4. Credit Reports and Credit Scores

Your credit report is a snapshot of your credit at a particular moment in time.  However, in reality that information is flowing in and out of your credit report all the time.  Credit applications, home and auto loans, payments, an address change or even an inquiry from a prospective creditor all show up on your credit report - and affect your credit score.

Your credit score is calculated based on the information in your credit report.  Credit scores allow lenders to quickly make on-the-spot credit decisions based on a 3-digit number that sums up your credit worthiness.   There are many credit scoring models in use today; all are designed to rate your likelihood to repay your debts. 

Credit history is the main determining factor of credit nowadays, but there are potential problems that can work against consumers.  Credit reports can contain inaccuracies serious enough to cause consumers to be denied credit, a loan or even a job, so keeping abreast of changes to your credit file is vitally important. Remember, each consumer is entitled to one FREE Credit Report from each of the three credit reporting agencies... Experian ~ Equifax ~ TransUnion in a twelve month period.

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Your scores are very important.  It determines if credit will be available as well as the rate you will have to pay.


To order your free credit report from...
Experian - Equifax - TransUnion
...first step towards improving your Credit Score!

To prevent unauthorized access to your credit report, you will be asked several security questions.  Your answers will be verified against your credit report and other sources.

E-mail: www.AnnualCreditReport.com
Request for only your Credit Reports (no score) Online, which are totally free.. You can SEE and PRINT your reports. It's quick, easy and secure. You will go through a simple verification process on-line.

Call: 1-877-322-8228
Request your credit reports by phone. You will go through a simple verification process over the phone. Your reports will be mailed to you.

Mail:
You can request your credit reports by mail by filling out the request form and mail it to:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

#1 Source:  To order your Credit Report + Credit Score, go to... CreditReport.com

By ordering your free credit report and free score, you will begin a 7-day free trial of 3-bureau credit monitoring.  You will receive email alerts whenever there is a significant change to your credit reports.  After the free trial you will be billed a $14.95 monthly membership fee.  You may cancel at anytime.  There is no obligation. To prevent unauthorized access to your credit report, you will be asked several security questions.  Your answers will be verified against your credit report and other sources. (Source:  CreditReport.com) This link information is provided as a convenience to you.  This link is controlled by a third party and Platte Valley Bank does not endorse, approve, certify, or control third party sites.  Any transactions engaged in or products purchased on third party sites is at your own risk.

#2 Source: Order your 3 Credit Scores & 3-in-1 Credit Profile, go to... FreeScore.com
Get 3 free credit scores and 3-in-1 credit profile, triple bureau credit monitoring and ID Theft Restoration ~ 7-Day FREE Trail. After your 7-day FREE trial period it costs $29.95 per month for FreeScore.  You can call FreeScore toll-free at 1-800-316-8824 within the first 7 days to cancel, and you will not be charged/debited.  To ensure continuous service, at the end of your trial period your membership will be automatically charged/debited each month at the then-current membership fee on or about the same date to the credit card you provide or from the checking account associated with the debit card you provide.  If for any reason you are dissatisfied, call the toll-free 1-800-316-8824 to cancel, and you'll no longer be charged. (Source:  FreeScore.com) This link information is provided as a convenience to you.  This link is controlled by a third party and Platte Valley Bank does not endorse, approve, certify, or control third party sites.  Any transactions engaged in or products purchased on third party sites is at your own risk.

What is a good or bad credit score?

In General, a score of 720 or above is considered a very good credit score.  However, there is no single "cutoff" score used by all companies, and there are many additional factors besides your credit score that companies use to determine your credit risk and corresponding interest rate or down payment.

Credit Score and Result to You

                         
720 and up       
People with scores of 720 or higher will have a good chance of obtaining loans at the best interest rates.  These loans may require less documentation and paperwork, and potentially less or no down payment or collateral.

680-720           
The average person has credit scores in this range and will usually not be able to negotiate the best terms.
 

620-680            
Persons with these credit scores will usually fall under "standard" company rules and have less flexibility in choosing the better loans or services.

580-620            
These people will be reviewed by companies with a critical eye and will need compensating factors to be approved for most loans or services.

Under 580        

A person whose credit score is in this range will typically be required to provide a substantial down payment/collateral and/or pay a higher interest rate.          

Should you have questions or concerns, please contact the Platte Valley Companies Corporate Marketing Department at 308-632-7004 or Toll Free at 888-632-7004.