| Your credit reports contain vital financial information | | | | your credit score which could greatly affect you in |
| that will greatly influence your credit rating and score; | | | | many ways. |
| so what is my credit score? This is your credit ranking | | | | Going back to your question on what is my credit |
| which financial institutions and other private and | | | | score? Your credit rating score is the sum total of |
| government agencies will use to determine your credit | | | | various factors that influence your final score. 10% of |
| risk, paying behavior, and ability to manage finances. | | | | the score is based on the types and number of |
| In other words, your credit score will show bankers | | | | accounts opened; another 10% is based on various |
| and other lending companies your ability to repay | | | | accounts currently opened; 15% is based on the total |
| debts like credit lines and any types of loans. It shall | | | | length of your credit history; 30% is based on the type |
| also be used by government agencies when they | | | | and amount of current loans; and finally the remaining |
| approve business licenses. Insurance companies used | | | | 35% is based on your payment behavior such as |
| it to assess insurance applications and premiums; while | | | | promptness in payment of loans. |
| employers use it to check if the applicant is responsible | | | | Therefore, your score shall depend on various factors |
| enough or not. | | | | which are all recorded in your credit report. Although, |
| Therefore, if you are thinking that you are not going to | | | | this report does not contain your final credit score; but |
| apply for a loan in the future; don't make the mistake | | | | it will somehow give you an idea of where your |
| of taking your score for granted because there are | | | | current financial ranking stands. Hence, to finally |
| many ways it can still affect you today and in the | | | | answer your question on what is my credit report; |
| future. Hence, you still need to get your free credit | | | | seek a professional advice from credit report services |
| reports every year so that your will have an idea of | | | | which shall help you get your credit score. |