Part 3: Next Things Next – Finding Your Score
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You would think that finding out what your credit score is would be easy. In a way it is, but only because I’ve done my research and you won’t have to spend time surfing websites looking for the ever elusive credit number. It would seem logical to have your credit score appear right on your credit report, but that’s just not the way it is.
At one time, your credit score was a big secret known only to financial companies and banks. With the FACT Act, legislators decided that it was important for individuals to know not only what their personal credit scores are but how they are calculated and how to improve them.
The main company who calculates your credit score is the Field, Isaac Company commonly known as FICO. They invented the concept of the FICO scores so t, The FACT ACThey are the ones who are known as experts in the industry. Before we go into finding your score, let’s look at a few facts about the FICO score.
Essentially, your credit score is simply a snapshot of your credit use -- it's the Cliffs Notes version of seven years of your borrowing history. In many lending situations, the lender bases its decision almost solely on your credit score. Consider your credit score the overall GPA of your borrowing history.
Now, here’s the bad news. If you want to know your actual credit score, you will usually have to purchase it. This can be done in a few ways. You are entitled to one free copy annually in most states.
You can get it from one of the three major credit reporting companies: Equifax, Experian, and TransUnion. The fee isn’t a huge one – usually around $15 or $20. However, if you’re serious about growing your credit score, it’s well worth the money to be financially responsible in the end.
You can also go to http://www.myfico.com/ and get your FICO score directly from them. They will offer you a free 30 day trial membership which will get your credit score right now and then, if you wish to continue the membership, it will update the score as it rises (or, heaven forbid lowers).
For more information about credit and The Fix My Credit Guide, please refer to my website: http://www.goodcreditmatters.info
Take Care,
Alphonso Smith
Good Credit Does Matter
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