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Banking

Federal Reserve Unveils Online Guide to Credit Reports, Scores

The Federal Reserve recently introduced an online publication that answers common questions about credit reports and credit scores. In simple terms, the online guide—titled Credit Reports and Credit Scores—explains what a credit report is, how it is used and by whom, and why it is important for consumers to monitor the information on their credit report. Consumers can also learn about the three major credit bureaus and their role in collecting and reporting personal credit information.

credit card statement and magnifying glass

Additionally, the online guide details important information about credit scores, including how they are calculated and how they can change based on changes to a consumer's credit report. The publication also explains how consumers can access their credit scores.

"Mortgage lenders, banks, insurers, utilities, employers, and other businesses may obtain credit reports from credit bureaus to assess how an individual manages their responsibilities," the Fed said in a release. As such, "consumers need to know what's in their credit report and understand how negative information, such as late payments or a bankruptcy filing, might affect a lender's decision to grant credit."

The online guide includes step-by-step instructions for consumers on how to correct errors that may appear on their credit report. Consumers can access additional publications to help them responsibly manage their credit, including information on improving credit scores and getting the most from a credit card.

Consumers can also access a host of other Fed publications to help them responsibly manage their credit, including information on improving credit scores and getting the most from a credit card.

November 23, 2010

 

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