Home >
Humanities And Science >
Conservative
Free Credit Score
by Elizabeth Morgan
Article Rating: 0
A credit score is a three-digit figure that shows the "credit worthiness" of a consumer. The scoring system first was brought into use in the 1950s. In the eighties, the three main credit bureaus, Equifax, Experian and Trans Union worked under the guidance of FICO to develop a better and more reliable model of credit scoring. Each credit bureau has its own model of scoring and granting points to individuals depending on their scores.
With the ruling of the Fair and Accurate Credit Transaction Act, each individual is able to get a free credit report from all the three crediting bureaus. These reports are not sent out routinely to consumers, but individuals can request for a report by going to www.mycreditreport.com, calling their toll free number or by filling out the form at the back of the Annual Credit Report Request brochure. It is always better to get your credit report from a central body than to go directly to the Credit Reporting Agency where you have to pay to get your report.
These three credit bureaus have different names for their scoring system, for e.g. Empirica score for Trans Union, Beacon score for Equifax and Fico for Experian.These scores range from 350 to 850. If you have a credit score of 640, it goes to show that you have a strong credit score. On the other hand, a credit score of 575 means you are a high risk individual for the creditors. To better our credit scores we need to keep our credit history clean by seeing that the bills are paid on time and that there are no outstanding debts or loans. Though the credit report is easily available to the consumer, the credit scores pose a little bit of a problem. They can either be ordered directly from a credit-reporting agency along with a credit report by paying extra for the scores or by ordering a complete detailed credit report from all the three bureaus in which case you get your credit scores for free. Equifax is the only agency that gives consumers FICO scores that can be purchased online. The others have their own versions of FICO scores, which are considered to be equally competitive and can also be purchased online or can be ordered by mail or phone.
Credit Score provides detailed information on Credit Score, Free Credit Score, Credit Report Score, Good Credit Score and more. Credit Score is affliated with FICO Score Calculation.
Article Source: www.homehighlight.org
More articles by Elizabeth Morgan:
