Credit Score Information

mortgage

Credit reporting companies have files on everyone who has applied for a credit card, loan or insurance. The files contain information about where you live, how you pay your bills and whether you have been sued, arrested or have ever filed for bankruptcy. This information is used to make decisions when you apply for credit, insurance, employment or a lease.

  • Four types of information are collected by credit reporting companies:
  • Identification and employment information
  • Payment history
  • Inquiries—records of any creditor or employer who has requested details about your credit history
  • Public record information—bankruptcies, foreclosures or tax liens

An important part of these files is your credit score. Creditors use a statistical formula to review the data in your files and compare it to credit performance of consumers with similar profiles. A credit scoring system awards points for each factor. The total of your points determines your credit score and gives lenders a prediction of how you may repay your loan.

It’s time to order your next free credit report.

This month, order your report from Experian by visiting Annual Credit Report or calling 1-877-322-8228. In a few months, I will send you a reminder to request your free report from the final company.

When requesting your free credit report, you will be asked to provide your:

  • Name
  • Address
  • Social security number
  • Date of birth

If you have moved in the last two years, you may be asked to provide your previous address. For security purposes, the company may also ask you a “secret” question that no one else would know.

Do you have a credit score or general credit question for Mark? Call or email Mark today.