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Wise Credit Management Understanding Your Credit Score

Wise Credit Management Understanding Your Credit Score

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Wise Credit Management Understanding Your Credit Score

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  1. Wise Credit ManagementUnderstanding Your Credit Score

  2. Credit Bureaus • Equifax • Experian • TransUnion

  3. What’s in your credit report? • Identification – name, address, SS# • Employment – current and previous • Credit – accounts, limits, payments • Inquiries – requests for info. • Public Record – foreclosure, tax liens, bankruptcy. (Negative information remains for 7 years. Bankruptcy remains 10.)

  4. How to order your credit report Annual Credit Report • Online at www.annualcreditreport.com • Phone • Mail

  5. If you find errors: • Notify the credit bureau • Notify the creditor • Send documentation • Describe the error • Mail to “billing inquiries” address, not the payment address • More information from Federal Trade Commission at www.ftc.gov

  6. Report Fraud • Contact the credit bureau • Post a “fraud alert” • Contact creditors of fraudulent accounts or unauthorized charges • Follow-up in writing and close accounts • File a report with the Federal Trade Commission www.ftc.gov/idtheft , state attorney general’s office, local police

  7. What’s your credit score? • Each Credit Bureau has it’s own score • VantageScore – joint credit score from the three major credit bureaus • Fair Issac Corporation – FICO score, most commonly used

  8. Components of a FICO score:

  9. Purchase Your Credit Score • Annual Credit Report 1-877-322-8228; www.annualcreditreport.com • Equifax: 1-877-576-5734; www.equifax.com • Experian: 1-888-397-3742; www.experian.com • TransUnion: 1-800-680-7289; www.transunion.com

  10. Improve your credit score • Pay on time • Keep balances low • Use credit • Limit new accounts • Use a variety of types of credit

  11. Managing credit • Practice careful money management • Beware of credit repair scams • Seek credit counseling if needed

  12. Extension Fact Sheets on Credit • Credit Help for Arkansans: Names and Numbers to Know • Credit and Debit Card Register • Trim Your Credit Line • Managing Credit • Credit Reports and Credit Scores • Credit Repair

  13. Wise Credit ManagementUnderstanding Your Credit Score