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creditscore Lubbock FREE 3-in-1 Credit Report with trial! The 3-in-1 Credit Report is a single report that contains your credit information from each of the three major credit reporting agencies – Equifax, TransUnion, and Experian. The information is compiled into one easy to read document so you can compare the information each credit reporting agency has on file creditscore Lubbock about you, and easily identify discrepancies. check report online free credit report By Staff - Mortgage Lenders Plus.com: In years past the proverbial and rather exclusive judge with the gavel was FICO. Your FICO score came up for discussion whether you borrowed money, secured a loan and tried to get a different interest rate than the one a prior lender creditscore Lubbock quoted. The gavel of FICO would clunk, “Your FICO credit score is good, it's bad, it's in between,” and off you'd go to weigh your options. Each of creditscore Lubbock the three major credit reporting agencies, Experian, Equifax, and Trans Union issued a credit score based on what they knew of your history.  creditscore Lubbock That score was calculated based on creditscore Lubbock a formula owned by a company called Fair Issac, which issues the industry-standard Fico Scores/Reports . Now credit reporting agencies have come up with their own rating system known as the Vantage-Score. Whether it becomes the industry norm remains to be seen. ftc.gov free credit report It's just introduced this year.  Financial experts estimate that it will take six to 12 months before it's clear whether lenders will make the switch from FICO to the Vantage-Score.creditscore Lubbock   According to Michael Gutter, UW Extension Financial, "One thing the Vantage-Score does bring with it is that there is a consistent formula among the three credit reporting agencies, where there wasn't before." He cautions creditscore Lubbock that a consistent formula doesn't necessarily mean a consistent credit score, since Experian, Transunion and Equifax do not have identical information. According to the Indy Star July 10th article, Just Consumer credit: Know your score. “These credit reporting agencies banded together because they want lenders to start using their scoring system. The Fair Isaac creditscore Lubbock Corp., which reported $798.7 million in revenue last year, dominates the market with its classic FICO credit score.” The most noticeable difference in the Vantage-Score compared to a FICO score is the actual three digit number assigned to your credit score.  The FICO score is a range from 300 to 850. The common principle applied to both is that the higher your credit score, the better your chances of borrowing and getting the lowest interest rate. How is the credit rating score determined?  1) Past payment history (counts for about 35% of the score). credit bureau report Recent late payments have a greater impact than an old Bankruptcy. 2) Credit use (counts for about 30% of the score) Low balances across several credit cards is far better than the same balance concentrated on a few cards, which are close to their maximum limits. Too many credit cards can also bring down the score. Closing accounts can negatively impact a credit rating if the entire profile is not considered. 3) Credit history (counts for 15% of the score) Longevity counts in your favor.