The Credit Library

What’s my credit score and what does it all mean?

That’s a great question. Your credit score is a complete summary of the information reported in your credit report. This information – known as your credit history – determines how your credit score will be calculated.

Your credit score is calculated from an equation that evaluates many data points – known as score factors – from the 3 credit-reporting agencies. When your credit score is created, they will compare this information to the patterns that are often found in thousands of the other credit reports to which they have access. Then, they’ll use this information to determine your level of “credit risk”, which is a variable that lenders use to determine how reliable an individual will be in repaying a loan. The higher your score, the better.

What factors can affect my score?

Everyone wants to have a great credit score but do we know and pay attention to the factors makes up our credit score? Any score factor can have negative or positive effect on your credit score. Below are some of the most common factors that can have a significant impact on your score:

  • Credit inquiries
  • Notable credit delinquencies
  • Opening new lines of credit
  • Average balance of revolving credit is too high
  • Shortage of mortgage accounts
  • Average age of credit cards

Why and exactly how do companies use my credit score?

Companies use credit scores in a variety of ways. Credit scores are one of the most widely used tools by creditors, employers, finance companies, and insurance companies. They use credit scores to determine a person’s creditworthiness. Credit scores help companies make quick credit decisions. Creditors can also use your full credit report to determine your level of credit risk.

The three main credit reporting agencies (Equifax, TransUnion, & Experian) can also offer clients industry-specific scores. Industry-specific reports help lenders examine your credit report from an industry-specific vantage point. For example, a lender working in the car industry may want a credit score model that is going to evaluate the history of a person’s auto loan payments. That specific score will be based on all the data within the car industry.

It’s important to remember that credit score ratings can sometimes be different, depending on the sort of score model that is being requested (such as auto, mortgage, renters, etc.).

Is there a way for me to get my own credit report?

Of course there is! One great way to get your free credit report is for you to visit When you visit that address, you can log on and view your credit report from all three credit reporting agencies. By federal law, you’re entitled to one free copy of your credit report every 12 months.

But of course, if you would rather have access to your scores, score history tracker, identity theft protection and daily credit monitoring to protect your credit report on a daily basis, then is for you. We’ll help you get your personal report online whenever you choose to review it. will monitor your report from all three bureaus, and if any irregular activity is detected, we’ll notify you immediately.

How often are credit reports updated?

Creditors typically submit information to credit reporting agencies every month. But it’s important to remember that the day of the month will vary between creditors. However, a variable is the specific day of the month that these creditors choose to submit the information. Some creditors may report at the beginning of the month while some may report at the end of the month. That’s why it’s important for everyone to be able to access their credit report on a daily basis.

What is the best way to define credit monitoring?

Credit monitoring is exactly what it sounds like: It’s a service that will continuously monitor your credit reports for any updates and changes. These updates can include new inquiries, missed payments, and even new accounts.

As a member, you’ll be notified if any of these changes appear on your own credit file. In this way, credit monitoring can be a very effective tool when you are looking to fight identity theft. If customers get updated as soon as a person tries to open an account in the customer’s name, the customer can catch it. Of course, if you don’t have credit monitoring, you’ll be putting yourself at risk for someone to steal your identity and even generate serious debt in your name.

So what’s a credit inquiry?

A credit inquiry is simply when a company makes a request for information that will help them better understand your credit worthiness. These companies will use your credit report and score to help them decide just how much credit they should issue you at any given time. The most common of inquiries are when someone applies for a home or auto loan, or even when a person wants to rent a new apartment. Of course, these inquiries can not be made unless the inquirer has your permission.

What sorts of benefits am I going to receive with my membership?

When you begin your membership, you’ll receive unlimited access to your credit reports and scores. You will also have available to you credit report consultations, as well as 24-hour credit monitoring and important email alerts. You will even have access to the expert credit education library. Also, you’ll get additional benefits that are exclusively available to members. This includes full access to your three credit reports and scores.

How can I view my credit reports and scores?

This is the first thing you can do when you complete your enrollment. When you sign up, you are automatically directed to our members dashboard. From the dashboard, you’ll be able to easily navigate between your benefits using the tabs listed at the top of the web page.

How do I view important credit alerts?

First, log in to the dashboard and look up at the top of the page. You’ll see there are three credit alerts tabs. All you need to do is to click on the tab that is displaying the alert and then review the information you find there.

I just received a credit alert. Now what?

What you do next depends on the specifics of that alert. For example, if you get an alert stating there is a brand new inquiry on your report, then you’ll need to review a few facts before taking action. For example, if you’ve recently applied for credit and you’re notified of the change on your credit report, then that may explain the alert. But if you find that the inquiry you received was not due to an action you’d taken, then you should call the company listed on the credit inquiry. Taking these steps for any new accounts opened in your name is a good idea.