQ
Questions? We have Answers.
What is a credit report?
Your credit report is a record of your credit activity and credit history. It includes the names of companies that have extended you credit and/or loans, as well as the credit limits and loan amounts. Your payment history is also part of this record. If you have delinquent accounts, bankruptcies, foreclosures, lawsuits etc. , these can also be found in your credit report.
How is my credit score calculated?
Understanding the components that make up credit scores can help you wisely manage your credit decisions. To see how it all breaks down, here's an example of how scores are calculated with a popular algorithm. Your payment history makes up 35% of your score, while the amount you owe lenders represents 30%. The length of your credit history contributes 15%, and the types of credit accounts you maintain comprise 10%. Finally, new credit accounts are responsible for 10%. All of these values are then broken down into a credit score, which ranges between 300 and 850—the higher the number the better.
What affects my credit score the most?
Your payment history is the most important aspect of your credit score, because it shows how you’ve managed your finances, including any late payments. Your credit history is also very important, as it demonstrates how long you've been managing your accounts, when your last payments were made, and any recent charges.
How long does negative information stay on my credit?
Negative information on your credit report tends to fall off after 7 years, or 10 if you’ve been through bankruptcy. Positive information remains on your report for an average of 10 years from the day its corresponding account is closed. This information applies to loans like mortgages, car loans, and the types of agreements that have fixed terms on the number of years for repayment. For revolving accounts, such as credit cards, your positive history will stay on your report for as long as the account is active.
Where can I get my credit
report to get started?
You can choose from any of the following to access your full credit report with all 3 credit bureau’s: Experian, Equifax and Transunion.
- https://www.creditchecktotal.com/
- https://www.experian.com/consumer-products/compare-credit-report-and-score-products.html
- https://www.freecreditreport.com/
- https://www.creditkarma.com/