ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Understanding Your Credit Report and Credit Score

Updated on June 30, 2011

Understanding your credit report and credit score is very important. A good score makes a difference when it comes to getting credit and how much you pay for credit cards, car loans and mortgages as well as other types of credit. The higher your credit score, the lower you have to pay for interest on credit cards and loans.

Good credit scores also make a big difference when you need to rent an apartment, get telephone service or utilities. By understanding your credit report and your credit score, you can save money and get the best rates possible.

How Did I Get My Credit Score?

Three non-profit, non-government-run companies store and maintain credit records for the United States. These companies, known as "The Big Three", are credit reporting agencies (CRAs). The CRAs store information about your payment, employment, marital, address, and salary history. They also keep track of any bankruptcy information and tax lien information about you.

Who Are the Credit Reporting Agencies?

The 3 CRAs are TransUnion, Equifax, and Experian. The Big Three don’t share credit information. This is why it's so important that you check your credit score at each of these three CRAs. One CRA might show you having a great score while the other two picked up a bad report on you and scored you much lower.

Credit Report & Credit Score

How Do Lenders Know My Credit Score?

Finance companies, banks, credit card companies, retail stores, landlords, and other people who make loans or offer credit get your information from the CRAs. They receive reports on people who request credit after they pay a fee.

How Did the CRAs Decide My Credit Score?

After collecting your information, the CRAs evaluate it and use a system to calculate your score. Different things have different levels of importance. For example, defaulting on a credit card lowers your score more than having a low-paying job. The CRAs use this system, giving each factor a score and then compiling them for your overall FICO score.

Which Credit Score Should I Check?

Experian, TransUnion, and Equifax all work separately and use different factors to determine your score. Because of this and the fact that they don’t share information, it's very important that you check your score with each of them every year.

Understanding your credit report and credit score is crucial if you want to get the best interest rates on credit cards, car loans, and mortgages. Use this information and work towards raising your credit scores to save money.

For more free and helpful answers about your<a href=http://www.credit-cards-now.info" >credit</a> and credit cards, visit http://www.Credit-Cards-Now.info.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)