Getting a Copy of Your Credit Report

Since the 1970’s, credit scores have played an increasingly vital role in the lending industry.  These scores are now reviewed not only by prospective lenders, but also by landlords, insurers and government agencies. There are two scoring models that are mainly used.  Below shows the importance of each category in calculating the credit score.

FICO Score

  • The Consumer’s Payment History: 35%
  • Total Amounts Owed by the Consumer: 30%
  • Length of the Consumer’s Credit History: 15%
  • Types of Credit Used by the Consumer: 10%
  • Amount of the Consumer’s New Credit: 10%

VantageScore

  • Amount of the Consumer’s Recent Credit: 30%
  • The Consumer’s Payment History: 28%
  • Utilization of the Consumer’s Current Credit: 23%
  • Size of the Consumer’s Account Balances: 9%
  • Depth of the Consumer’s Credit: 9%
  • Amount of the Consumer’s Available Credit: 1%

If you are in the process of rebuilding your credit score, you should know that these reports are the sole source of information for your credit score. Thus, it is important that the information included is positive and accurate. Continental Finance reports to the 3 major credit bureaus: Equifax, Experian, and TransUnion on a monthly basis.

It is imperative that you have access to these reports so you can be aware of your financial status. Your credit reports can help you analyze your credit standing, make you aware of fraudulent activities, and function as your “resume” when applying for loans, credit cards, etc. Banks, financing firms, or lenders will use your credit report to make decisions.

You can always access your credit report for free by logging in to www.annualcreditreport.com.