Q: What is a credit score? How is my credit score calculated?
A: A credit score is a number that reflects the information in your credit report. The score summarizes your credit history and helps lenders predict how likely it is that you will repay a loan and make payments when they are due. Lenders may use credit scores in deciding whether to grant you credit, what terms you are offered, or the rate you will pay on a loan.
Information used to calculate your credit score can include:
Q: What can cause my credit score to change?
A: Because your credit score reflects the information in your credit report, changes to your credit report may cause your credit score to change. For instance, if you pay your bills late or incur more debt, your credit score may go down. However, if you pay down an outstanding balance on a credit card or mortgage or correct an error in your credit report, your credit score may go up.
Your Free Credit Report from the Official Site
The federal government requires that each of the three national credit-reporting agencies — Experian, Equifax, and TransUnion — gives you a free credit report every year. You can order them from all three at once, or at different times.
According to the Federal Trade Commission, the only authorized online source is AnnualCreditReport.com. Consumers should be aware that there are many sites out there that claim to offer “free” credit reports but often charge you for another product if you accept the report.
To Request your credit report online:
To request your credit report by phone:
To request your credit report by mail:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281