A credit report shows your payment history over the last 7 years and indicates any liens, judgements, collections, bankruptcy or other bruises to your credit. Check your credit report from each of the three major credit bureaus every year for FREE!
Your credit score is a current snapshot of your credit behavior, typically stated as a number between 300-850. The leader in providing credit scores for mortgage lending purposes is Fair Issac Corporation or FICO. The cost of obtaining your score ranges from about $7 -$20. Beware of ads offering you a free credit score!
The FICO Score is calculated from several different pieces of credit data in your credit report. This data is grouped into five categories, and reflect how important each of the categories are in determining how your FICO Score is calculated.