Credit report translation

[SixFive]

Who hear understands a credit report? I just refinanced my house, and I was looking through the credit report. I have 1 credit card that I pay off every month, and I have nothing financed. I have never had a late payment nor have I ever borrowed from a finance company or had any kind of personal loan.

It has my name on there 4 times with 4 different scores and says I have a consumer finance account??? My wife's name is on there 4 times as well with 4 different scores and says too many accounts with balances???

Hard to interpret. What do I need to really be looking at to understand what it means?

The type says FICO (what's that mean), and the sources are different.

I have scores up to 785 and my wife has scores up to 817 with a low of 730.

Thanks for any interpretation to what these numbers mean. We didn't have any trouble refinancing, but I see that I am ignorant in this field, and I'd like to know more about it. Thanks.

 

[AR182]

65,

i believe the different scores on each report are from different credit agencies. the last page of the credit report should tell you who those scores are from.maybe you can speak to the bank that gave you the loan or you can go to the site of the agencies & put a dispute in about what is listed on the credit reports. I once had a dispute with what was on my report & went to www.transunion.com. once trans-union straightened out my problem, the other agencies automatically did likewise.

you have excellent scores so i wouldn't sweat it.

 

[KMA]

Your FICO score is calculated based on the information in your credit report. FICO scores range between 300 and 850. The higher your score, the more favorably creditors look upon you as a credit risk.

It's important to understand that different creditors set their own policies and tolerance for risk when making credit decisions, so there is no set range for good and bad scores used by all creditors.

While knowing your FICO score is a good start, understanding the key factors affecting your score is also very important, because these factors direct you on how to increase or maintain your score over time.

Your FICO Credit score comes with a list of the top positive and top negative factors. The positive factors reflect areas of your credit behavior that are better than average, resulting in a higher FICO score. The negative factors are reasons why your FICO score is not higher. Focusing on these factors will help you to raise your score over time. If your score is high, you should not consider the negative reasons to be serious flaws in your credit history. They are simply factors that leave some room for improvement.

A majority of creditors use FICO scores as one method to estimate an applicant's credit risk. People with high FICO scores are likely to repay loans and credit cards more consistently than people with low scores. Although FICO scores are remarkably predictive, no one can predict with certainty that an applicant will repay a credit account.