You plan on buying a home. You will need to borrow. In the process of borrowing, your credit score will have a bearing on whether you get the loan you need.
FICO scores are based on information that is reported by creditors to Trans
Union, Equifax, and Experian. They are not affected by age, race, sex, or
income.
What are the primary factors that determine FICO credit scores?
· 35% is based on your payment history for all accounts
· 30% is based on the amount you owe on revolving accounts
· 15% is based on how long you have been using credit
· 10% is based on your applications for new credit
· 10% based on types of credit used
What are the minimum requirements to receive a FICO score?
· At least one account open for six months
· At least one undisputed account reported to the credit bureaus in the
past six months
· No indication of deceased or disputed on the credit report
How can FICO scores be improved?
· Bring active past due accounts current and keep them current
· Keep credit card debt below 30% of the credit limit
· Request correction letters for any information reported in error
· Do not close existing accounts. This may lower your credit score.
· Limit applications for new revolving debt – credit cards, department
stores, etc.
RESOURCE GUIDE
EQUIFAX
PO BOX 105873 ATLANTA, GA 30348
800-685-1111
Fraud department:
800-525-6285
TRANSUNION
PO BOX 1000 CHESTER, PA 19022
800-888-4213
Fraud department:
800-680-7289
EXPERIAN
PO BOX 2002 ALLEN, TX 75013
888-397-3742
Fraud department:
888-397-3742 (Option 2; then Option 3)
NOTE: For a direct link to each of the credit bureaus you may go to:
www.arcreports.com
To be removed from solicitation mailing lists:
888-567-8688
www.OptOutprescreen.com
To be placed on the ‘Do-Not-Call’ list:
888-382-1222
www.donotcall.gov
FEDERAL TRADE COMMISSION
www.ftc.gov
Go to https://www.ftccomplaintassistant.gov/
ATTORNEY GENERAL OF WASHINGTON STATE
www.atg.wa.gov
Go to ‘File a Complaint’
For Your FREE FACT ACT credit report:
1-877-322-8228
www.annualcreditreport.com
FICO Consumer Website
www.myfico.com
For Tenant Screening:
Please contact Occuscreen
888-833-5304
www.occuscreen.com
Thanks for reading our blog.