Where can I find out what my credit score is?
Most lenders are going to get their credit information from one or several of the three major credit reporting agencies, which are Experian, Trans Union and Equifax. You can receive your information from these credit agencies by contacting each agency at the following addresses:
- Equifax can be reached at (800) 685-1111, or you can contact them by mailing P.O. Box 740241, Atlanta, GA 30374.
- Trans Union can be reached at (800) 916-8800, or you can contact them by mailing P.O. Box 1000, Chester, PA 19022.
- Experian can be reached at (888) 397-3742, or you can contact them by mailing P.O. Box 2002, Allen, TX 75013.
If you have been denied and extension of credit in the last 60 days, then the credit reporting agency that the lender used has to send you a free copy upon request. You also have a legal entitlement to one free copy of your credit report form each of the bureaus per year. There is also a Federal law that went into effect in 2004 that allows those who apply for a mortgage to get their score for free from the lender.
There are several websites where you can get access to a free copy of your credit report from the credit bureaus every single year. Getting access to these free credit reports is something that has been mandated according to the FACTA act, which is the Fair and Accurate Credit Transaction Act, and it was put into effect officially back in 2005.
How do the credit bureaus calculate my credit score?
Your score is actually capable of being different from each credit reporting agency, because it depends on what information they actually have for you and this information can be different. Additionally, the statistical pool that they are drawing from could also be different, but the same software is used by all three credit bureaus in order to generate your credit score. You may also hear of your credit score being referred to as "FICO score", because most credit scores are determined based on the utilization of software that was developed by a corporation known as the Fair Isaac and Company.
What is responsible for determining my score?
Your credit score isn't actually a concrete thing, but rather it ebbs and it flows just like the tide, and it changes every time a bill is paid late or on time, every time you take out a loan and every time you apply for a brand new credit card. Your credit score is based on your personal credit history, and its purpose is to predict your credit behavior in the future based on your credit behavior in the past.
Photo Credits: George Morgan
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