It's the sole piece of information 75% of all financial institutions use to decide your financial future. Getting it and understanding it are critical for any consumer.
"When I first got my credit report, it was like reading a totally different language." said consumer Denise Wade. "I thought I had gotten something in Greek and I was frustrated by that." Plus, Denise still didn't have her all-important credit or FICO score. It is computed by a company called Fair, Isaac and Company.
Up until recently, a lot of consumers had no idea what the FICO score is, and it was difficult to get. Credit bureaus kept scores secret. But a California law now requires the bureaus to disclose them by July. Companies have decided it's more lucrative to sell them nationwide.
Equifax is leading the movement by offering the score and personalized analysis of what it means for $12.95. You can get the information and prepare yourself ahead of time. You'll know what your chances are of getting a loan.
- Pay down your balances.
- Don't shift or consolidate balances.
- Don't open new accounts. You may get a lower introductory APR, but your FICO score will most likely go down.
REASON CODE 14
- Try to build a long credit history with the same companies.
REASON CODE 8