Credit Report Score

It is now more important than ever for a person to be aware of his or her credit score. A credit report score and an overall credit rating come from three separate sources. A score will consist of three numbers and those numbers will be used to determine a person’s rating, which will often be defined as perfect, excellent, good, average, or bad (poor). All of this information is determined by the three credit reporting bureaus, Equifax, Experion, and Transunion. Most people are aware that they have a credit report score, or FICO score, but few people bother to actually look at it. This is, for the most part, a mistake. A credit score can inform a person of the types of loans he is eligible for. It can also indicate to a person if he is likely to qualify for certain credit cards, and it impacts one’s ability to rent homes or apartments.

Using a Credit Report Score to Protect Against Fraud

It is possible, at times even too easy, for a person in this day and age to have his credit affected by fraud. Identity theft and credit card number theft are major problems in this country. Both of these acts can ruin a person’s credit without him even knowing it. Monitoring a credit report will alert a person to anything strange that might be occurring with his credit rating. Fraud is not the only thing that a person needs to protect himself against. A person will know if an erroneous claim has been made by a credit card company or a lender, and he will be able to dispute it.

Ways to improve your credit

We recommend the Chase Blueprint to keep track of your spending and keep your credit score in check.

Also see instant credit reports, VantageScore