Hello and welcome to another quick Credit Repair Tip. I’m your host, Denise Cestone, a former Credit Bureau Executive, Author, Mentor, and Founder of IncreaseYourCreditScore.org. I enjoy helping our clients achieve their goals of having outstanding credit quickly. .
Your credit score typically ranges from 300 to 850 and is calculated by the Fair Isaac Corporation using a complex formula. This formula evaluates various factors including your credit card history, car loans, leases, residency history, account balances, and account types.
Essentially, your credit score reflects how responsibly you manage credit. Consequently, it indicates your risk level for lenders in terms of debt repayment. Higher scores, typically above 740, often result in better interest rates. This applies to loans such as mortgages and home equity lines of credit.
Interestingly, studies show that over 68% of U.S. credit reports contain errors that could lower your score. Therefore, homeowners should regularly review their credit reports to ensure accuracy. This is especially important when applying for loans, where interest rates are influenced by credit scores.
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- How to access your credit report
- What to look for that really hurts your credit
- What to do to start improving your credit
