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Credit Information

Credit Scores

Your credit score is a number based on the information in your credit file that shows how likely you are to pay a loan back on time – the higher your score, the less risk you represent. The credit score that lenders use is called a FICO score. Your FICO score helps a lender determine whether you qualify for a loan and what interest rate you’ll pay.

Did you know??

The Federal Trade Commission (FTC) suggests that consumers check their credit at least once a year, and checking all three FICO scores and credit reports.

If you would like help pulling your credit reports from all three credit agencies log onto www.myfico.com

The Median FICO Score in the U.S. is 723.

Checking Your Report

You should make sure the information in your credit report is correct. Not only is your credit score based on this information, but lenders also review this information in making credit decisions. Review your credit report from each credit reporting agency at least once a year and especially before making a large purchase, like a house or car. To request a copy, contact the credit reporting agencies directly:

If you find an error, the credit reporting agency must investigate and respond to you within 30 days. If you are in the process of applying for a loan, immediately notify your lender of any incorrect information in your report. Your lender will need to reorder your credit report and score once any changes have been made to your information at the credit reporting agency. Small errors may have little or no effect on your score. If there are significant errors, however, the lender may disregard the score.