Federal Reserve Issued Credit Reports and Credit Scores Guide

The Federal Reserve issued an onlineĀ guide to credit reports and credit scores yesterday. The Consumer’s Guide to Credit Reports and Credit Scores contains such basic information as the contents of credit reports, how credit scores are used, the importance of protecting personal credit histories and how to obtain a free credit report.

Credit scores and credit reports guide

If you are familiar with credit reports and credit scores, the Qs&As probably won’t enrich your knowledge on the subjects much more. But for those who just start to establish their personal credit histories, it’s definitely a good place to start. For example, under the Credit Score section, you can find answers to such questions as “How is my credit score calculated?” which as we know include:

  • the number and type of accounts you have (credit cards, auto loans, mortgages, etc.);
  • whether you pay your bills on time;
  • how much of your available credit you are currently using;
  • whether you have any collection actions against you;
  • the amount of your outstanding debt; and
  • the age of your accounts.

The online guide also has tips on how to improve you credit score and how to correct errors in your credit report.

Check it out to see if it is useful to you.

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One Response to “Federal Reserve Issued Credit Reports and Credit Scores Guide”

  1. Briana @ GBR |  Nov 11, 2010 at 12:07 pm

    I wonder why it took them so long to come up with it in the first place. A lot of people have been confused about credit for a long time. I guess now is a good a time as ever, especially since so many people have had their credit score affected.