A good credit report, generally considered to be a FICO (Fair Isaac Corporation) score above 700, can be a valuable asset. Note that the FICO range is 300 – 850. Most significantly, with a better FICO score you can get superior interest rates on house or car loans. Unfortunately, it is estimated that about 60% of information found on credit reports is either incorrect, outdated, or both.
Considering that even the most seemingly insignificant errors can result in you paying a higher interest rate or cause you to be denied a loan completely, it is in your best interest to ensure that you check your credit report regularly for completeness and accuracy. I recently checked mine offered by one of my credit card companies as a free service.
Check with yours to see if they offer such a service. If not, visit annualcreditreport. This central site allows you to request a free credit report once every 12 months from each of the nationwide consumer credit reporting companies.
Once you receive your credit reports from the three consumer credit reporting companies – Experian™, Equifax®, and TransUnion® – start by checking your personal information such as Social Security number, the spelling of your name, current address, previous addresses, and date of birth for completeness and accuracy.
Check here for an earlier post that discusses what to check for once you receive your credit report. So where do you stand? I’ll kick off the poll by noting that my score currently stands at 764.
This week’s SavvyPoll asks, “What is your FICO (credit) score?”
A. 300 – 500
B. 501 – 600
C. 601 – 700
D. Over 700
The results are in…