Free Credit Reports Credit Rating Report

What is a credit rating report? This is nothing more than a numbers game, and the more “points” you score, the better you do. It is to your best interest to get a copy of your credit rating report, and understand how you are rated, and what you can do to improve your credit rating.

Here is a quick example of how one site explains the “Credit Scoring System”. There eleven categories and depending on where you sit in each category deciphers how many credit points you will receive.

1 – Age: Under 21yrs. = 0 pts./ 24yrs – 64yrs. = 1 pts./ Over 65 = 0 pts.

2 – Marital Status: Unmarried = 0 pts./ Married = 1 pts.

3 – Dependents: No dependents = 0 pts./ 1 to 3 dependents = 1pts./ More than 3 = 0 pts.

4 – Where you live: Mobile home, parents, relatives, or friends = 0 pts./ Rent Apartment = 1 pts./ Own a home w/ mortgage = 3 pts./ Own you home free and clear = 4 pts.

5 – Pre-residence: 0 to 5 yrs. = 0 pts./ Over 5 yrs. = 1 pts.

6 – Years on Job: less than 1 yr. = 0 pts./ 1 to 3 yrs. = 1 pts./ 4 to 6 yrs. = 2 pts./ Over 7yrs. = 3 pts

7 – Type of Job : Unskilled = 1 pts./ Skilled = 2 pts./ Professional = 3 pts.

8 – Monthly Income: Under $800 = 1 pts./ Up to $1000 = 2 pts./ Pull down $1500 = 3 pts./ Over $1800 = 4 pts.

9 – Amount of Debt: 0 to $300 = 2 pts./ $301 to $500 = 1 pts./ Anything over $500 = 0 pts.

10 – Credit History: Good record with the lender = 4 – 5 pts./ Good record with the Credit bureau = 2 – 3 pts.

11 – Other Info. Having Checking or Savings Account w/ balance over $500 which has been open a couple years = 2 pts./ Phone in your name = 2 pts.

With this breakdown, after you get a copy of your credit rating report you will be able to add or repair your credit rating. If you go on-line and type in “credit rating report” you will have a variety of Consumer credit agencies come up. Here is where you will be able to order your credit rating report, and read over some more helpful hints on ways to repair or add to your credit rating.