Credit scores are used in many areas of life such as applying for a new job, getting an apartment, and buying a car. Your score is used to help balance both your risk and the lenders risk when offering you credit.
Your credit score is commonly calculated from a few different areas.
Pay your bills on time.
Don’t max out any type of credit.
Establish credit early in life.
You shouldn’t apply too frequently.
Not all loan types impact your score.
The three main bureaus are Experian, Equifax, and TransUnion. However, there are smaller credit reporting agencies that lenders work with as well. These agencies are certified under the Fair Credit Reporting Act. By federal law, you are entitled to receive a free credit report from all three major credit bureaus every 12 months. Get your annual credit reports at www.annualcreditreport.com.
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