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That is a good question. A credit score summarizes your entire credit report information into one number. This number is calculated by a mathematical equation that evaluates many types of data points (score factors) from your credit report at that particular credit-reporting agency. By comparing this information to the patterns in thousands of past credit reports, scoring identifies your level of credit risk. Your score tells a lender how likely you are to repay a loan, or make credit payments on time. The higher your score is, the better chance you have of getting the credit you apply for.
Several ways. A credit score summarizes your entire credit report information into one number. This number is calculated by a mathematical equation that evaluates many types of data points (score factors) from your credit report at that particular credit-reporting agency. There are many types of score factors that can have a positive or negative effect on your score. The factors are listed in order of the degree to which they affect your score negatively, meaning that the factor listed first is what most decreased your score. Some examples of score factors include but are not limited to:
Yes, credit scores are one of the main tools creditors, employers, insurance and finance companies rely on to determine your creditworthiness. Your score is a quick snapshot that is often used when credit decisions are made quickly. Creditors may also obtain your full credit report, to access more detailed information to aide their decision on your level of risk. Each of the national credit reporting agencies, Experian, Equifax, and TransUnion, also offers industry-specific scores and methods to check credit. An industry-specific credit report score allows lenders in the various industries to better assess certain factors in your credit file. For instance, a lender in the automotive finance industry might request a score model that more closely evaluates your auto loan payment history. The actual score is based on the credit data available in your file with that credit reporting agency, and may vary from one to another. Your credit score rating may also vary, depending on the credit report score model requested (Auto specific, mortgage, etc).
If you want to get the free credit report that you are entitled to under federal law, you must go to www.annualcreditreport.com. At this website address, you can get your credit report from all three credit reporting agencies - Experian, Equifax, and TransUnion - once every 12 months. For daily monitoring of your credit report from each of the three credit reporting agencies, use CheckFreeScore.com Credit Monitoring. Our service makes your personal report available online 24/7. You have peace of mind from knowing that your credit records are being monitored daily. If any irregular account activity is detected, we'll email you promptly.
In general, creditors forward information to the credit reporting agencies monthly. The day of the month that each individual creditor sends updates varies. In other words, we might receive an update from creditor A on the first of every month and from creditor B on the 11th of every month, etc. This is why it's important to have access to your credit report every day.
Credit monitoring is a service that continuously monitors your credit report for changes. Changes could include missed payments, new inquiries or new accounts. CheckFreeScore.com Credit will immediately send out e-mail updates should there be any new alerts to your credit file. It is also an important tool for fighting identity theft as you will be updated immediately should someone try to open an account in your name. Without credit monitoring you are at risk of someone stealing your identity and racking up debt in your name.
Credit inquiries are requests made by primarily financial companies to gauge your credit worthiness. They use the contents of your credit report to determine if and how much credit they should issue. The most common types of inquiries are made when you are applying for a credit card, auto or home loan, or looking to secure a new apartment. Inquiries can only be made with your authorization.
By enrolling in CheckFreeScore.com, you receive unlimited access to your credit report and score. You also receive 24/7 credit monitoring, e-mail alerts, credit report consultation, and access to our credit education center. There are also optional benefits available to members including access to all 3 credit reports and scores and enhanced identity theft protection.
After you have completed the enrollment process, you will be automatically directed to our member dashboard. From the member dashboard, you can easily navigate between the different benefits by using the tabs near the top of the page.
After you have logged in to the member dashboard, there is a tab at the top of the page for credit alerts. You can click that tab and it will display any alerts you have received.
The action you need to take will depend on what the credit alert is about. For example, you could receive an alert that there was a new inquiry on your report. If you recently applied for credit, that would explain the inquiry, however if it was not you, you should take action by calling the company listed on the inquiry. The same logic would apply for new accounts opened in your name.
Important Information: The credit score you receive from us may not be the same scores used by lenders or other commercial users for credit decisions. There are various types of credit scores, and lenders may use a different type of credit score to make lending decisions than the ones being offered.
Under federal law you have the right to receive a Credit Report from each of the three nationwide consumer reporting agencies once every 12 months. A Credit Score is not included.
After verification of your identity, your scores are available for immediate online delivery securely. Please note that the score you receive may not be the one your lender uses. Scores shown are for illustrative purposes only.
CheckFreeScore.com provides you with the tools you need to access and monitor your financial profile through the program's credit reporting and monthly monitoring benefits. CheckFreeScore.com Credit Monitoring and its benefit providers are not credit repair service providers and do not receive fees for such services, nor are they credit clinics, credit repair or credit services organizations or businesses. Credit information is provided either by Transunion® and TransUnion Interactive, Inc. or Experian and CSIdentity Corporation.