Greensboro, NC -- Your credit score and a credit report are two different things. Think of your credit score as your GPA and your credit report as a report card
CREDIT SCORE. This is used when you want to buy a home or a car and you're looking for a loan. Your credit score is your number that shows your relationship to credit.
It's a complicated equation that includes: your payment history of any and all bills--credit, utility, car. The amount of money you owe, the length of your credit history and types of credit can all play into this score.
The higher your score, the better. The point system is from 300-850. An "A" is considered 775-850. The higher the number, lenders will give you better terms.
CREDIT REPORT. This shows all your creditors, current balances, paid off balances and your history. This is a summary of your financial reliability and any collection actions show up here as well as any new requests for credit.
That's why you should check credit report throughout the year to make sure no one is opening up accounts in your name.
You can get you a FREE credit report from each of the bureaus, Experian, Trans Union and Equifax. There's only one for sure free way, www.annualcreditreport.com.
To make the most out of these freebies, don't ask for your free report from each one at the same time. Instead,spread it out and get one every 4 months.
2 Wants To Know has set up an email reminder system for you. Right on our website, you sign up for the reminder. We will email you every 4 months and remind you to get your free report.