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Understanding Your Credit Report: A Guide to FICO Scores

This guide provides essential insights into understanding your credit report, focusing on factors that impact your FICO score. Learn how to interpret your report from major agencies like Experian, Equifax, and TransUnion, and discover the significance of your payment history, amounts owed, and credit history length. With practical tips on improving your score—such as timely payments, maintaining low balances, and reviewing your report annually—you'll empower yourself financially and boost your creditworthiness.

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Understanding Your Credit Report: A Guide to FICO Scores

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  1. Give Yourself Some Credit Understanding Your Credit Report Zach Moorer Economics 101

  2. 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

  3. 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

  4. 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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