Credit Score Basics

Front

A Credit Score is a measure of someone's credit risk.

Back

Credit scores are used by lenders to evaluate the likelihood that a borrower will repay their debts.

Front

The three Credit Reporting Agencies in the U.S. are Equifax, Experian, and Trans Union.

Back

These agencies collect and maintain consumer credit information.

Front

FICO is not the largest Credit Bureau in the U.S.

Back

FICO is a scoring model, not a credit bureau.

Front

FICO stands for Fair Isaac Corporation.

Back

It is a data analytics company focused on credit scoring services.

Front

The most critical factor in a FICO score (35%) is:

Back

Payment History

Front

Strategies to improve your Credit Score include:

Back

Increasing your Credit Card limit, Paying down your debt, Keeping your cards open after you pay them off

Front

To improve your Credit Utilization Rate, use no more than what amount of your available credit?

Back

30%

Front

Bankruptcies stay on your credit report for how long?

Back

10 years

Front

Advantages of a good Credit Score include:

Back

Lower interest rates, Lower down payments, Faster loan approval

Front

Credit history is shown by both Credit score and Credit report.

Back

Both Credit score and Credit report