How Your Credit Score is Calculated
Credit scores take into account various factors in a person’s financial history. Although the exact formulas for calculating credit scores are closely-guarded secrets, FICO has disclosed the following components and the approximate weighted contribution of each.
How to Get a Credit Report
There are three main credit reporting agencies where you can obtain your credit report, Equifax, Experian, and TransUnion. Each of these institutions gathers the information on you from a host of sources and they put it all together into a readable document. You can obtain a free credit report from these agencies once a year through www.annualcreditreport.com.