Guides / Credit and loans
Credit scores and credit reports
Your credit reports record how you have handled credit. Scores like FICO and VantageScore turn those reports into a number that lenders, landlords and insurers may use.
The key ideas
- Free reports
- You can get free credit reports from Equifax, Experian and TransUnion every week at AnnualCreditReport.com, the official site.
- What drives a FICO score
- Payment history is the biggest factor, followed by amounts owed and how much of your available credit you use. Length of history, new credit and credit mix matter less.
- Disputing errors
- If something is wrong, dispute it with the credit bureau and the company that reported it. Disputing is free; you don't need to pay anyone to do it.
- Credit freeze
- Freezing your credit with each bureau is free and stops new accounts from being opened in your name. You can lift it when you apply for credit.
- How long things last
- Most negative information, like late payments, can stay on your report for up to seven years. Some bankruptcies can stay for up to ten.
Questions to ask yourself
- Is every account on my report actually mine?
- Are my credit card balances high compared with my limits?
- Do I have any accounts in collections I didn't know about?
Free help
- AnnualCreditReport.com
- The only official source for free reports from all three bureaus.
- CFPB complaint portal
- If a credit bureau or lender doesn't fix an error, submit a complaint at consumerfinance.gov/complaint.
This guide is general education for US households, based on how things typically work. Rules, rates and program details change and vary by lender and state. It is not individual financial, legal or tax advice, and it isn't an offer of credit. Pennies & More isn't paid by any lender or company mentioned here.