Today, the first method we use to protect our financial health and make good budgeting is undoubtedly loans. For this reason, there are two elements that help us to obtain gain control of our loans and to more loans and manage if necessary; credit report and credit score. Therefore, the following question comes to mind; do I get my credit score and credit report?
First of all, you need to know what these two concepts mean. You can then manage your finance by evaluating the similar and different aspects of these two concepts and achieving a common result. Credit report; is a document that shows your credit history. This document describes the extent to which you have previously held responsibility for your lenders. This means whether there have been any delays in your past credit or credit card payments. Credit score; is a score based on your form of payment included in your credit report. This score indicates how much credit risk you have. In summary, when you say ‘my credit report’ includes your payment actions, when you say ‘my credit score‘ the score of your payment actions.
Based on this information, we can draw the following conclusions;
- Both your credit report and your credit score are factors that reflect your financial responsibility and depend on your payments.
- The credit report is an instant indication of your payments and does not include your credit score. It is only considered when creating a credit score.
How do I get my credit score and what do I need to know about my credit score?
First of all, you should know that you have multiple credit points. If you ask ‘why I have more than one my credit score‘, the answer is; credit points are created according to different scoring systems and the companies that make up the credit score can access different information about you. FICO is the most preferred type of credit score by lenders. The other type of score that is similar to FICO but not as favorable as FICO is VartageScore. The three best-known credit reference agencies (Experian, Equifax and TransUnion) produce free credit reports. In addition, these 3 agencies calculate FICO score and VartageScore. However, credit points require a subscription and are chargeable. The credit score usually ranges from 300 to 850, but the score ranges of these 3 institutions are different.
Secondly, you should know what your credit score includes. When you say ‘my credit score‘ includes the fallowing;
- Payment history includes 35% of credit score
- Debt amounts 30% include of credit score
- Credit history length include 15% of credit score
- How many types of credit are using include %10 of credit score
- Problems with account include 10% of credit score.
Finally, you need to know how to get your credit rating. First, you must obtain a FICO type credit score from each of the Experian, Equifax and TransUnion agencies. If you do not wish to pay a subscription fee, some credit card providers list your FICO score on their credit statements with the information they receive from these 3 institutions, so you can find out for free. ‘This number is definitely my credit score‘ should not fall into the error. You should also evaluate your credit score according to 3 institutions.