It is a score used to determine how likely a person is to get a 90 day late payment on any item on our report in the next 24 months. Each items is called a trade line; and can be anything from medical bills to tax liens, mortgages, and credit cards.

What's on my credit report?

On some reports you will find a score given at the top. Scores can range from the 300's to the 900's. Scores that are at either extreme are very rare. You can bet that your score will be somewhere in between. The higher your score the better your credit rating and payment history. A fair score is generally around 620. Anything lower is poor and anything higher is good. In Mortgages you generally get the best rates at around a 700 or better.

The body of your credit report will contain trade lines. They are recorded in these categories: auto, mortgage, credit cards, and others. Depending on the type of credit report pulled (determined by how much info is needed to determine eligibility) it will have the name of the account, maximum credit limits, dates of late payments, and the amounts owed. More in-depth reports will include account numbers, dates of account openings and closings, and the total number of late payments in the last 2 years. Most reports also include a history of your previous and current residence.