How to get credit report Youngstown

Now credit reporting agencies have come up with their own rating system known as the Vantage-Score. Whether it becomes the industry norm remains to be seen. It's just introduced this year.  Financial experts estimate that it will take six to 12 months before it's clear whether lenders will make the switch from FICO to the Vantage-Score.  According to Michael Gutter, UW Extension Financial, "One thing the Vantage-Score does bring with it is that there is a consistent formula among the three credit reporting agencies, where there how to get credit report Youngstown wasn't before." He cautions that a consistent formula doesn't necessarily mean a consistent credit score, since Experian, Transunion and Equifax do not have identical information.

According to the Indy Star July 10th article, Just Consumer credit: Know your score. “These credit reporting agencies banded together because they want lenders to start using how to get credit report Youngstown their scoring system. The Fair Isaac Corp., which reported $798.7 million in revenue last year, dominates the how to get credit report Youngstown market with its classic FICO credit score.” The most noticeable difference in the Vantage-Score how to get credit report Youngstown compared to a FICO score how to get credit report Youngstown is the actual three digit number assigned to your credit score.  The FICO score is a range from 300 to 850. credit report access The common principle applied to both is that the higher your credit score, the better your chances of borrowing and getting the lowest interest rate. How is the credit rating score determined?  1) Past payment history (counts for about how to get credit report Youngstown 35% of the score).

Recent late payments have a greater impact than an old Bankruptcy. 2) Credit use (counts for about 30% of the score) Low balances across how to get credit report Youngstown several credit cards is far better than the same balance concentrated on a few cards, which are close to their maximum limits. Too many credit cards can how to get credit report Youngstown also bring down the score. fair credit report act

Closing accounts can negatively impact a credit rating if the entire profile is how to get credit report Youngstown not considered. 3) Credit history (how to get credit report Youngstown counts for 15% of the score) Longevity counts in your favor. The longer how to get credit report Youngstown the accounts have been open the better your credit score. Opening new accounts and closing seasoned accounts can how to get credit report Youngstown bring down the score considerably. 4)  Types of credit used (counts for 10% of the score) Financing accounts score lower than bank or department store accounts. 5)  Inquiries (counts for 10% of the score) Multiple inquiries how to get credit report Youngstown could indicate a negative risk if several cards are how to get credit report Youngstown applied for or if how to get credit report Youngstown other accounts are near their maximum. Multiple mortgage or car inquiries within a fourteen-day period are counted as one inquiry. Score changes occur based on the way the item is reported to the credit bureaus. federal free credit reports Credit bureaus require written confirmation how to get credit report Youngstown from the creditor, before they will consider making a change.