While the cost of finding out your credit score has changed, the importance of knowing your score and how it is determined is as important as it has ever been, if not more. Your score determines your financial future, so the experts at Equifax share credit score must-knows in the article, ”
Your credit score is based on information reported to the three bureaus, Equifax, TransUnion and Experian, and ranges from 300 to 850. The score is derived from numerous factors, including the number of accounts you have, the types of accounts, your available credit, the length of your credit history and your payment history. From there, your trustworthiness as a borrower is determined in a way that banks and other financial institutions depend on to help them decide whether or not to lend you money.
The information that goes into your score is from your credit reports, which you can get free once a year from each bureau. When you request them, you can pay a $9 fee to also get your credit score. When you get this information, you should carefully review it for accuracy. Errors in one’s credit report is not uncommon, and if not spotted, could be a serious blow to your score and financial future.
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credit ratings, family budgeting, real estate investment advice and more, stop by the Equifax Finance Blog.