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Credit reports and scores are different: While your FICO credit score is generated based on information in your credit report, it?s important to understand the difference between the two. Your credit report shows your history of using credit, including the accounts you have (both opened and closed), your payment history, credit limits, and amounts owed. Your FICO credit score is generated based on this information, and generally ranges from a low of 300 to a high of 850.
What?s free and what?s not: This is probably the most confusing aspect of credit reports and scores. Under the Fair and Accurate Credit Transactions Act (the FACT Act), you can get a free copy of your credit report once each year from each of the three major credit bureaus by going to annualcreditreport.com (not, by the way, freecreditreport.com). What many don?t realize, however, is that the free copy of your reports does not include your FICO credit score. To get your FICO credit score for free, you generally have to sign up for a free trial of credit monitoring service offered by a number of providers. Cancel the service before the free trial expires, and you pay nothing. Continue the service past the free trial?s expiration date, however, and the cost is typically about $15 a month until you cancel.
Credit scores affect more than credit: When it comes to the importance of having good credit, many people think of qualifying for a home mortgage, car loan, or credit card. But the fact is good credit affects a lot more than applying for a loan. For example, your credit history will affect how much you pay for auto insurance. Many employers now pull credit reports on potential employees. And landlords will likely check your credit before approving a rental application.