Consumer’s Guide to Credit Reports and Credit Scores

The Federal Reserve issued an online guide to credit reports and credit scores. The Consumer’s Guide to Credit Reports and Credit Scores contains basic information such as the contents of credit reports, how credit scores are used, the importance of protecting personal credit histories and how to obtain a free credit report.

Under the Credit Score section, you can find answers to questions such as “How is my credit score calculated?” which include:

* the number and type of accounts you have (credit cards, auto loans, mortgages, etc.);
* whether you pay your bills on time;
* how much of your available credit you are currently using;
* whether you have any collection actions against you;
* the amount of your outstanding debt; and
* the age of your accounts.

The online guide also has tips on how to improve you credit score and how to correct errors in your credit report.

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