My Credit Rating Guide

Copyright 2006 Debt Management Credit Counseling Corp.

Debt Consolidation And Credit The three major credit bureaus announced on March 14, 2006 that they are adopting a new form of credit scoring called the Vantage Score.

Because each bureau can and does receive information from different banks and creditors, your credit score (also referred to as "FICO score") can differ from credit bureau to credit bureau. While credit scores themselves range from 350 to 850, a FICO score of 700 from Experian is generally considered the equivalent of a 700 FICO score from Equifax or TransUnion. Regardless of which bureau supplies your credit report rating, the higher your FICO score, the better your chances are of securing a loan, with a favorable interest rate and ultimately having a stronger more solid credit history.

Check Credit Rating The Vantage Score will be available immediately to banks, credit card companies and mortgage lenders. The score will be available for consumer use later on this year. The Vantage Score is different from traditional credit scoring by offering a more consistent type of score. Instead of Experian, Equifax and TransUnion using their own formulas to generate credit scores, they will now all use the same formula in the Vantage Score to make it easier for individuals to obtain one score in the marketplace instead of three different scores.

The VantageScore (sm) will use the same scoring criteria across all three national credit bureau systems. The result should make scores across credit bureaus more consistent and less variable. However, there will still be differences in your credit score from one bureau to the next if your credit data in one bureau is different from the other credit bureau. That happens even though the scoring algorithm will be the same.

Improve Credit Rating According to the official website, www.vantagescore.com, the new score leverages the collective experience of the industry's leading experts on credit data, credit risk modeling and analytics. By combining cutting-edge, patent-pending techniques with an intuitive scoring scale, Vantage Score provides consumers and businesses a highly consistent score that is easy to understand and apply.

What's a Credit Rating Your credit report rating (or your "FICO score") is the number that banks and credit institutions use to assess your potential credit risk, based on a formula that measures your credit history and current credit accounts. The three major credit bureaus, Trans Union, Experian and Equifax, each develop a score based solely on the information in their files on you.

Credit Online Rating Report The Vantage Score will be very similar to the traditional academic grading system. The score will range from A (best potential buyers) to F (worst potential buyers). The scores in relation to the letter grades will look like this: A= 901-990, B= 801-900, C= 701-800, D= 601-700, F= 501-600.

CreditReporting. FAQ's 3 Bureau Credit Report by Mail Q. Will my credit report include a score A. Our Standard 3 Bureau Credit Report does not include a score unless you order the 3 bureau scores option for an additional $9.95. Scores must be ordered with your credit report and cannot be ordered after your credit report order has been processed.

Credit Score Rating Scale You may ask yourself. What does this mean for the continued existence of the credit scores the three companies have developed and marketed individually for the past few years? The old scores will still be an option in the marketplace, but the Vantage Score will provide a new and unique option. There will continue to be multiple scoring solutions in the market that meet business needs. Vantage Score will compete on the merits of its consistent, predictive power.

FICO credit scores available on the Internet to consumers are much the same as credit scores from Fair Isaac. They are all trying to compute a number that measures how risky you are as a loan prospect based solely on the elements of your credit report. Credit bureau scores do not use your income, net worth, race, religion, sex, marital status, or age to compute your score. Credit bureau scores are only based on what's in your credit report.

Bad Card Credit Credit People According to an article by the Associated Press, credit scores traditionally have been three-digit numbers that lenders used to evaluate the creditworthiness of borrowers. The scores reflect how much debt a consumer is carrying, how good they have been at paying back loans and how many credit applications they have outstanding. They are important because lenders use them to determine if they will loan money to consumers and at what rate. The higher the score, the more creditworthy the consumer is considered and the lower the interest rate the consumer will be charged.

Free Credit Rating Report
------

Credit Rating Scale Pete Glocker is employed in the Education and Charitable Services Department at Debt Management Credit Counseling Corp. ("DMCC"), a 501c(3) non-profit charitable organization located in Boca Raton, Florida. Pete graduated from Florida Atlantic University with a BA in Multimedia Journalism and was a web producer Intern for Tribune Interactive products Sun-Sentinel.com and SouthFlorida.com. DMCC provides free financial education, personal budget counseling, and debt management plans to consumers across the United States. Debt management plans offered by DMCC help consumers relieve the stress of excessive debt by reducing credit card interest rates, consolidating and lowering monthly payments, and stopping collection calls and late fees. DMCC financial counselors can be reached for free education materials, budget counseling and debt management plan quotes by calling 800-863-9011 or by visiting http://www.dmcccorp.org . Pete Glocker can be reached by email at pete@dmcccorp.org.

Bad Credit Rating

Credit Rating Agency


Pete Glocker is employed in the Education and Charitable Services Department at Debt Management Credit Counseling Corp. ("DMCC"), a 501c(3) non-profit charitable organization located in Boca Raton, Florida. Pete graduated from Florida Atlantic University with a BA in Multimedia Journalism and is an experienced web producer for Tribune Interactive products Sun-Sentinel.com and SouthFlorida.com. DMCC provides free financial education, personal budget counseling, and debt management plans to consumers across the United States. Debt management plans offered by DMCC help consumers relieve the stress of excessive debt by reducing credit card interest rates, consolidating and lowering monthly payments, and stopping collection calls and late fees. DMCC financial counselors can be reached for free education materials, budget counseling and debt management plan quotes by calling 800-863-9011 or by visiting www.dmcccorp.org. Pete Glocker can be reached by email at pete@dmcccorp.org.

Credit Rating Canada

[ Comment, Edit or Article Submission ]