Why 3 Credit Bureaus?
In the 1980s, the financial industry developed credit scoring and accepted the 3 bureau's credit scores as the lending standard and a way of getting a fast yet accurate picture of a person's creditworthiness. A 3-bureau credit report and score objectively and consistently indicates a person's likelihood to repay debt.What Your 3-Bureau Online Credit Score Report Tells You
Today, lenders have access to the information you can now find in your 3-bureau credit report, including your credit score from each of the 3 major credit bureaus – it determines the interest rate you'll pay. Here's a real life example:A consumer applies for a $216,000 30-year, fixed-rate mortgage based on actual mortgage rates from February 2006.
| If your credit score is: | Then your interest rate could be: | ...and your monthly payment will be: |
|---|---|---|
| 760 - 850 | 6.00% | $1,295 |
| 700 - 759 | 6.22% | $1,326 |
| 680 - 699 | 6.40% | $1,351 |
| 660 - 679 | 6.62% | $1,382 |
| 640 - 659 | 7.05% | $1,444 |
| 620 - 639 | 7.59% | $1,524 |
| Average U.S. credit score: 689. | ||
As you can see, a person with a credit score of 760 or better could pay as much as $293 less per month than a person with a credit score below 620 - that's a potential savings of $3,516 per year!
Do you know where you stand? Getting your credit report and scores online gives you instant access to your three-bureau credit report, credit score and credit history, plus tools to help you understand them, and more to help you protect your borrowing power.
This website is dedicated to making it easy for American consumers to get access to and monitor their credit reports. All of the products we present are provided by Identity Guard®, one of the nation's leading credit management and identity theft service providers.