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WHO DO YOU OWE?

By periodically checking your credit reports, you can keep tabs on the factors that influence your credit score.  Here are some facts to ensure you are pointed in the right direction.

1.  True or false?  A credit report shows your credit score.

False.  A credit report contains information about your credit that is used to compute your scores.

2.  True or false?  You are entitled to one free credit report per year.

False.  Your entitled to three fee credit reports annually, one from each of the three credit-reporting bureaus.

3.  Which Web site was created by the three credit-reporting agencies- Equifax, Experian and TransUnion - to provide consumers with their free reports?

a.  FreeCreditReport.com

          b.  AnnualCreditReport.com

          c.  CreditReport.com

4.  Which of the following information appears on your report?

          a.  creditors and status of each account

          b.  public records, such as legal judgments

          c.  requests by others to view your credit history

          d.  perosnal data (name, address, Social Security number)

5.  How long does negative information, like a missed mortgage payment, typically remain on your credit report?

          a.  until your payments are current

          b.  one year

          c.  four years

          d.  seven years

6.  True or false?  Information about your checking and savings accounts is not included on your credit report.

True.

7.  True or false?  If you find a mistake on your credit report, you should file a dispute in writing with the agency that provided the report.

True.

8.  True or false?  Your credit report will look the same no matter which credit-reporting agency provides it.

False.  Each agency produces its own report, which can differ from the others'.

9.  True or false?  You can file a 90-day fraud alert on your credit file if you suspect that someone is requesting credit under your name.

True.  This "initial fraud alert" requires that potential creditors take additional steps to verify a requestor's identity before issuing credit in your name.

 

Increasing Your Credit Score Can Save You Money

In the wake of challenging economic times, many people lose sight of the significant role their credit score plays. While nice deeds go a long way, at the end of the day it is the credit score number attached to your name that financial institutions use to determine interest rate amounts—and a wide variance can cause a dramatic increase in your monthly payments.

The Fair an Accurate Credit Transactions Act, signed into law December 1, 2003, gives all Americans the right to check their credit report annually free of charge. You may request your free annual credit report any of the following ways:

On the internet: www.annualcreditreport.com

By telephone: 1-877-322-8228

By Mail: Annual Credit Report Services

P.O. Box 105281

Atlanta, GA 30348-5281

  

How Your Credit Score is Compiled

Have you ever wondered what factors determine a credit score?

35% Payment history.

Tip: Pay ALL bills on time.

30% Amount(s) owed to creditors.

Tip: Don’t owe a lot of money to a lot of people.

15% Length of Credit Hisotry.

Tip: Try and keep fewer credit cards for longer stretches of time.

10% New credit.

Tip: Don’t increase debt obligations before applying for a mortgage.

10% Types of credit currently in use.

Tip: Try and maintain a mix of credit—car loan, credit card and mortgage.