Your Consumer Credit Report Is All Done Off Of Basis Of A Pie Chart
Your consumer credit report follows you through all the different walks in your life. A lot of people are interested in their credit reports after the significant downfall of our present day economy. People are adamantly trying by any means to increase their score so they can purchase many different things that they may stand in need of.
The three underlying agencies that offer the report are Equifax, Transunion as well as Experian. However, many consumers will not be able to get their Experian report as easily has they managed before. Experian actually has left the three amigo clan of credit reporting and has decided to go on its own.
You can still obtain the report, the only thing is you will have to take a few different steps in order to obtain the score as opposed to what you would have had to do prior in order to obtain the score. You may be curious to know exactly what the consumer credit score is all about in the first place.
Your consumer credit report is pulled anytime that you are interested in making an important purchase. Many times when you are interested in financing something your report will be pulled. For instance you can expect your report to be pulled if you are interested in purchasing a vehicle or a home in many instances.
It is extremely crucial that you know what information is posted on your credit report. Knowing what other people will see on the report will give you an idea of your rate of getting approved for the things that you stand in need of. When you reach the age of 18, your credit score becomes the determining factor for everything that you will be doing in life. However, some people may begin to establish their score at a younger age if their parents sign for a credit card or something of the sort for them.
Your score works on something that is referred to as a pie chart in order to properly calculate your score. The score is tallied up to reach 100%. Understanding this chart will help you gain a keen understanding of how your consumer credit report is analyzed.
The pie chart is split into many different dimensions the first part of the chart is the biggest chunk, it accounts for 35% of your score. This part is all of your payment history. The next chunk accounts for 30% of your overall score and this portion is the amount that you owe to your debts. 15% of the chart makes up the overall length of time that you have had credit. While another 10% is for new credit. The remaining 10% of the chart makes up the type of credit that you have such as revolving and things of that nature.
Its important to know how your consumer credit report is evaluated, now you know the secrets.
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