A credit score is compiled from information collected by a consumer credit agency. To get the best rates, you’ll usually have to have a score of at least low- to mid-700s.
The first step in raising your score is to make sure the information used to calculate it is correct and up-to-date. For that, you’ll need to get copies from a credit agency; you can get one free every year by going to this website — a website set up under a federal law requiring the credit agencies who collect all this information on you to give you access to a free copy of your reports once a year. You’ll see a number of other pitches out there for “free” reports; when you get to the fine print, you have to supply a credit card, sign up for a “credit monitoring” service and then cancel after they’ve charged your account.
While the exact formula for calculating your score is not public, the basics are available on the, along with guidance on how to raise your score.
Written by Okwum Uchechukwu