Credit Report and Score
WHAT IS A CREDIT REPORT AND SCORE?
A credit score is a three‐digit number that measures how likely you are to repay a loan on time. It uses information from your credit report to predict the risk of you not paying that loan back 24 months after scoring.
A credit report is an explanation of your credit history. It states when and where you applied for credit, whom you borrowed money from, and whom you still owe. Your credit report also tells you if you’ve paid off a debt and if you make monthly payments on time.
How can I get a copy of my credit report and score?
The three nationwide consumer reporting companies‐ Equifax, Experian, and TransUnion are required by The Fair Credit Reporting Act (FCRA) to provide you, at your request, with a free copy of your credit report once every 12 months. (Available at www.annualcreditreport.com)
How much does it cost?
You will have to pay around $14 to receive an addition credit report within 12 months of when you received your free report. To receive a copy of your credit score, you will have to pay one of the three nationwide consumer reporting companies around $8.
Who do I get help from if I find something wrong?
You are responsible for correcting inaccurate or incomplete information in your report. There are two things you should do if you find an inaccuracy. First, tell the consumer reporting company (that provided the report), in writing, what information you think is inaccurate. Contact information will be provided with your personal credit report. Consumer reporting companies are required to investigate anything in question and must forward all relevant data to the organization that provided the information. Second, tell the creditor or other information provider in writing that you dispute an item.
Who has access to my credit score?
The FCRA specifies who can access your credit report. Those who have access to your credit report include creditors, insurers, employers, and other businesses that use the information in your report to evaluate your applications for credit, insurance, employment, or renting a home or apartment.