Credit reports, remember, are a detailed account of your credit history. The key word there is “detailed” — expect to find more than just the names of your credit accounts, including credit cards, home, auto and other loans. You’ll also see the payment history, account balance, limit, open date and status (paid in full, not paid in full, closed or open). Plus, there will be information about new credit inquiries, collection records and public records, such as bankruptcy filings and tax liens. For a comprehensive look at what’s on your credit file, be sure to visit our credit report learning center.
Credit scores are three-digit numbers created using the information in credit reports. That information is used to try to predict how likely you are to pay your bills on time. While you have only three credit reports (at least from the major, national agencies), there are many different types of credit scores that can be calculated based on your credit information.
Advertising Identifiers. We and our service providers may collect Advertising Identifiers ("Advertising IDs") that are generated by a mobile device's operating system. Advertising IDs enable us and our service providers to serve advertisements to a mobile device by helping to distinguish devices for ad tracking and suppression purposes. You may choose to enable a feature that limits the use of Advertising IDs, or you may reset the Advertising ID on your device. These features do not block all advertisements to your device, but they can prevent relevant advertisements (ads based on your browsing history) from appearing on your device.
Another common question is whether checking your own credit report or score can hurt it. The answer is no. Checking your own credit scores doesn't lower them. Checking your own credit report creates a special kind of inquiry (known commonly as a soft inquiry) that isn't considered in credit score calculations. Without the risk of harming your scores by checking your credit report and scores frequently, don't steer away from viewing them as often as you need to.
* Credit Scorecard Information: Credit Scorecard is provided by Discover Bank, and includes a FICO® Credit Score and other credit information. Credit Scorecard information is based on data from Experian and may differ from credit scores and credit information provided by other credit bureaus. This information is provided to you at no cost and with your consent. You must be 18 years old and a U.S. resident or a resident of America Samoa, Guam, Northern Mariana Islands, Puerto Rico or the Virgin Islands. Your Credit Scorecard will be refreshed the later of every 30-days or the next time you log in to Credit Scorecard. Discover and other lenders may use different inputs, such as a FICO® Credit Score, other credit scores and more information in credit decisions. This product may change or end in the future. FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
Information That You Voluntarily Provide. We also collect non-personal information (e.g., your geographic location, etc.) when you voluntarily provide such information to us. When such information is not combined with any personal information, such information is considered to be non-personal information, as it does not personally identify you or any other user. Additionally, we may aggregate personal information in a manner such that the end-product does not personally identify you or any other user of the Site, for example, by using personal information to calculate the percentage of our users who have a particular telephone area code. Such aggregate information is considered non-personal information for purposes of this Policy.
The federal Fair Credit Reporting Act (FCRA) is responsible for encouraging the accuracy, fairness, and privacy of all data that is held by the credit reporting bureaus in the United States. Some of the major rights under the FCRA include you being told when information in your current file is used against you, what data is held in your file, request your credit score, dispute inaccurate or incomplete data, and the reporting agency must correct or delete the data that is not accurate or complete.
There are several sections to the report that cover both the good and bad, if needed, of your credit history. At the top of the report, you'll see personal information such as your name, addresses from the last couple of decades or more, telephone numbers, and current and former employers. That's followed by public records that might show a bankruptcy, court judgment or lien.
The latest FTC report shows that approximately 1 in 4 Americans found at least one significant error on their report. What most aren’t aware of or take action on is the ability to dispute credit report errors with the bureaus. First, spot the error on your credit report. Review all of your reports with the bureaus to make sure you have all the information. Next file the dispute with the right bureaus online. Finally, follow up.
You’ll use your own money as collateral by putting down a deposit, which is often about $150 – $250. Typically, the amount of your deposit will then be your credit limit. You should make one small purchase each month and then pay it off on time and in full. Once you prove you’re responsible, you can get back your deposit and upgrade to a regular credit card. Read more about secured cards here.
