Obtain Your Credit Report & Scores From The Three Major Credit Bureaus

How do credit report & scores affect a consumer's ability to obtain credit?

When the credit reporting bureaus compile data on consumers, they compile it into a report and issue a score regarding the consumer. The score is a metric lenders use to determine a consumer's credit worthiness. A lender may not consider a consumer's application for credit until they've reviewed their credit report & scores.

A score lower than 500 usually affects a consumer's ability to obtain credit. Lenders are least likely to approve a credit card application or home loan when a consumer has a credit score below 500. A credit score below 500 is an indication the consumer may have numerous delinquent payments, too much debt or a bankruptcy on their record.

When a consumer has a credit score between 500 – 579, getting approval for a loan generally may be difficult. If a lender approves an application, the interest rates may be high and the terms may be strict.

A credit score between 580-619 is a somewhat better; however, interest rates on loans may still be high and terms will most likely still be strict. Many consumers who fall in this range are considered subprime.

Many lenders usually consider a credit score in the 620 – 679 range good. Consumers in this range are generally considered a good credit risk. Consumers may be able to obtain lower interest rate loans and usually encounter fewer restrictions when they fall in this range.

A credit score between 680-719 is generally considered good credit. It's not perfect, but many consumers in this range experience a better chance of getting a loan or credit card. The interest rates may also be low.

A credit score between 720-799 is usually considered great credit. Consumers in this range generally get approval for loans at low interest rates.

Where can a consumer obtain their credit report & scores?

Consumers can request a copy of their credit report & scores from one of the three major credit reporting bureaus. Under federal law, a consumer can obtain a free copy of their credit report once a year. Finance experts recommend consumers review their credit report and scores at least once a year to catch any potential problems or inaccuracies.

If you want more information on credit report & scores, contact one of the three major credit reporting bureaus. For more information about debt related issues, contact an NCO Financial Systems, Inc. representative. Contact information can be found on every page of our consumerhelpunit.org website.

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