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Consumer Credit Information
Credit Basics
The major credit reporting agencies (CRAs)
- Equifax
- Experian
- TransUnion
Credit scores range from 300 (low) to 850 (high)
- A credit score is designed to represent your credit risk or the likelihood of paying your bills on time. A higher score represents a higher likelihood of responsible financial habits.
- A credit score is unique to each consumer and can change daily. It considers both positive and negative information in a credit report.
- The numbers might vary across the bureaus, as lenders and creditors do not necessarily report to all three.
Main factors involved in calculating a credit score:
- Payment History (35%)
- Amount Owed (30%)
- Length of Credit History (15%)
- New Credit (10%)
- Types of Credit Used (10%)
Questions that are considered:
- How many and type of credit accounts (e.g., credit cards, installment loans, mortgages, store accounts)?
- How many new credit accounts have been opened?
- How old are the credit accounts?
- Are balances high relative to total available credit?
- Are there any reported foreclosures, bankruptcies, short sales, or delinquencies?
What's Not Included In A Credit Score?
- Race, color, religion, national origin, sex, marital status, or age.
- Where you live
- Employment and income information
- Child/family support obligations
- Participation in credit counseling
Get A Copy of Your Credit Report
FICO® Vs VantageScore
Minimum scoring criteria
- FICO Score: Your credit report must display a tradeline (e.g., credit card, loan, line of credit, etc.) that is a minimum of six months old. At least one tradeline on your report must show some activity in the last six months.
- VantageScore: Your credit report needs at least one tradeline present, regardless of the age of the account.
Points value
- FICO and VantageScore models assign different values (or weights) to the items they find on your credit report.
Credit score values
- FICO Scores and VantageScore credit scores share the same range of 300 to 850. Higher scores indicate less risk. But the way lenders interpret the two types of scores might not be identical. The chart below is a general guide to show how your FICO Score or VantageScore credit score might rank.
Exceptional/Excellent
|
800-850
|
781-850
|
Very Good/Good
|
740-799
|
661-780
|
Good/Fair
|
670-739
|
601-660
|
Fair/Poor
|
580-669
|
500-600
|
Poor/Very Poor
|
300-579
|
300-499
|
How Long Does Info Stay On An Equifax Credit Report?
- Most negative information generally stays on a report for 7 years.
- Bankruptcy stays on a report for 7 to 10 years, depending on the bankruptcy type.
- A closed account paid as agreed stays on a report for up to 10 years.
- An active account paid as agreed stays on a report for as long as the account is open and the lender is reporting it.
How To Dispute Information
- Ensure your personal and credit account information is accurate and complete.
- If you see anything that appears to be inaccurate, conact the company reporting the information.
- You can also dispute the information with the credit bureau furnishing the report.
- At Equifax, create a myEquifax account to file a dispute. Visit our dispute page to learn other ways to file a dispute at: equifax.com
- If you see possible fraudulent information, contact the company reporting the information and let them know there might be fradulent activity.
Consumer Credit Contact Information