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Simply
the best deal around
Start by checking your credit report, keeping records
of what was found in the report and by monitoring
your credit reports from all three
credit bureaus for any suspicious activity.
You get all three credit reports and all three scores!
No other deal is offering so much for free! If you worry
about identity theft or errors in your credit reports,
then you'll love this service.
In
the U.S., Three credit reporting agencies, Equifax,
Experian, and TransUnion, calculate a borrower's credit
score using their own different computation formulas.
The scores they generate (with trademarked names), differ
in what they mean to predict, the statistical methods
used to determine a creditworthiness score, and what
data are used and how they are weighted.
FICO scores are usually intended to show
the likelihood that a borrower will default on
a loan; a separate score, the BNI, is used to determine
the likelihood of a borrower's declaring bankruptcy.
It is not unusual for these scores to differby
50 points or morefor the same borrower. The score
also depends on what credit reporting agency the data
is obtained on, since not all creditors report to all
three.
Credit
scores are designed to measure the risk of default
by taking into account various factors in a person's
financial history. Although the exact formulas for calculating
credit scores are closely guarded secrets, the Fair
Isaac Corporation has disclosed the following components
and the approximate weighted contribution of each.
35% punctuality of payment in the
past (only includes payments later than 30 days past
due)
30% the amount of debt, expressed as the ratio
of current revolving debt (credit card balances, etc.)
to total available revolving credit (credit limits)
15% length of credit history
10% types of credit used (installment, revolving,
consumer finance)
10% recent search for credit and/or amount of
credit obtained recently
Click
here for your FREE credit report!
The Fair Credit Reporting Act
(FCRA) requires each of the nationwide consumer reporting
companies Equifax, Experian, and TransUnion
to provide you with a free copy of your credit report,
at your request, once every 12 months. The FCRA promotes
the accuracy and privacy of information in the files
of the nations consumer reporting companies. The
Federal Trade Commission (FTC), the nations consumer
protection agency, enforces the FCRA with respect to
consumer reporting companies.
A credit report includes information
on where you live, how you pay your bills, and whether
youve been sued or arrested, or have filed for
bankruptcy. Nationwide consumer reporting companies
sell the information in your report to creditors, insurers,
employers, and other businesses that use it to evaluate
your applications for credit, insurance, employment,
or renting a home.
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