| Recently, there has been much in the media about | | | | credit rating is typically more reliable, as it is calculated |
| credit rating scores, but you may wonder what they | | | | with figures from Experian, Equifax and TransUnion. |
| are and why you should be interested in learning your | | | | Essentially, your credit rating, also known as Fair Issac |
| own score. | | | | Corp. (FICO) score, indicates your ability to repay |
| Well, a credit rating score is quite simply a three-digit | | | | monies borrowed. If your credit score is low, you are |
| number, from 300-850, which rates your ability to pay | | | | perceived as a high risk to lenders. |
| back a loan. Now, you may be thinking that your score | | | | Where to Get Credit Rating Scores |
| won't affect you, but you could not be more wrong. | | | | As you may notice from a quick search on the |
| How Credit Rating Scores Affect You | | | | internet, there are a large number of credit monitoring |
| Your credit report will be requested by any money | | | | companies available. The vast majority of these |
| lender that you come into contact with, including auto | | | | companies seek a subscription payment which will |
| loans, credit cards and mortgages. | | | | then allow you to view your credit report regularly |
| If your credit score is low, you may find that you are | | | | throughout the year. |
| unable to acquire any of these things. Even if you are | | | | If you are the kind of person who finds it difficult to |
| lucky enough to get credit, you will find that the interest | | | | keep abreast of your finances, then this kind of credit |
| rate is extortionately high. | | | | monitoring may prove very useful to you, because it |
| For some, a bad credit rating has even been the | | | | not only allows you to review all the money you owe, |
| stumbling block for getting a dream job. So, it is well | | | | but it also allows you to quickly view all of your |
| worth thinking about your credit rating and the effects | | | | accounts and ensure that there is no suspicious or |
| that it may have on your life: no home, no job, no car! | | | | dubious activity. |
| How Credit Rating Scores Are Calculated | | | | This could help you to prevent instances of identity or |
| There are a great number of factors that are brought | | | | credit card theft. A regular perusal of your credit |
| into consideration when calculating your credit score. | | | | report can offer peace of mind. |
| However, the principal elements are: | | | | It is always wise to research several credit monitoring |
| - Your payment history (all bills and loan repayments) | | | | companies before selecting one. Ensure that you have |
| - Types of credit you have Amount of money that | | | | read all of the terms and conditions and know exactly |
| you owe | | | | what services you can expect to receive. |
| - The number of years you have held credit | | | | There is no broad rule over which services are best; it |
| - Variety of credit that you have | | | | very much depends upon your individual circumstances |
| This information is collated from either one credit | | | | and personal needs. So, make sure that you are |
| bureau or all three of the credit bureaus. A 3 bureau | | | | getting what you want out of the deal. |