Credit Guide Q&A

Q. What Is The 'Credit Score' That Is Shown On My Credit Report?
A. A credit score summarizes your entire credit report information into a number from 150 to 930. Creditors, employers, insurance and finance companies use this number to determine your creditworthiness. The higher the score, the better the chances of being approved for credit and loans at the best possible interest rates.

Q. I Made Some Credit Mistakes In The Past. How Long Can I Expect Any Derogatory Credit Information To Remain On My Credit Report?
A. Any negative credit information for which you are responsible should be deleted after seven years. Bankruptcies are removes after ten years, unless they are successfully completed Chapter 13 bankruptcies. In that case, they should be deleted after seven years. Be sure to notify the credit repository if they are not.

Q. Why Is It Important To Monitor My Credit Report?
A. Your credit report receives information from many sources… Your bank, credit card companies, etc. It is important to keep track of new entries to make sure the data entered is correct.