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What’s In Your Credit Score?

Different lenders use different scoring methods, and your score can change over time. Your credit score will reflect:

  • How much credit you have used compared to what is available for you to use
  • How often you apply for new credit
  • How long you’ve used credit
  • The types of accounts you have and the number of accounts you have
  • How you’ve used credit and handled the credit approved to you in the past
  • Any legal proceedings against your credit

Keep in mind that regardless of your current circumstances, you can put together a plan immediately to strengthen your credit history so you are positioned to secure credit in the future.

Infographic: Credit score factors

Credit report and magnifying glass

Your Borrowing Habits Are Not Secret

Your ability to borrow depends on your reputation for repaying your debts. A credit report is a record of how you have paid your credit card debt and other loans over time. Creditors rely on your credit information to see how you’ve handled your loans in the past and to decide how likely you are to repay a new loan. Review your credit report on a frequent basis; look for errors that need to be corrected.

Who Can Access Your Credit Report

Your credit report can be accessed by:

  • A credit lender, based upon your application for credit
  • Collection agencies that are collecting a debt from you
  • Your insurance company for underwriting purposes
  • Your employer, but only if you grant permission
  • A potential landlord, but only if you grant permission

Other entities can access your credit report if they have a “permissible purpose” as defined by the Fair Credit Reporting Act.

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