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Frequently Asked Questions
What is a credit report?
A credit report provides you with all of the information in your personal credit file that is maintained by a consumer reporting agency that could be provided by the consumer reporting agency in a consumer report about you to another party, such as a lender. A credit report also includes a record of everyone who has received a consumer report about you from the consumer reporting company within a certain period of time which are called inquiries. The credit report includes information that is not included in a consumer report about you to another party, such as the inquiries of companies for pre-approved offers of credit and account reviews. You can receive a copy of your credit report from a consumer reporting company.
Do I have to pay to get a copy of my credit report?
The following states have laws that allow their residents to receive one free credit report every year: Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey and Vermont. You can also get a free secure copy of your credit report that is certified by the three credit reporting agencies Experian, TransUnion, and Equifax at www.annualcreditreport.com.
What is a credit score?
A credit score is a number that is calculated based on various formulas and is used to evaluate several kinds of information in a credit file. A credit score is used by a lender to help determine whether a person qualifies for a credit card or loan. The most popular credit score is the FICO score. The credit score evaluates things such as payment history (including accounts paid on time and delinquent accounts), amount owed, length of credit history, new credit accounts, and types of credit accounts used. Most credit scores estimate the potential risk a company would take by lending a person money or the likelihood that the person will make payments on time. The higher the credit score, the less risk the person is perceived to be. A FICO scores ranges from 300-850. 850 is the highest score possible. 300 is the lowest score possible.
A new score is now available called the Vantage score. The Vantage credit score was created by the three credit bureaus Equifax, Experian, and TransUnion. The scale for the Vantage score ranges from 501-990. The Vantage score is currently offered by Experian. Ask your lender which scoring system they use to evaluate customers.
901-990 A score
801-900 B score
701-800 C score
601-699 D score
501-599 F score
I was denied credit can I get a copy of my credit report?
If you were denied credit in the last 60 days or if you are unemployed you can get a free copy of your credit report. Obtain the contact information for the company that provided the information to deny you credit and request a copy of your credit report at www.annualcreditreport.com.
Where can I learn about preventing internet fraud, identity theft and protecting my personal information?
The following website www.consumer.gov/idtheft provides tips from the federal government on identity theft. You can also go to these websites to help you protect and monitor your personal information, www.usps.com/postalinspectors/idthft_ncpw.htm or www.treas.gov/offices/domestic-finance/financial-institution/cip/identity-theft.shtml.
How does the $700 billion bailout plan affect me?
Banks and other financial institutions are not willing to take risks as they did in the past. Documentation and at least a 700 credit score will be required for approval for a loan or credit card. For existing accounts, if your credit card is maxed out your account may be closed. If your balance is above 30% of the credit card limit your limit may be reduced which will also reduce your credit score.
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