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Credit Report Scores - Agencies
There are three major credit reporting agencies: Equifax, Experian, and Trans Union.
Each of these credit reporting agencies receives information from credit grantors such as credit card companies, stores granting credit, mortgage companies, and banks. They compile your credit history and compute your credit report scores.
They provide your history and credit report scores to others who have a genuine interest in your credit worthiness.
Credit Report Scores - Computation
Your credit report scores are based on factors that appear in your credit reports:
- Bill payment history (Good: on time and for the full amount)
- Total outstanding debt (Good: non-mortgage loan payments less than 5% of gross income)
- Types of debt (Good: mortgage, car loans, Bad: high credit card debt)
- Length of credit history (Good: 3 or more years of on time payments)
- Credit inquiries (Bad: many rejected applications)
The Equal Credit Opportunity Act (ECOA) prohibits certain factors from being used in determining your credit report score:
- Personal details such as sex, marital status, age, race, national origin, or because you receive public assistance income
- Sources of income such as regular alimony, child support, or separate maintenance payments
The Equal Credit Opportunity Act provides actions for you to take if suspect unauthorized factors are being used to deny you credit.
You should also know about 16 illegal collection actions you may be subjected to during the debt collection process.
Credit Report Scores - How to See Them
Each of the three credit reporting agencies can provide you with a one-time copy of your credit report. Equifax, Experian, for example, will provide your report online for a fee of $9. Trans Union charges from $7.50 to $9 for your credit report.
All three credit reporting agencies will also provide a one-time copy of a "3-in-1" credit report. This contains your credit reports and your credit report scores from all three reporting agencies. Trans Union charges $34.95 while Equifax and Experian each charge $39.95.
Another group, Credit.com, obtains your credit reports for you and then provides free continuous access to your "3-in-1" report and score. You can review these documents online as often as you like.
Please read our Bad Credit Help for an information on improving Credit Score.
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