Independent work credit

Your Credit Record

Credit Report

You credit history, a record of your personal (or family) financial transactions.

Credit History

It is very important to an individuals ability to obtain credit. It is the equivalent of his credit reputation.

Credit Scoring
Lenders use a mathematical model to produce a credit score for you. The score helps lenders predict the likelihood that you will pay your bills as promised.
3 Credit Reporting Agencies
Equifax Information Service Center
P.O. Box 740241
Atlanta, GA
30374-0241
1-800-997-2493
www.equifax.com
Experian National Consumer Assistance Center
P.O. Box 2104
Allen, TX
75013-2104
1-888-397-3742
www.experian.com
Trans Union Corporation Consumer Disclosure Center
P.O. Box 390
Springfield, PA
19064-0390
1-800-888-4213
www.transunion.com

FICO

• The score ranges from about 300 – 850
• The higher your score the lower risk you are for the lender
• A credit score of 680 or above is good

Most popular Credit Score

A good credit history just takes discipline:

• Always pay your bills on time.
• If you have a savings account, it’s good to make additional regular deposits, no matter how small.
• Be choosy about your credit cards and loans
• Apply for only the ones you need
• Keep them for a long time
• It is better for your score to maintain a low balance on one card and pay it off each month than to have no balance at all.

How to hurt your credit history and credit score:

• Make late payments
• Just one missed payment can affect your credit report.
• Writing checks when you do not have enough money in your account to cover them
• Having a lot of credit cards and loans
• Maintaining high balances on your credit cards and loans
• Changing credit cards frequently