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Credit Report and Score<br>Related Legal Information  

Credit Report and Score
Related Legal Information

To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you

 
 

Interpreting your Credit score


When a lender receives your Fair, Isaac Credit bureau risk score, up to four "score reason codes" are also delivered. These explain the top reasons why your score was not higher. If the lender rejects your request for credit, and your FICO score was part of the reason, these score reasons can help the lender tell you why your score wasn't higher.
 
These score reasons are more useful than the score itself in helping you determine whether your Credit Report might contain errors, and how you might improve your score over time. However, if you already have a high score (for example, in the mid-700s or higher) some of the reasons may not be very helpful, as they may be marginal factors related to the last three categories described previously (length of credit history, new credit and types of credit in use).
 
Common score reasons:
 
Here are the top 10 most frequently given score reasons. Note that the specific wording given by your lender may be different from this.
 
Serious delinquency.
 
Serious delinquency, and public record or collection filed.
 
Derogatory public record or collection filed.
 
Time since delinquency is too recent or unknown.
 
Number of accounts with delinquency.
 
Proportion of balances to credit limits on revolving accounts is too high.
 
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NEWS

 
Credit report correction techniques  

Credit report correction techniques

Many times the credit bureau is busy and does not handle your dispute properly ...
Basic rights under The Fair Credit Reporting Act  

Basic rights under The Fair Credit Reporting Act

All Federal Laws are in consumer's favor and you will have the advantage ...
Credit scoring and the lending industry  

Credit Scoring and the Lending Industry

Credit scoring is crucial to your ability to get a loan. When you apply for a mortgage, your lender ...

How to Pick the Right Mortgage Lender

Motley Fool
On the other end of the spectrum, some lenders offer their own unique terms, such as 100% financing for borrowers with excellent credit scores. So if you know your FICO score (and how to interpret it), you'll know which loan programs you can ...
How to Pick the Right Mortgage Lender

Here's what Americans' FICO scores look like. How do you compare?

USA TODAY
The average American has a FICO credit score of 700, but unless your credit score is exactly 700, this doesn't tell you much about where you stand. If you know your FICO score and were wondering how you compare with other American consumers, here's a ...
Here's what Americans' FICO scores look like. How do you compare?
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