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Having good credit is important because it determines whether you'll qualify for a loan. And, depending on the interest rate of the loan you qualify for, it could mean the difference between hundreds and even thousands of dollars in savings. A good credit score could also mean that you are able to rent the apartment you want, or even get cell phone service that you need.
A: If an investigation doesn’t resolve your dispute with the credit reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the credit reporting company to provide your state­ment to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.
Just want to read your credit report without seeing your score? You can do that once a year, completely free, at www.annualcreditreport.com. The nice thing about this government-sanctioned site is that you can request reports from all three bureaus: Experian, Equifax and TransUnion. Because some banks use only one or two of the reports to make lending decisions, it’s always a good idea to make sure all three contain accurate information about your borrowing history.
The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint, visit ftc.gov/complaint or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

If you find yourself sitting at an excellent credit score range then you are on the range of 750 or above according to the FICO range or an A if you are measuring based on the VantageScore 3.0 range. Getting to this position in the credit scale means that your payment history, credit utilization, credit age, credit mix, and inquiries are at the perfect (or excellent) amount. Having excellent credit opens numerous doors to the top credit card offers, best rates of loans, and other offers offered by lenders. This doesn’t mean that you are ‘done’ building your credit, especially if you are on the low end of excellent. It is recommended to continuously improve your credit.
You might be used to checking out at a store and being asked if you’d like to open a credit card. While these credit cards come with really high interest rates and are great tools to tempt you into buying items you don’t need, there is a big perk to store credit cards: they’re more likely to approve people with low credit scores. Just be sure to only use the card to make one small purchase a month and then pay it off on time and in full. Unsubscribe to emails about deals and don’t even carry it around everyday in your wallet if you can’t resist the desire to spend. Read more here. 
If your credit score is above 800, you have an exceptionally long credit history that is unmarred by things such as late payments, collections accounts, liens, judgments, or bankruptcies. Not only do you have multiple established lines of credit, but you have or have had experience with several different types of credit, including installment loans and revolving lines of credit. You generally have a stable work history, usually with one company.
Or does it? America may finally be approaching what could arguably be called peak credit score. This year, the average national FICO number is 700, just above where it stood in October 2006, before the run-up to our most recent financial collapse. The ranks of “super-prime” consumers—those with scores of 800 and up—have steadily increased since 2010, and now number over 41 million, more than consumers with scores of 600 or below. 

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Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.
The Sunrise Banks Credit Builders Program, for example, places loan funds into a Certificate of Deposit (CD) for the borrower. The CD earns interest as the borrower repays the loan, which can be withdrawn when it’s paid in full. Consumers can borrow $500, $1,000 or $1,500, and they are assigned a repayment schedule of monthly principal and interest payments. Payments are reported to Experian, Transunion and Equifax.
AnnualCreditReport.com is the Only Authorized Source for Free Annual Credit Reports under federal law. Other sites often require users to pay hidden fees or agree to additional services. For example, some sites provide a free credit report if you enroll in a new service. If you don't cancel the service during a short trial period, you're likely to see membership fees on your credit card statement. Learn more by clicking here. Watch the videos:
An airline credit card with an insane rewards program was released recently and you just have to have it. Or, the apartment of your dreams just popped up on Padmapper and you need your name on the call box, like, yesterday. So –– naturally –– you use one of your free annual credit checks through Experian, EXPN, +0.24%   Equifax, EFX, +1.05%   or TransUnion TRU, +0.51%   to check up on things, and suddenly you find yourself in crisis mode: why is my credit score lower than it was last time I checked?

However, credit scores are usually not the only things lenders will look at when deciding to extend you credit or offer you a loan. Your credit report also contains details which could be taken into consideration, such as the total amount of debt you have, the types of credit in your report, the length of time you have had credit accounts and any derogatory marks you may have. Other than your credit report and credit scores, lenders may also consider your total expenses against your monthly income (known as your debt-to-income ratio), depending on the type of loan you're seeking.


