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Free On-line Credit Ratings Simplify Your Credit Report
Free on-line credit ratings make it simple to get a quick read of your credit. But until 2001,
you couldn't see your rating because the company that produces most of the rating formulas,
Fair, Isaac & Co., kept the information from the public. However, now you can get free on-line
credit ratings as well as an understanding of how they're calculated.
Free on-line credit ratings use an equation that takes various types of information from your
credit report and turns it into a single number. The kinds of information used and how much
weight each is given is derived from statistical tests on hundreds of thousands of credit
reports. And a higher or lower rating relate to a higher or lower credit risk.
Free on-line credit ratings use credit information from five areas:
- Payments History - This is your record for repaying debts.
- Amounts Owed - The number of your accounts and their current balances.
- Credit History Length - How long you've had credit and the age of your accounts.
- New Credit - The size and number of any recently opened accounts.
- Types of Credit - Both the kind of account(credit card, mortgage, finance company etc.) and
its proportion of the total debt.
Free on-line credit ratings don't include the following types of information:
- your age, gender, race, nationality, religion or marital status;
- your occupation, employer, salary or job history;
- where you live;
- the interest rate charged on any accounts;
- items reported as child/family support;
- requests for your credit report made by you, an employer, a lender making an administrative
inquiry or a promotional inquiry for the purpose of making a pre-approved credit offer;
- or any information not in your credit report.
To get your free on-line credit ratings, free credit report and free 30 days of
credit monitoring, please go to
free instant credit reports.
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