Credit Scores and Reports

Did you know that determining factors such as payment records, outstanding debt, length of credit history, recent applications and types of credit all have an impact on your Credit Score? Your Credit Score is an important aspect of your Credit Report and will determine your eligibility for a loan. Should any of the information contained in your report be incorrect, securing a loan can be difficult.  To learn more about your credit, visit www.myfico.com. This informative site covers all aspect of your credit needs.

 

Definition Of A Credit Score

A credit score is a three-digit number based on your bill-paying history, debt in relation to income, and other statistical information about you that lenders use to determine the likelihood of certain credit behaviors, including whether you will pay on time. Your credit score will have significant impact on the interest rate you will pay when you borrow money, and on your overall credit rating. The higher your score, the better your credit rating will be. In general, a credit score can range from 300 to 850. Most scores fall within the 600s and 700s. The boundary between a standard loan and a higher cost loan is considered to be a credit score of 620. A higher credit score means you will have an easier time obtaining credit and you should be able to get credit on better terms and at a lower cost than someone with a lower score.

Reviewing Your Credit File

It’s important for you to review your credit file periodically to make sure the information contained is accurate, complete and up-to-date. Keeping your information current will also guard against identity theft. Remember, there are three separate nationwide agencies reporting on your credit history: Equifax, Experian and TransUnion. The law allows you to order one free copy from each of these agencies every 12 months. You can access these free reports at www.annualcreditreport.com , or by calling (877) 322-8228.

Remember, Trinity is always here to help you with debt management issues. Feel free to call our Customer Service Line at (800) 758-3844.