All three reporting agencies report information in five categories:
1. Identification - This includes the name, address, Social Security number, employer, date of birth, and spouse's name, if applicable.
2. Credit History - All open and paid accounts, the current payment history of each creditor reporting to the bureau, and prior payment history.
3. Collection - Any creditors who have turned over an account to a collection agency.
4. Public Records - All items of a public record affecting financial obligations. (bankruptcies, liens, judgments, divorce decrees, child support adjudications, etc.)
5. Inquiries - Notes who has checked the consumer's credit as far back as 18 to 24 months.
- Scores of 700 and above: excellent; eligible for enhanced criteria
- Scores of 680-700: very good
- Scores of 640-680: generally acceptable
- Scores of 620-640: marginal
- Scores below 620: cautious review required.
Fair, Isaac & Company (FICO) score ranges from 300 to 850 - the lower the score the higher the risk.
What are some ways you can raise your credit score?
- Repairing errors on your credit report.
- Closing accounts you no longer use. Ask to have the words "closed at consumer's request" posted on your report.
- Paying all bills on time.
- Always paying at least the minimum amount required on each bill.
- Reducing debt levels. Potential lenders compare your total debt to your income.
- Never "maxing out" any credit cards.
- Keeping creditors aware of your current address. Addresses that don't match your report slow loan applications.
- Never bouncing checks.
For names, addresses and URLs of these national companies see below:
