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Give Yourself Some Credit. Understanding Your Credit Report Grethel Beaton CGS1060. Generated by three companies ◦ Experian, Equifax, TransUnion Factors ◦ How much you owe to each company ◦ Payment history for each company Includes utilities, medical expenses, rent.

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give yourself some credit

Give Yourself Some Credit

Understanding Your Credit Report

Grethel Beaton

CGS1060

credit report fundamentals

Generated by three companies

◦ Experian, Equifax, TransUnion

  • Factors

◦ How much you owe to each company

◦ Payment history for each company

  • Includes utilities, medical expenses, rent
Credit Report Fundamentals
how fico is calculated

Range - 760 (excellent) to 620 (poor)

  • ◦ 35% - Payment history
  • ◦ 30% - Amounts owed
  • ◦ 15% - Credit history length
  • ◦ 10% - New credit
  • ◦ 10% - Credit types
How FICO Is Calculated
improve your fico score

Pay bills on time

  • Avoid opening many new accounts

◦ Open only if you intend to use

  • Keep balances low

◦ Less than 25% of credit limit

  • Review credit report yearly
Improve Your FICO Score
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