Things You Ought To Know about Credit Scores   Everybody needs credit.  All mortgages begin with pulling one’s credit scores. And of course, just about any other financial ventures one attempts begin with credit scores. Unless you have a credit score of above a score of 800-credit repair becomes extremely important to understand and implement.   The large majority of Americans live on credit and most don’t know how to live without it.  I mean, you have some balances on your credit cards, right?   First Question: Just what is a credit score?    A credit score is simply a snapshot of your credit risk picture at a particular point in time.  A credit score is a tool for lenders to use to determine if they will get paid back on time. Your credit score changes as new information is added to your credit bureau or bank file.  A credit score is only one of several pieces of information that auto, mortgage, credit card and other lenders use when evaluating one’s application for credit.    Before the use of credit scoring, the process for granting of credit was not only slow, but also inconsistent and unfairly biased.  But technology has changed all that.  Computerized application processing now helps lenders give applicants a speedy decision, because credit scores give lenders a fast and objective measurement of an applicant’s credit risk.   Second Question:  What information goes into your credit score? . Credit bureau scores are based on five major categories:   1.  Late payments, collections, and bankruptcies 2.  Outstanding Debt 3.  Length of credit history 4.  Types of credit in use:  i.e.  credit cards and revolving credit, mortgages and real estate,  fixed payment loans (student loans) and other uncollateralized loans. 5.  New applications for credit (number of inquiries)   Third Question:  What information does not go into your credit score?   Credit repair is a lot easier if you don’t have to waste your time worrying and researching items that are not part of a credit score.   Law prohibits the following information, and the law is very specific on this.   1.  Race 2.  Religion 3.  Gender 4.  Marital Status 5.  Birthplace   Fourth Question:  Where and how can I find out what my credit score is?   If you would just like to find out what your score is it is relatively easy to find.   Some of your lenders may tell you your score.  But any single credit score that is isolated from everything else in your credit history doesn’t mean much.  Credit scores are dynamic and change whenever new information is added to your credit file.   Also, lenders use different types of scores with numeric scales that vary.  Other factors, such as application information, make a difference in lenders’ credit decisions.  What’s an acceptable score varies from lender to lender depending on the loan amount and the kind of loan one is requesting.   The three main credit bureaus that are used in a FICO tri-merged credit score are:   1.  Equifax      Equifax Information Services      P.O. BOX 619045      Dallas, TX 75261      Phone:  (800) 392-7816   2.  Experion      P.O. BOX  2002      Allen, TX 75013      Phone:  (888) 397-3742   3.  Trans Union      P.O. BOX 34012      Fullerton, CA 92064      Phone:  (800) 916-8800   There are also many places on line that will provide your score.  Just “Google It.” Credit Scores are extremely important for all Americans.  Check yours now.  You’ll be glad you did!