Resources

How can I get a free copy of my credit report?

By law, all consumers are entitled to a free copy of their credit report from each of the three credit bureaus once per year. Accessing your free credit report will not negatively impact your credit score.

www.equifax.com

www.transunion.com

www.experian.com

www.annualcreditreport.com

www.identityiq.com (Credit Monitoring – get all three credit reports side-by-side with scores)

www.myfico.com

 

What is a Credit Score?

A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. The most common of the credit score standards is the FICO score created by Fair Isaac. The FICO score ranges from 300-850 and is intended as a predictor of whether or not you will be 90 days late on a loan obligation. Fair Isaac uses thousands of credit reports to calibrate the FICO scoring model and is very secretive of the exact formula.

 

How is my FICO Score Calculated?

  • 35% – Payment History
  • 30% – Debt Ratio
  • 15% – Length of Credit History
  • 10% – Types of Credit
  • 10% – Number of Credit Inquiries

 

What is Credit Monitoring?

Credit Monitoring is the process of periodically reviewing your credit reports for accuracy and changes that could be indicative of fraudulent activity.

 

The Fair Credit Reporting Act (FCRA):

This Act governs the behavior of consumer reporting agencies (credit bureaus) and the businesses of or individuals that report information to the consumer reporting agencies (CRAs).  More info:  https://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-proceedings/fair-credit-reporting-act

 

Fair Debt Collection Practices Act (FDCPA):

This Act is a federal law that limits the behavior and actions of third-party debt collectors who are attempting to collect debts on behalf of another person or entity.

More info:  https://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-proceedings/fair-debt-collection-practices-act-text

 

Truth In Lending Act (TILA):

This Act is designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.