Credit

There is so much to learn about the importance of maintaining good credit that it can be overwhelming if you don't know where to start. Factors such as how much total debt you have incurred, the number of credit inquiries that have been made on your credit history, and how long it takes you to repay your debts are also detailed on a credit report. Also, if you have had any liens or bankruptcies in your credit history, these will also appear on the report.

Credit scores are one of the most influential factors lenders use in deciding whether to grant you credit. The number is comprised of several factors:

• Payment History - 35%
• Outstanding Debt - 30%
• Credit History Length - 15%
• New Credit Applications - 10%

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Links to Resources

• Annual Credit Report: www.annualcreditreport.com

• Equifax Credit Bureau: www.equifax.com

• Experian Credit Bureau: www.experian.com

• Federal Trade Commission: www.ftc.gov

• TransUnion Credit Bureau: www.transunion.com