Your credit score (also known as FICO score) is extremely important in that it represents your creditworthiness to various lending institutions.  It’s a measurement to evaluate the potential risk involved in lending you money and the likelihood that you will repay your debt in a timely manner.  Based on information within your credit report maintained by three major credit bureaus, Experian, Equifax, and TransUnion, it's a number usually ranging between 300 and 800.

There are slightly different scoring methods to evaluate whether you are suitable for various types of credit, including mortgages, auto loans, and consumer credit.  And there are different risks involved for each type of lending. Each lender typically maintains an internal, proprietary score card which encompasses an individual's FICO score.

Also, know that your credit score is a fluid number, meaning it changes over time depending upon how you are managing your current debt.  It is extremely important to keep up with your credit reports with each of the credit bureaus, so you’ll be aware of any instances that are affecting your credit scores.  The Fair and Accurate Credit Transactions Act (FACT Act) allows you to get one free comprehensive report of all of the information in your credit file from each of the three national credit reporting companies once every 12 months through a Central Source.  You may contact the Central Source by visiting www.AnnualCreditReport.com or calling 877 FACTACT. If you prefer to write, a request form is available on www.AnnualCreditReport.com and can be mailed to:

Annual Credit Report Request Service
PO Box 105283
Atlanta, GA 30348-5283

To dispute information in your credit report or for problems with the Credit Reporting Agencies, you will need to contact the various credit bureaus directly and you must have a copy of your credit report on hand.

www.equifax.com - 800-685-1111
www.experian.com - 888 397 3742
www.transunion.com - 800-916-8800