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Illustration: David Vogin |
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What's Your Credit Score?
Three major bureaus collect consumers' credit information. A fourth company, Fair Isaac Corp., uses those bureaus' reports to compile the credit score. Lenders use all this data in deciding whether to offer a loan and at what interest rate. "Until about two years ago, a consumer wasn't allowed to check his or her own credit score," says Beatriz Juliao-Mauersberg, Hispanic outreach coordinator for the Consumer Credit Counseling Service of Greater Atlanta and Palm Beach County/Treasure Coast. Now, consumers are encouraged to check their credit score as well as their credit history at least twice a year, mainly to help catch identity thieves. All the credit bureaus charge a fee for reports. All the reports include a dispute form for fixing errors. The three bureaus are: Experian, 888-397-3742 Equifax, 800-685-1111 TransUnion, 800-888-4213 Fair Isaac Corporation combines all the reports into a credit score, often called a FICO score. The company offers all three credit reports plus the score for a fee. Its website explains what the score is and how it affects loan payments. These links are provided for informational purposes only. AARP does not endorse, and has no control over, or responsibility for, the linked sites or the content, advertisements, materials, products, or services available on or throughout these sites. |
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