Austinites

Here at www.thecreditreport.com you can get your free credit report or get credit monitoring here. The lenders usually check 3 major credit bureaus before extending credit to an individual. That is the reason why it is crucial to get credit report from each 3 agencies in order to get an accurate view of what the lender sees about you. If you are hoping to buy a new car or home, reviewing your credit report can help you catch and repair error or inaccuracies before they have negative consequences on your credit standing. The credit score is one of the most important factors to be considered by the lenders. If you have a higher score, the most likely they will be to approve you for the loan. Higher credit scores are also more likely to help you get the best interest rates, the lowest fees and all the better benefits enjoyed by those with good credit. There are many ways to compute your credit score.

The FICO score and the beacon score .Now, what is a fico score?

A fico score is the most common method used by most lenders. This is an acronym for Fair Isaac and Company. The company is independent and came up with the FICO scoring software which is currently used by most banks, lenders, insurers, and other institutions who must be able to calculate someone’s credit score. FICO scoring refers to the numeric system of rating credit reliability, often called credit score, devised by the Fair Isaac Company. For FICO scoring to be able to work on your credit report must have a record of a minimum of one account that has been open for 6 months or more. Furthermore, this report must also have at least one account that has been updated within the last six months. This makes certain that there is enough recent information in the credit report for a proper score to be produced. Next is the beacon score. Beacon score is a numeric sytem of scoring credit reliability that is used by the Equifax credit reporting agency. The higher the score, the better it is for the consumer. The main areas of information considered in formulating Beacon score are payment history, including tardy payments, missed payments and collection matters and judgments that can be discovered through public records.