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My Credit Score
When you apply for credit – whether for a credit card, car loan,
or mortgage, information concerning your credit score is always obtained by the lending company. The FICO credit score are what most lenders use to determine your
credit risk. You have three FICO credit scores, one for each of the three
credit bureaus – Experian, TransUnion, and Equifax.
Each credit score is
based on information the credit bureau keeps on file about you. As this
information changes, your credit scores will change as well.
Your 3 FICO scores affect both how much and what loan terms (interest
rate, etc.) lenders are willing to offer you. Taking steps to improve your FICO credit score can help you qualify for
better interest rates with many lenders.
FICO is the acronym for Fair Isaac Corporation, a publicly-traded corporation (under the stock symbol "FIC") that created the best-known and most widely used credit score model
in the United States. The FICO credit score is calculated statistically, using information from your
consumer credit score files.
Another advantage of monitoring and reviewing your credit report is so you can fight identity theft. You may request your free credit report online, request your report by phone or request your report through the mail. Free credit reports requested online are viewable immediately upon authentication of identity. Free credit reports requested by phone or mail will be processed within 15 days of receiving your request.
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