|
Your credit score. FICO scores range from 300 to 850, and the higher a person's score, the lower the risk he/she is considered to a lender. People with high scores typically pay bills on time, carry low balances on Credit Cards, and apply for new credit only when needed.
Three major agencies - Equifax, Experian and Trans Union - maintain Credit Reports on all U.S. consumers. These Credit Reports list all bank accounts, payment histories and loans. They indicate a consumer's regularity in paying off debt, from utility bills to department-store Credit Cards, and monitor outstanding balances on mortgages and other loans.
The Credit Reports are separate from the credit score, but Trans Union's Web site indicates it is working toward a program to release consumer credit scores soon.
Consumers can purchase their Credit Reports and experts encourage consumers to do so at least once a year to make sure information is correct and updated. Checking Credit Reports regularly also is a good way to make sure other people are not using your name, Social Security number or bank accounts without your knowledge - a growing problem called "identity theft."
A joint statement by FICO and Equifax says the Score Power access is part of a long-term plan to make more credit information and services available to consumers. Equifax recently instituted Equifax Credit Watch, for example, to combat identity theft. It's a service that notifies consumers within 24 hours of any change to their credit profile. Experian maintains an online Consumer Fraud Center, with tips on preventing identity theft and handling credit fraud.
|