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Here, you’ll want to investigate addresses you see that are clearly wrong — in another state, for example — or variations of your name you don’t recognize. They could mean your credit information is getting mixed up with that of someone else, or they could be a sign of identity theft, which can drag down your scores and cause financial trouble. (You can learn more about the dangers of identity theft and how it can hurt your credit scores here.)
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Your credit report will not be the same across all of the three major bureaus (Experian, TransUnion, and Equifax) because not all lenders report to all three. Some might have inputted the data wrong and might show up with errors while others might be perfectly correct. That is why it is important to check your report from all three of the major bureaus at least once a year (which is free) to determine if there are any issues. You cannot make any lender report your credit, so it is important to know the differences between your reports since different lenders pull your report usually from different bureaus.
Credit.com pulls your credit information every 14 days from Experian, one of the three major credit bureaus. We also pull your Vantage 3.0 score and when you sign up, you have the option of purchasing your FICO score and all three credit reports from Experian, Trans Union, and Equifax (but you are entitled to a free report once a year through annualcreditreport.com).

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If your credit score is between 750 and 800, you have a long and distinguished credit history that shows a responsible payment history and the ability to handle multiple types of credit responsibly. As a matter of fact, for the most part, you are regarded in the same standard as borrowers with excellent credit history, with the exception that you may have a higher debt-to-income ratio.
If the applicant is declined for credit, the lender is not obliged to reveal the exact reason why. However industry associations including the Finance and Leasing Association oblige their members to provide a satisfactory reason. Credit-bureau data sharing agreements also require that an applicant declined based on credit-bureau data is told that this is the reason and the address of the credit bureau must be provided.
You are also eligible for reports from specialty consumer reporting companies. We put together a list of several of these companies so you can see which ones might be important to you. You have to request the reports individually from each of these companies. Many of the companies in this list will provide a report for free every 12 months. Other companies may charge you a fee for your report.
AnnualCreditReport.com requires users to register with the site and provide their basic identification information, such as name, address, and Social Security number. The user is then sent to the website of the individual credit reporting agency they select, where they are asked additional security questions to confirm their identity before getting their report.[2] A consumer can request reports from all three agencies at the same time or stagger the requests throughout the twelve-month period as a way to self-monitor their credit data.[2] In order to obtain a free credit report, users are not required to give a credit card number but establishing an account is required by some of the agencies. Any inaccuracies or signs of identity theft may be dealt with using the mechanisms provided for under the FCRA and FACTA.
When you know the kinds of activities in your credit that can affect your scores, you can work to take better care of your credit, too. Things like late payments, liens or bankruptcies all have varying levels of impact in your credit scores since they're reflected on your credit report, too. Getting familiar with your credit report can help you see the impact these kind of events can have in your credit.

Too many “hard” checks of your credit can ding your score. For example, if you apply for several credit cards at once, several credit inquiries will appear on your report. Too many credit checks (as well as applying for/opening too many accounts) can give the impression that you’re a credit risk. Apply for new credit accounts sparingly, to limit the amount of credit checks you may incur.
AnnualCreditReport.com is the Only Authorized Source for Free Annual Credit Reports under federal law. Other sites often require users to pay hidden fees or agree to additional services. For example, some sites provide a free credit report if you enroll in a new service. If you don't cancel the service during a short trial period, you're likely to see membership fees on your credit card statement. Learn more by clicking here. Watch the videos:
The three major CRAs are private, for-profit companies and they don’t share information with each other. That means there can be a mistake on one report but not another. This is why it’s important to review all of them for any errors (more on disputes in a minute). Meaning, when you monitor one report, you need to take a look at the other two as well.
Credit Scoring in the United Kingdom is very different to that of the United States and other nations. There is no such thing as a universal credit score or credit rating in the UK. Each lender will assess potential borrowers on their own criteria, and these algorithms are effectively trade secrets. "Credit scores" which are available for individuals to see and provided from Credit Reference Agencies such as Call Credit, Equifax and Experian are the result of marketing departments at credit agencies realising they could sell a product to consumers and are not used by lenders. Lenders instead use their own internal scoring mechanism.
You received a notice that you were denied credit, insurance, or employment or experienced another “adverse action” based on a credit report, you have a right to a free report from the credit reporting company identified in the notice. To get the free report you must request it within 60 days after you receive the notice. Other types of “adverse action” notices you might receive include notice of an unfavorable change in the terms or amount of your credit or insurance coverage, or unfavorable changes in the terms of your employment or of a license or other government benefit.

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The amount of credit you owe also affects your credit score in a big way. If your credit-to- debt ratio (how much you owe compared to your available credit) is low, your credit score will benefit, since it illustrates that you don’t rely too much on credit. You can figure out your utilization rate by dividing your total credit balances by your total credit limits.
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