Good credit scores
Credit reporting bureaus do not keep accurate information on your credit history. It is entirely your responsibility to keep your credit information accurate.
What the credit bureaus will never tell you.Anyone who reports an uncollected debt to a credit reporting agency, has a very good chance of getting it listed on your credit report. What does this mean? Suppose you subscribed to a magazine with a credit card and later decided to cancel your card. If the magazine decided to automatically renew your credit card and it is declined, they may submit a report to your credit card that you didn't pay your debt. Another scenario is when unscrupulous credit collection agencies decide to report unpaid bills to the credit reporting agencies despite you never having borrowed from them. This happens when they buy an unpaid debt and then come after you for the balance. Often, whether you have a pristine credit record or not, you will find numerous claims on your credit report that have nothing to do with money you have borrowed. Credit reporting agencies leave the burden on you to find and fix anything inaccurate on your credit report. What the credit/debit card companies never tell you.Do you know what an authorization code is? Believe it or not, it is a way for someone to continually bill your credit/debit card indefinitely, whether you cancel it or not. Let's say you automatically pay for something and decide to cancel. Now, instead of calling and cancelling, you decide to just cancel the card, instead. If the service has your authorization code (credit card number doesn't matter), they can bill any new card you get under your name. Essentially they can bill you forever and your bank will never tell you. The only way to find out is if you look at your statement and check each charge. On top of that, if you get the bank to finally cancel the charge, you can get hit with an unpaid debt on your credit report for cancelling the service. Remember, the credit card company, your bank, and the credit reporting agencies do not care about you. It is your responsibility to make sure your credit report information is correct! What is considered a GOOD credit score?The range of FICO credit scores is from about 300 to 850. They exhibit a left-skewed distribution, with a median around 725. A score above 720 is considered to be "good credit."For other credit reporting agencies the range is as follows: A score of 650, or above, is a sign of very good credit. It is a very good credit score. People, with scores of 650 or higher, have a good chance of obtaining quality loans, at the best interest rates. Scores of 620 to 650 indicate good credit. However, it also points to potential trouble areas creditors want to examine and review. In these cases, a lender may require additional documentation, before approving a loan. Scores below 620 do not prevent obtaining a loan. However, the process is lengthier, and more involved. Creditors consider scores, under this threshold, as an indicator of greater credit risk. A score below 600 is considered to be poor. Good credit scores.In adherence to the Freedom of Information Act (FOIA), people access their credit scores, on demand (though usually at a cost). Many online services exist, allowing people to check credit scores over the Internet. What considered good credit score?Free credit reports are accessible to all Americans, regardless of where they live. What considered good credit score? Beyond credit scores.Recently, some credit reporting agencies have been generating insurance scores. Insurance companies use them to rate the quality of potential customers.Xanga Myspace LiveJournal | free pics images | free My space Backrounds |