Understanding Credit Report Scores

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Credit report scores are based on information from three credit reporting bureaus. The three bureaus use information from banks and credit agencies to formulate credit scores. Understand the importance of a high credit score with information from a registered financial consultant in this free video on credit reports.

Part of the Video Series: Money Management & Personal Finance
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Video Transcript

This is financial adviser Patrick Munro talking about understanding credit report scores. Having a great credit report is always a good goal for every American to want to achieve. But the best way is to learn about credit reporting first off. There are three credit reporting bureaus, the first one being Equifax, and the second one being TransUnion, and the third one being Experian. All banks and credit cards report on the payment of bills on a timely fashion to these three reporting agencies, and they have their own way of interpreting the data. Also, the amount of card...credit card that you have spent on a given credit line is also reported. These various factors, when all formulated together, result in a score. It's important to have a higher score. The average score in America is about 626, and it ranges all the way up to 850. So if you have anything above a 626, that's a better score than average. This is Patrick Munro, financial adviser, talking about understanding credit report scores.


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