Credit Score Scale - How Is Your Credit Rating Scored?

Getting approval for any type of loan depends on your credit rating on your credit report. If you have a low credit rating, you will find it nearly impossible to get approved. Thankfully, it is possible to get a good credit rating or to improve credit rating you currently have. Most companies use just about the same rating system and if you are able to know more about how a credit score scale works, you should be better able to have a better credit score.

Your age is the first factor and needless to say, there is nothing you can do about that. Yes some folks lie, but this is NOT recommended as it will make things more difficult for you in the future if the creditor finds out. If you are between 24 to 64 years of age you will get one point. Any age bellow or above that will score you zero points.

Marriage has an effect on your credit rating, too. If you are married you have chance of adding an extra point to your score. If not, you still score zero as most creditors see you as a higher risk. Also if you have no dependents you will score zero. But if you have between one to three you will add to your points. If you have no dependents, creditors believe you can skip town and not pay off your credit or there will be no heirs to leave your debt to!

Creditors will also want to know more about your current financial situation. They will want to know where you live. Owning a home with a big fat mortgage or even without a mortgage will give you more points. How long you stay in your present or previous residence also adds more points to your score. If you move often you will score zero points. However, if you’ve stayed up to 5 years before moving, you will surely get more points for your credit score.

Other factors that will add to your points are your years at your job (the longer the better), what KIND of job, your monthly income, present debt status, previous credit history and your saving or checking account balances. Also, your repayment history that is shown on your credit report comes into play. Always make a point to check your credit report online to make sure it is accurate.

A credit score scale is usually represented by a number between 350 and 850. The lower your score the more difficult it will be to get loan. Naturally, a credit score of 800 or above should be the goal of every consumer.

Free Annual Credit Report - How To Get Yours

A recent change to the federal Fair Credit Reporting Act now says that each of the consumer credit reporting companies (Equifax, Transunion and Experian) are required to provide you with a free copy of your Free Annual Credit Report. Consumers are eligible to obtain their free credit report once every 12 months using the governments free credit report site, or more if they use a third party service to make the request for them.

The Fair Credit Reporting Act requires that Equifax, Transunion and Experian all provide accuracy and privacy of consumer information when you use their websites online to obtain your yearly credit report free. Additionally, the Federal Trade Commission, (the US consumer protection agency), oversees and enforces the FCRA with respect to consumer reporting companies.

When you make a request to access your Annual Free Credit Report you are allowed to get the report from either Equifax, Transunion or Experian or any combination of the three. A lot of people choose to request it from only one free credit reporting agency at a time so that they can request additional checks throughout the year. If you are access your free credit report prior to applying for a loan, you should investigate to see which agency the loan office checks and get your credit report from that company. This will ensure that you have the same information that your lenders are seeing.

The Federal Trade Commission (FT), the nation's consumer protection agency, enforces the FCRA with respect to consumer reporting companies. You may order one, two, or all three reports at the same time, or you may stagger requests. It's your choice.

Getting access to your free annual credit report is a simple 5 minute process and can be done so right now at Free Annual Credit Report.

Nick Mazza is a senior financial blogger over at Free Annual Credit Report where he writes about credit reports, fico scores and other credit related issues. To get your free annual credit report, credit scores, credit report, free credit scores, business credit reports, head on over to Annual Free Credit Report

Free Credit Report - How To Get Your Credit Report For No Cost

Is it possible to get a no cost credit report? Yes, definitely. This is a good news to people who have serious credit score issues. Perhaps, you're wondering what your credit score is. Perhaps, you're considering taking out a loan for a new business or a new car, but you don't know if you would qualify. You really don't want to go through the hassle of applying for a loan just so you'd get rejected. You could avoid it by knowing your credit score before you even enter the doors of the credit agencies.

Getting it for free can be overwhelming when you don't know where to go and how to get it.

It is very important for consumers to check on their credit every year. They do not remain constant. You cannot expect to have the same credit score five years after you last checked. This could cost you your job or your house. Knowing your credit score is crucial. Luckily, it is now available to you at no cost at all. Indeed, you can get your totally free credit report online.

Every citizen is entitled to their no cost credit report every year. You can get them from the country's three major credit agencies. Before you can get it for $9.50, but these days, Equifax, Experian and TransUnion are required to provide Americans their free reports once a year.

No, you will not get them automatically. You still have to file a request in order to get your copy. You can do this in three ways:

1. You can go directly to annualcreditreport.com, the only authorized consumer source online in order to access your no cost credit report.

2. You can get your free report via phone by calling (877) 322-8228

3. You can request via mail by sending in your request and mailing it to Annual Report Request Service.

Your report is the basis of your credit score. Once you have sent in your request, you can expect to receive it within a reasonable time. You'd get a summary of your payment history, balances, payment behavior and accounts listing. What you get is not automatically your credit score. However, credit agencies would base your credit score from your it. The better it is, the higher is your credit score. If it reflects bad accounts or worse, bankruptcy, you'd likely have bad credit score as well.

When you receive your free report, it is very important that you check for disputable accounts and items. Make sure that it is accurate. Otherwise, you would be saddled by these accounts. You will not be able to easily secure a loan. You could lose your home over an inaccurate reporting.

Nowadays, no cost credit report is available to everyone. It is your right to avail of them so you'd know how you stand financially. Your report could mean a huge difference between having a difficult or easy financial life.

To learn more about totally free credit report information visit also how to get a free credit report where you will find some good advice on how to obtain your absolutely free credit report.