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Give Yourself Some Credit

Give Yourself Some Credit. Understanding Your Credit Report. Credit Report Fundamentals. Generated by three companies Experian Equifax TransUnion. Factors How much you owe to each company Payment history for each company Includes utilities, medical expenses, rent. How FICO is Calculated.

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Give Yourself Some Credit

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  1. Give Yourself Some Credit Understanding Your Credit Report Student Name - Economics 101

  2. Credit Report Fundamentals • Generated by three companies • Experian • Equifax • TransUnion • Factors • How much you owe to each company • Payment history for each company • Includes utilities, medical expenses, rent Student Name - Economics 101

  3. How FICO is Calculated • Range – 760 (excellent) to 620 (poor) • 35% - Payment history • 30% - Amounts owed • 15% - Credit history length • 10% - New credit • 10% - Credit types Student Name - Economics 101

  4. Improve Your FICO Score • Pay bills on time • Avoid opening many new accounts • Open only if you intend to use • Keep balances low • Less than 25% of credit limit • Review credit report yearly Student Name - Economics 101

  5. For more information . . . http://www.myfico.com Student Name - Economics 101

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