| As many time as you like is the simple answer to this. | | | | - 35% - Payment History |
| But, what would be the point. A credit score is | | | | - 30% - Debt Ratio |
| designed to give a true reflection of our credit | | | | - 15% - Length of Credit History |
| worthiness to mange our accounts without the need | | | | - 10% - Types of Credit |
| of collection agencies having to get involved. A credit | | | | - 10% - Number of Credit Inquiries |
| score is not a credit report. These are two different | | | | As you can see from the information above there are |
| documents. | | | | different factors being reported on your credit report |
| A credit score is a reflection of our credit worthiness | | | | and each one of the areas are being included within |
| based on the information within a credit report. All three | | | | numeric value that is obtained through the credit report. |
| of the credit reference agencies listed contain data | | | | While things are always changing there is no need to |
| about us within their own databases with which they | | | | worry about having to constantly check your credit |
| apply a mathematical formula which generates a 3 | | | | scores month after month. Some people opt to check |
| digit number which is used to assess us a responsible | | | | their credit reports once in every 6 month period while |
| consumers or a high risk to lenders. The higher the | | | | others will check their credit scores annually when it |
| score the lower interest rates you will receive based | | | | comes round to being able to claim a copy of the free |
| on being able to show a previous track record of debt | | | | credit reports. |
| management | | | | This is ideal as you are able to check your credit |
| The 3 Credit reference agencies | | | | report for free when the time comes round. Look over |
| | | | the information being reported on you and quickly |
| 1. Experian | | | | identify areas which can be addressed or anything |
| 2. Equifax | | | | that is showing up that shouldn't be there. Sort them |
| 3. Transunion | | | | out with the bureaus by going through the credit repair |
| The largest credit scoring system is by far the the | | | | process of identifying the accounts that you don't think |
| FICO platform with an estimated 90% of US business | | | | should be there and then query them with the reporting |
| using the FICO scoring model. | | | | credit bureau. |
| This is what is reported to be how the FICO scores | | | | Hopefully get it deleted from the report and then once |
| are generated and the weight given to each section | | | | everything is done go on and get the credit score at |
| on the credit score. | | | | that point. |
| FICO score: | | | | |