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Checking Your Credit Scores

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We are all defined by many numbers.

Of course, there’s your social security number. Then your bank account number. Credit card numbers. Investment account numbers. Various entities have assigned you a number. Some people can even tell you their SAT scores but, have no idea what their FICO scores.

Your FICO score (developed by the Fair Issac Corporation) is a snapshot of your credit history and a measure of your creditworthiness, at least in the eyes of most lending institutions.

FICO scores are important because those with best scores get the best deals, by far, on the credit market. I would advise to not borrow money at all (aside from a mortgage), but if you must, at least borrow cheaply. Have a sterling credit score and comparison shopping fore credit are key.

There are three credit bureaus- Equifax, Experian and Transunion.

Every year you are entitled to one free report from each of the credit bureaus. To see your credit report, for to annualcreditreport.com.

The report is free. However, there is a small fee if you want your score.

Many leaders will use only one of the credit bureaus. Mortgage lenders will typically get all three scores and use the middle score for credit considerations.

If you want to see receive all three scores, go to myfico.com.