Details About Credit Risk
About Credit Scores
Credit Scores are provided to lenders by the three major credit reporting agencies: Equifax, Experian and Trans Union.
Credit Scores provide the best guide to future risk based solely on credit report data. The higher the score, the lower the risk. But no score says whether a specific individual will be a “good” or “bad” customer.
Tips for Raising Your Score:
-Pay your bills on time.
-If you have missed payments, get current and stay current.
-Be aware that paying off a collection account will not remove it from your credit report.
-If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
-Keep balances low on credit cards and other “revolving credit.”
-Pay off debt rather than moving it around.
-Don’t close unused credit cards as a short-term strategy to raise your score.
-Don’t open a number of new credit cards that you don’t need, just to increase your available credit.
-If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly.
-Re-establish your credit history if you have had problems.
-Apply for and open new credit accounts only as needed.
-Have credit cards but manage them responsibly.
-Note that closing an account doesn’t make it go away.
A credit score takes into consideration all these categories of information.
1) Past payment history
2) Amount of credit owing
3) Length of time credit established
4) Search for and acquisition of new credit
5) Types of credit established Your credit score only looks at information in your credit report. However, lenders look at many things when making a credit decision including your income, equity, how long you have worked at your present job and the kind of credit you are requesting.
Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your score.
Who do I contact to to dispute items on my credit report?
PO Box 740241
Atlanta GA 30374
2 Baldwin Place
PO Box 2000
Chester, PA 19022
701 Experian Parkway
P.O. Box 2002
Allen, TX 75013