To check your FICO score, you need to have one in the first place. In order to have a FICO score, you need to

• have had at least one credit or loan account that's been open for at least 6 months
• have had at least one account reported to the credit bureau in the last six months that has not been disputed, and
• nobody included on the credit report being listed as deceased.

If you're planning to deal with a mortgage lender, you may want to get a copy of all three FICO scores, since they usually ask to see all three. Auto lenders may use only one FICO score.

Understand that lenders and creditors are not required to disclose your credit score to you when they get a copy of your credit report. You'll have to get the FICO score directly yourself.

To get a copy of your credit score, contact Experian, Equifax or TransUnion for a credit report. You can request the credit score as an extra for a fee.

You can also visit annualcreditreport.com for a free credit report once a year, though the score isn't included free. By mail, write to Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348, including your filled-out Annual Credit Report Request Form, and ask that the FICO score be included.

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FICO stands for Fair Isaac Corporation, the name of the company that invented the score starting in 1956

Each reporting company uses its own version of FICO score. TransUnion uses the FICO Risk Score and Classic score. Equifax uses the BEACON score. Experian uses the Experian/FICO Risk Model.

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Your FICO score is calculated each time it is requested according to a proprietary formula by Fair Isaac Corporation, based on information reported by the three credit reporting agencies, Experian, TransUnion and Equifax. Each time it's calculated, it uses the most recent information held by these credit bureaus.

The exact factors use to calculate FICO score depend on the person.

For an average consumer--not one who has never had a credit card, for example--it's broken down as follows. Note that all factors are taken into account, but that that the weight given to any one factor depends on your overall credit report. Also, according to the Fair Isaac Corporation, the information used in your FICO score comes exclusively from your credit report.

Here is the general breakdown:

• 35% of the FICO score comes from your payment history. This includes information about payments you made on your various loan, mortgage or credit accounts as well as records of bankruptcy, delinquencies, and other negative payment history.
• 30% of the FICO score comes from the amount of money you owe, and in the case of credit cards, how much you owe in relation to your credit card balances, as well as what's remaining on any installment loans.
• 15% of the FICO score calculation comes from how long your credit history is--how long you've had accounts and how long it's been since you used them.
• 10% of the FICO score calculated comes from new credit information. This includes such factors as new credit accounts, how many credit inquiries have come through on you, and whether or not you've re-established new credit.
• The last 10% comes from the types of credit in your credit history--that is, mortgage, revolving lines of credit, retail accounts, and similar.

Read more information on calculating your FICO score with a FICO score calculator.

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Your FICO score does not consider any of the following factors:

• Any information not included in your credit report
  
• Race or ethnicity, color, religion, nationality, age, sex or marital status
• Whether or not you've received any public assistance
• The exercising of any right granted to consumers under the FCRA (Fair Credit Reporting Act)
  
• Salary
• Occupation
• Job Title
  
• Current or past employer or employment history
• Place of residence
  
• Specific interest rates on particular credit cards or other loan accounts.
• Rental agreements
  
• Child support obligations
• Requests by you for your credit report
• Requests lenders make for your credit report (and most likely those of many others) with the aim of promotion--for example, in those pre-approved credit offers you may receive in the mail.
  
• Requests employers make for your credit report (as long as they are so marked).
  
• Participation in credit counseling

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You do have the power to improve your FICO score.  It may not be a fast or quick fix, but if you follow these tips for improving your FICO score, you'll see a steady increase in your credit rating.  Over time, this will help you get better rates for lines of credit and loans.

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