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10 Facts About Credit Reports

10 Interesting Facts About Your Credit Report.

Your credit report is a very important piece of information. This information will be used to in every avenue of your everyday. We have outlined the top 10 most interesting facts about your Credit Report. If you have any questions, please reach out to us so we can better help you understand.

  1. Only about one-third of Americans look at their credit report annually.
  2. Everyone is entitled to one complimentary annual report from each of the three major credit bureaus, so there’s no excuse not to look at it annually.
  3. According to a study from the Federal Reserve, the larger the gap between your credit score and your spouse’s score, the greater you are at risk for divorce.
  4. Speaking of spouses and credit scores, you can now find a date based on credit score at CreditScoreDating.com. After all, they say that money issues are one of the leading causes of divorce…
  5. The ‘Greatest Generation’ has some great scores. If you grew up during and in the aftermath of the Great Depression, it’s plausible to assume you’ve been well informed on financial responsibility. Hence, the Greatest Generation, comprised of those 66 and up, have an average score of 829.
  6. Piggybacking off the last fact, Gen Y’ers have the lowest average generation credit score, coming in at 672.
  7. It’s estimated that about 50 percent of all Americans don’t have one late payment on their credit report.
  8. Payment history, which includes the frequency of late payments, is the single-largest credit score calculating factor at 35 percent of the FICO score.
  9. Contrary to what you may think, you’re not entitled to a higher credit score based on the level of education you’ve completed.
  10. Your credit utilization ratio is your debt to total credit allotment. For the best credit score, make sure your debt doesn’t exceed 30 percent of your limit.