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Q: How does my FICO score affect me?

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FICO and Your Finances

There are three credit bureaus - Equifax, Experian and TransUnion. Each credit bureau maintains a unique credit report on each individual. Your credit scores are calculated based on the information on your report, so it's possible to have three very different credit scores.

The credit bureaus report these scores to lenders who may be considering granting credit to an individual. While lenders don't rely solely on credit scores to determine creditworthiness, the credit scores do have a significant impact on whether a person is approved for credit, how much credit the individual qualifies for, and what the interest rate will be on that credit. It is important to note that credit scores are not etched in granite. They can change for better or for worse, depending on an individual's payment history, amount of debt, and other factors. It's best to know your credit score before applying for any credit. If you have been denied credit based on information a lender obtained from a credit bureau, you are entitled to a free credit report. You will be notified in writing by the lender of which credit bureau was used so you can then request your free credit report. Read it carefully. It's possible there is incorrect information that resulted in your credit application denial.

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Credit Report Frequently Asked Questions

What do credit bureaus do?

Is there more than one credit bureau?

What is Equifax?

What is Experian?

What is TransUnion?

What type of information do credit bureaus collect?

Is there more than one type of credit report?

Who can access my information at the credit bureaus?

Should I check the information the credit bureaus have on file for me?

How do I get the credit bureaus to fix mistakes on my credit report?

What is credit?

Are there different types of credit?

What is service credit?

What is a loan?

What is installment credit?

What is revolving credit?

What is a credit report?

What is a FICO score?

How does my FICO score affect me?

Where can I learn more about credit?

Should I apply for a loan?

Should I apply for a credit card?

Is there a money management resource for young people?

Why do I need a co-signer?

Should I establish credit in my own name?

How can I get credit for my business?

Why do I need to establish credit?

Do checking and savings accounts help establish credit?

Is a FICO score the same as my credit score?

What is a credit score?

What determines my credit score?

How does my credit score affect me?

What is considered a “good” credit score?

When I get married will my and my spouse’s credit histories be merged into one credit score?

Will canceling old credit cards improve my credit score?

Who has access to my credit score?

Why is my credit score different at each of the “big three” credit bureaus?

How can I find out my credit score?

What type of information is contained in my credit report?

What is a credit report?

Is it OK for me to check my own credit report?

Can I get a copy of my credit report for free?

What should I do if there’s a mistake on my credit report?

How long does negative information remain on a credit report?

Why aren’t all of my credit accounts included on my credit report?

Will closing an account with a negative payment history remove it from my credit report?

Will transferring balances improve my credit report score?

Where can I learn more about understanding my credit report and credit rights?

What is identity theft?

How can I minimize my risk of identity theft?

Doesn’t my credit card company protect me from identity theft?

What is pretexting?

Where can I learn more about protecting my credit?

Should I use a credit protection service?

Should I shred my paperwork?

What are the signs of identity theft?

What should I do if my personal information is lost or stolen?

What is the Consumer Credit Protection Act?

I only have one credit score, right?

Will a higher salary improve my credit score?

Will going to a credit counselor lower my credit score?

Will my divorce decree protect me from joint debts left over from my marriage?

I can just hire a credit repair service to fix my credit score, right?

Is it true my FICO score is set every six months?

Is it true that too many inquiries lower my credit score?

Will paying off all my bills give me a good credit report?

Is it true that checking my own credit report will lower my credit score?

The credit bureau decides if I get approved for my loan or credit card, right?

1. If I cancel a "paid-off" Credit Card, will it affect my overall CREDIT?

What is a credit report?

What information is on my credit report?

What if I have questions about my credit report?

How long does information stay on my credit history?

How can I get a copy of my credit report?

How do I read a credit report?

What informatoin in on my credit report?

What is a personal credit report?

Can I preview you a sample credit report?

What is a landlord credit report?

Why is my credit checked for a mortgage?

How can I get an auto loan?

Is my credit checked when I get a cell phone?

Why is my credit checked when opening a checking account?

Can I get a free credit score?

If I don't pay child support, can my credit be checked?

Will my employer check my credit?

Are my insurance premiums based on my credit history?

Do I need good credit to get my utilities hooked up?

Can a business get a free credit report?

Are there credit reporting agencies for businesses?

What is a business owner profile?

What is a business credit score?

Does Experian provide business credit reports?

How can a lender see the credit history of a small busienss?

Why would a consumer need to order a business credit report?

What is a business profile report?

Should a business credit report be monitored?

What does my credit score do?

What is a credit application?

What is a credit company?

What is a credit account?

Should I use a credit counselor?

Should I get credit through a bank?

What is credit management?

What is a 3 in 1 credit report?

What does a credit reporting agency do?

What is an Equifax credit report?

Can I get an Experian credit report?

What is a merged credit report?

Is it easy to get a free credit report?

What can I get with my TransUnion credit report?

Are credit bureaus national?

Why am I missing credit information from my credit report?

How can I improve my credit report?

How can I fix my credit?

Can you improve your credit rating?

Can I get my credit score online?

Can I get a free credit score?

How can I clean up my credit report?

What is the best way to improve my credit score?

What can be done to improve my credit report?

How can my credit score be improved quickly?

What is a bad credit score?

What if I have no credit score?

What is a credit score range?

How is my credit score calculated?

Can I get a free credit score?

What does my credit score mean?

WHat does it mean to have the highest credit score?

How often should I check my credit?

Where should I go for credit monitoring service?

Which credit monitoring service should you choose?

Shoud I get a 3-in-1 credit monitoring service?

Can I put a notice on my credit report?

How can I prevent identity theft?

Is it worth it to sign up for free credit monitoring?

Should I report it when I suspect someone has used my information to apply for credit?

What is a credit report dispute form?

What if there is wrong information on my credit report?

Can I dispute negative items on my credit report?

Should you dispute items on your credit card?

Should I look for credit errors on my credit report?

How do I handle a credit reporting dispute?

How do I dispute an item on my credit report?

Should I trust offers for free credit reports?

Can I file my dispute online?

What is the Fair Credit Reporting Act?

Have there been any changes to the consumer credit reporting act?

What are the codes that they use in a credit report?

Can I get a free copy of my credit report?

Do I have any rights regarding my credit history?

Can I receive my credit report whenever I want to view it?

Can I get better protection from my state than the federal fair credit reporting act?

Who can see my credit report?

Do the credit reporting laws cover anything besides my consumer credit report?

Should I get a loan through a lender offering a free credit report?

Should I take advantage of a free credit report no credit card offer?

How can I get a free copy of my credit report?

Can I get an instant credit report?

Can I get my credit report online?

Can I get a free credit report anywhere?

What is a consumer credit report?

How much should I pay for a credit report?

Can I request a copy of my credit report through the mail?

How do you combat high interest rates keeping your balance up?

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