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What is a credit report and credit score?

A credit report is a report containing information about your identity, credit relationships, some court actions, consumers statements and previous inquiries into that file. Credit reports are compiled by agencies that gather information about your credit relationships known as credit bureaus. Currently there are three major credit bureaus.

Credit scoring is a system lenders use to help determine whether to give you credit (car loans, credit cards, home mortgages, etc.) that is closely associated with your credit report. Information about you and your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report(s).

Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points, a credit score, helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due.

In Order to get your free Credit Report and Free Credit Score Click on the Link below:
http://www.freecreditreport.com/pm/default.aspx?PageTypeID=HomePage106&sc=668104