Your Credit Score

Your Credit Score from RethinkingDebt

Credit Score Definition

A credit report is a record of your payment history for each of your debts. The information is reported by your creditors. It shows how much debt you currently have, when you made payments over time, and whether or not you paid back your loans. Information on your credit reports includes:

  • Your identity: name, current address, previous addresses, telephone number, social security number, date of birth, current and previous employers
  • Credit information: Specific details about your credit cards, student loans, and other loans, including the date the accounts were opened, the credit limits or loan amounts, balances, monthly payments, payment history, late payments history, accounts turned over to a collection agency, and repossessions.
  • Public record information: Bankruptcy records, foreclosures, tax liens for unpaid taxes, monetary court judgments, and overdue child support
  • Inquiries: Names of those who obtained a copy of your credit report and how often you have applied for credit in the past two years
  • Length of time on report: Negative information stays on your credit report for a specific period of time depending on its type. The time period is usually seven years, but can be longer.

Credit Score Definition

A Credit Score is the result of calculations used to assess the credit risk for a particular consumer. The most widely used method is based on the Fair Isaac & Co (FICO) credit scoring model. It calculates credit scores by comparing the information in one individual's credit report to the patterns of information contained in the reports of thousands of others.

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