有關Credit Score的一些有用信息

Factors that affect your credit score:

• New late payments can drop scores over 100 points.
• Short sales can also drop a credit score over 100 points.
• Even a collection account with a small balance can cause a credit score to drop.
• Joint account holders share ownership of the account and both are liable for repaying debt. If there is any delinquency, this would report on both credit holder’s accounts.
• Credit history looks better if you have long-standing, established accounts. The older the age of the account, the better it is for your score.

How long information remains on your credit report:

• Bankruptcy- 10 years
• Late payments, foreclosures, collections, and public records- 7 years
• Good closed credit – can be removed after 2 years

How different types of credit are defined:

• Revolving Credit is any credit that consumers can charge up to the limit and pay the minimum payment; such as credit cards and home equity lines of credit.
• Installment credit is any loan, excluding mortgages, that has the same monthly payment amount throughout the life of the loan; such as a car or student loan.

AnnualCreditReport.com allows you to request a free credit report, once a year from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. Click here to get your free credit report: https://www.annualcreditreport.com/cra/index.jsp