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Give Yourself Some Credit. Understanding Your Credit Report Melanie Hurley Economics 101. 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

Melanie Hurley

Economics 101


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 you 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 You FICO Score


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