credit basics

If or when you find errors on your credit report, there are two basic methods you can use to get them corrected: contact the credit bureau, or contacting the creditor.

There is not one simple way to define that all too mysterious number that seems to define our financial life. A credit score is made up of many things. Through the haze of confusion and misinformation I will provide a clear answer for the murky credit score. Buckle your seatbelts. Here we go!

Ever wondered why your credit report information and 3 credit scores vary?  If you have ever looked in detail at the your credit report information and 3 credit scores from each of the three credit reporting agencies, you know that your credit report information and 3 credit scores can and usually do vary. If you wondered why, here is the simple answer:

When to view credit report? That, my friends, is a very important question. It pays to know when your credit report can raise its ugly little head and really screw up your financial life. Some of the instances below may surprise you. In this case, ignorance is not always bliss. For those of you the believe that forewarned is forearmed, below I outline the most important times to review your credit report:

So what is a credit report anyway? Simply put, a credit report is a snapshot of your credit history (credit and loan applications, credit cards, loans and mortgages) and contains your history of making or not making payments on time. It is also contains a limited set of public information about you.

One of the first steps to truly understanding your credit and your credit report is to get a good feel for what makes up your FICO credit score.  The main thing you need to know is that your FICO credit score is made up of five major components each with their own weight and impact on your score.  From the graph and explainations below, you will see how the different components affect your credit score: