A FICO credit score is the most important factor to consider when you’re looking for financing. Many consumers do not know what factors impact their credit scores. The five main areas that make up your credit score include:
 

Your Credit Score

 

  • Payment History: 35% of your FICO score 
  • Amount Owed: 30% of your FICO score 
  • Length of Credit History: 15% of your FICO score 
  • New Credit: 10% of your FICO score 
  • Types of Credit in Use: 10% of your FICO score

The three major credit bureaus, Experian, TransUnion and Equifax, have established a centralized website, telephone number and mailing address to use for ordering your free credit report once a year. Review your credit report carefully and speak with your credit union if you would like more information regarding credit repair or credit management.

ANNUAL CREDIT REPORT REQUEST SERVICE
PO Box 105281, Atlanta, GA 30348-5281
www.annualcreditreport.com, 877.322.8228 

Credit Bureaus

If you have a question about an item on your credit report, or would like to contest something reported on your credit report, you can contact the three credit bureaus directly. Here is their contact information: 

EXPERIAN, Consumer Assistance
PO Box 2104, Allex, TX 75013-2104
www.experian.com, 888.397.3742

TRANSUNION, Consumer Relations
PO Box 390, Springfield, PA 19064-0390
www.transunion.com

EQUIFAX, Consumer Relations
PO Box 105783, Atlanta, GA 30348
www.equifax.com, 800.685.1111

Your credit score is constantly changing and there are many things you can do to help improve it. At the top of the list is; always make sure you pay your bills on time, every single time. Other tips for improving your credit score include: 

  • Pay off your collection accounts
  • Try not to “max-out” your accounts
  • Avoid excess credit applications
  • Limit the number of open accounts
  • Avoid excessive balance transfers
  • Reduce your debt load

Ordering your credit report is just the first step. Be sure to carefully review the information to ensure you know of all negative listings that are lowering your score. Mark the errors in red, have valid proof against any claim and send in the edited copy of your credit report to the credit bureau. 

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