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Frequently Asked Questions

1.  What is a Credit Report?


Your credit report is a record of your credit activity and history. It includes the names of companies that have extended you credit and/or loans, as well as the credit limits, loan amounts and your payment history. 


2.  What's the difference between a credit report and a credit score?


A credit report shows a listing of your credit history. A credit score represents what's in the credit report, shown by a number typically between 300 and 850. There are many different types of credit scores, and it's normal to have more than one. 


3.  How is my credit score calculated?


Generally, scoring models use credit report information that falls under six main categories to calculate a credit score:


  1. Payment history

  2. Amount of credit owed

  3. Credit utilization 

  4. Length of time you've been using credit

  5. New credit

  6. Credit mix 


4.  How long does negative information stay on my credit report?


Typically, the negative information on your credit report falls off 7 years after the date of first account delinquency. Bankruptcy information remains on your report for up to 10 years from the date filed, but it can be less depending on the type of bankruptcy. 


5.  What is a FICO score?

A score is a particular brand of credit score. FICO stands for the Fair Isaac Corporation. FICO was a pioneer in developing a method for calculating credit scores based on information collected by credit reporting agencies. 


6.  Will checking my credit report hurt my credit score?


No. When you check your own credit report through a service that sells credit reports directly to consumers, you create a “soft inquiry.” These inquiries are listed when you review your own credit report, but they are not shown to creditors and do not affect your score.


7. What is a Credit bureau? 


A credit bureau is a company that tracks and collects information about your financial life and uses this information to create credit reports.


8. What are the three credit bureaus? 


The three main credit bureaus are Equifax, Experian and TransUnion. 

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