For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750. Higher scores represent better credit decisions and can make creditors more confident that you will repay your future debts as agreed.
A good credit score ranges from 700 to 749 according to the FICO credit range while on a Vantage Score 3.0 you would end up at a B grade. You can check your credit score for free with Credit Sesame to see whether you fall inside the ‘good’ credit range. If you find yourself below the ‘good’ range then you can do several important actions to get yourself back up. First pay your bills on time, watch your balances, don’t go overboard applying for credit, live within your means, mix up your accounts, and finally, look into the future – credit history counts. With a good credit score range you will get a lot of great perks when it comes to applying for credit such as credit cards or loans.
Non-Personal information. When you visit the Site, we may collect non-personal information, such as a catalog of the Site pages you visit. Non-personal information is generally collected through the Site from the following sources: server log files, environmental variables, crash logs, cookies, pixel tags and other similar technologies, mobile software development kits, advertising identifiers, device identifiers and information that you voluntarily provide.
There is no minimum credit score needed to apply for most loans or credit cards. However, you are less likely to qualify for a loan or credit card and less likely to receive favorable rates when your credit score is low. If you are trying to qualify for a conventional loan or credit card with a low credit score, you may wish to wait until your credit improves, so you can ensure you get the best rates possible.
Look for information that appears outdated or inaccurate. A financial institution may not have reported a payment correctly, for example, or it may have confused you with someone else who has a similar name. You should also look for accounts that you don't recognize. This could be a sign that your identity has been stolen. In that case, you should contact the credit bureau and financial institution immediately to alert them of the problem. Then place a fraud alert on your account so future creditors know to be extra cautious when opening new lines of credit in your name.
It’s a good idea to look into inquiries from companies whose names you don’t recognize. While it’s possible they could be from companies you’ve done business with (if they report under a different company name, for example), they could also indicate fraud like identity theft, which we mentioned can bring down your credit scores. You’ll want to dispute any errors you discover as soon as you can to avoid further damage. Not sure where to start? You can learn more about disputing an error on your credit report by reading this primer.
Transitioning from a secured to an unsecured credit card: The transition from an unsecured card to a secured card is fairly simple for the cards mentioned below, with many conducting periodic reviews of your account to evaluate if you can move to an unsecured card. And, when you’re transitioned to an unsecured card, you’ll receive your security deposit back. Another way to be refunded the deposit is by paying off any balances and closing the card — though we don’t recommend closing the account since that jeopardizes your credit score.
Your credit scores and reports give lenders an idea of how trustworthy you are when it comes to paying off your debts. Our goal is to provide education to you so that you can qualify for that home loan, auto loan, or premium travel rewards credit card to help you take that dream vacation. Frequently checking your scores helps you know where you’re at when it comes to achieving your goals, and can help you qualify for better interest rates. You don’t have to be wealthy to have good credit but having good credit can help you achieve your financial goals more easily.
When you make a purchase through the Site, we may collect your credit card number or other payment account number, billing address and other information related to such purchase (collectively, "Payment Information") from you. However, purchases using our mobile applications may require the use of your mobile phone's default payment processing application.
Under federal law you are entitled to a copy of your credit report annually from all three credit reporting agencies - Experian®, Equifax® and TransUnion® - once every 12 months. Every consumer should check their credit reports from each of the 3 bureaus annually. Doing so will make sure your credit is up-to-date and accurate. Each reporting agency collects and records information in different ways and may not have the same information about your credit history.
Pick 3 months during the year you intend to review your report. Let’s say January, May, and September for example. One day each of those months, go to annualcreditreport.com and choose one agency to pull a report from. So in January, you could pull your TransUnion report; in May you could pull your Experian report; and in September you could pull your Equifax report.
When the investigation is complete, the credit reporting company must give you the written results and a free copy of your report if the dispute results in a change. (This free report does not count as your annual free report.) If an item is changed or deleted, the credit reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The credit reporting company also must send you written notice that includes the name, address, and phone number of the information provider.