FICO Scores and Credit Reports

Your Free Credit Report

The Fair Credit Reporting Act requires that the 3 major reporting agencies must provide you with a free copy of your credit report, at your request, once every 12 months. To obtain your free report visit

What Is A FICO Score?

A credit or "FICO" score is the number that a lender will use to determine the creditworthiness of a potential borrower. Usually, the higher the credit score, the less chance there will be of the borrower defaulting on a loan. The term FICO refers to the scoring model created by the Fair Isaac Corporation in the 1980s.

There are 3 major credit reporting agencies:

Equifax, Experian and TransUnion

Each uses a slightly different system to determine credit scores, however the major factors which affect your credit score are generally the same.

• Payment History

• Total Debt

• Number of late payments

• Length of Credit History

• New Credit / Recent Inquiries

Your FICO score may vary from month to month but there are some proven ways to maintain a good credit score long-term.

• Make Payments On Time!

• Manage your debt

• Check your credit score often and dispute errors

• Avoid new inquiries if possible